Truth in Lending and Private Loans

The Higher Education Opportunity Act of 2008 (HEAO) added section 128(e) (3) to TILA which requires private loan lenders to obtain a completed and signed U.S. Department of Education Self-Certification Form from the applicant (student) prior to disbursing a private, educational loan.

In addition, the private loan lender must provide disclosures to borrowers at different stages of the application process.  These disclosures should include the amount of funds borrowed, the interest rate, the period for repayment, repayment terms and conditions, etc.

If you are interested in securing a private loan you must complete and sign the Self Certification form which is available at:

If you have any questions regarding the TILA and private loan, please do not hesitate to contact the Office of Student Financial Aid.