Revised Borrower Self Certification Form

Since February 14, 2010 schools have been required to comply with the Truth In Lending Act Regulation Z, commonly known as TILA. TILA covers all private education loans (school loans, *school payment plans, alternative loans, etc.). When a student applies for a Non-Title IV Loan, they are required to submit a self-certification form to their prospective lender. As a result, your school is required to fill in the pertinent information for that student on the form, or provide the student with the form from your school. When a student applies for an “Institutional Loan” from your school (including school loans and some school payment plans), your school must provide and collect the self-certification form from the student.
At the request of an enrolled or admitted student applicant for a private educational loan (or to the parent loan applicant of an enrolled or admitted student), an institution must provide the Self-Certification form to the applicant with the information requested in Section 2 of the form, to the extent that the institution possesses the information. Section 2 of the Self-Certification form requests the following information:
• The student’s Cost of Attendance (COA) for the period of enrollment covered by the loan;
• Any Estimated Financial Assistance (EFA) for the period of enrollment covered by the loan; and
• The difference between the COA and EFA.
The Department has just released the revised “Private Education Loan Applicant Self-Certification” form, with a new expiration date of July 31, 2019. This form replaces all earlier versions and can be used immediately and up until October 31, 2016. The revised form is available here: http://bit.ly/2ahT0cV

Remember, payment or installment plans that do not apply interest or finance charges and which have a term of one year or less, are not covered under TILA Reg Z and are thus exempt, even if the terms require payment in more than four installments.