(1) Upon default in payment of a student loan or an installment payment on a student loan, the entity responsible for collecting the loan may send a notice, by certified mail, to the borrower at the borrower's last known address.
(2) The notice shall state the following:
(a) the date and amount of the loan;
(b) the balance of the loan;
(c) the amount of delinquent installments and the dates the installments were due;
(d) a demand for immediate payment of delinquent installments;
(e) the right of the borrower to file a written response to the notice, to have a hearing, to be represented at the hearing, and to appeal any decision of the hearing examiner;
(f) the time within which a written response must be filed; and
(g) the power of the college, university, or board upon the failure of the borrower to respond or upon a decision of the hearing examiner adverse to the borrower, to obtain an order under this part and to execute upon income tax overpayments or refunds of the borrower.