Truth in Lending Requirements:
Provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans, including long-term U-loans and Health Professions Loans. Lenders who provide these loans must comply with the following requirements:
- The University must provide three separate loan disclosures to borrowers–one at the point of application, one when the loan is approved, and one before the loan is disbursed.
- A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
- Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed.
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