; and (B) a notification of the student’s increased eligibility for Federal student loans under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) if the student's parents are not able to borrow under the Federal Direct PLUS Loan program. (e) Standard information established by the Secretary (1) Standard terminology Not later than 3 months after the date of enactment of the Lowering Education Costs and Debt Act , the Secretary of Education, in consultation with the heads of relevant Federal agencies, including the Secretary of the Treasury and the Director of the Consumer Financial Protection Bureau, representatives of institutions of higher education, nonprofit consumer groups, students, and secondary school and higher education guidance counselors, shall establish standard terminology and definitions for the terms described in subsection (b). (2) Standard form (A) In general The Secretary of Education shall develop multiple draft financial aid offer forms for consumer testing, carry out consumer testing for such forms, and establish a finalized standard financial aid offer form, in accordance with the process established in subsection (g) and the requirements of this section. (B) Separate financial aid offer forms The Secretary may develop separate financial aid offer forms for— (i) undergraduate students and graduate students