March 11, 2010

Self-Certification Form Required for Institutional and Non-Title IV Loans

Beginning Feb. 14, 2010 the Federal Reserve Board's final rules on Regulation Z (Truth in Lending Act, or TILA) contain new disclosure requirements for private education loans. Among these new disclosures is a self-certification form for all private education loans, which includes institutional and non-Title IV loans. If a school is acting as a creditor, it must provide and collect the self-certification form for these loans. Schools must use the self-certification form developed by the Department of Education. Only one form is required per applicant, per creditor.