; and (B) if institutional aid is included— (i) the conditions under which the student can expect to receive similar amounts of such financial aid for each academic period the student is enrolled at the institution; and (ii) whether the institutional aid offer may change if grants or scholarships from outside sources are applied after the student receives the offer form, and, if applicable, how that aid will change. (3) Net price (A) The net price that the student, or the student's family on behalf of the student, is estimated to have to pay for the student to attend the institution for such academic period, equal to— (i) the cost of attendance as described in paragraph (1)(A) for the student for the period indicated in paragraph (1)(B); minus (ii) the amount of grant aid described in paragraph (2) that is included in the financial aid offer form. (B) A disclosure that the net price is an estimate of the total expenses for the year and not equivalent to the amount the student will owe directly to the institution. (4) Loans (A) Information on any loan under part D or part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq. ; 20 U.S.C. 1087aa et seq. ) (except a Federal Direct PLUS Loan under part D of that Act) that the institution recommends for the student for the academic period covered by the offer, which shall be made— (i) with clear use of the word loan to describe the recommended loan amounts