RENEWED PRIVATE EDUCATION LOAN APPLICANT SELF-CERTIFICATION

The Office of Management and Budget updated the Private Educational Loan Applicant Self Certification form. Institutions are required to provide this form to every student borrowing a private educational loan as well as students on certain payment plans, particularly those exceeding twelve payments or those charging interest, under the Truth In Lending Act Regulation Z. The updated form replaces the one that expired on July 31, 2019 and is good until August 31, 2022.
In a recent electronic announcement, FSA says that institutions can begin using the new form immediately however, institutions can continue to use the expired form until February 29,2020 and may even continue to accept the form after that date. This seems like a sign that the Department isn’t too concerned about the expiration date on the Applicant Self Certification form given that the only difference between the old one and the new one is the expiration date.You can grab a copy of the form here.