; and (2) use the standard terminology and definitions developed by the Secretary of Education under subsection (e)(1) of that Act for all communications from the institution related to financial aid offers. (b) Effective dates The requirements under this section shall take effect at the start of the first award year after the Secretary of Education finalizes the standard terminology and form developed in accordance with section 484 of the Higher Education Opportunity Act ( 20 U.S.C. 1092 note). . (c) Administrative procedures Section 492 of the Higher Education Act ( 20 U.S.C. 1098a ) shall not apply with respect to regulations promulgated in accordance with this section. . III Informed student borrowing 301. Counseling and financial aid disclosures Section 485(l) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(l) ) is amended— (1) in the subsection heading, by striking Entrance ; (2) in paragraph (1)(A)— (A) in the matter preceding clause (i), by striking a disbursement to a first-time borrower and inserting the first disbursement to a borrower in each award year ; and (B) in the matter preceding subclause (I) of paragraph clause (ii), by striking may and inserting shall ; (3) in paragraph (2)— (A) by redesignating subparagraphs (A) through (K) as subparagraphs (B) through (L); (B) by inserting before subparagraph (B), as so redesignated, the following: (A) An explanation that the borrower will need to affirmatively determine and manually enter, in accordance with subsection (n), the Federal loan amount that the borrower will borrow (which may be equal to or less than the Federal loan amount for which the borrower is eligible) for each award year.