Loan Disclosures & Self-Certification for Private Education Loans

Private Education Loan Disclosure Forms & Samples 

Please understand that creditors that extend private education loans will provide disclosures at the point of application and loan approval and confirmation. Loan disclosures will contain important information from Section 128(e) of the Truth in Lending Act (15 U.S.C. 1638(e)) about loan terms, features, and must disclose information about federal student loan programs that may offer less costly alternatives. Each vendor provides loan disclosures specific to their loan program. You may access disclosure information for loan programs included on our preferred vendor list at ELM SELECT, click on the VIEW button to see more information, and click on the DETAILS tab to see the lender and servicer information to understand lender affiliations and disclosure information.

LOAN DISCLOSURE SAMPLES:

• Private education loan application and solicitation model form H-18 (286 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a2.pdf
• Private education loan approval model form H-19 (290 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a3.pdf
• Private education loan final model form H-20 (281 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a4.pdf
• Private education loan application and solicitation sample H-21 (294 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a5.pdf
• Private education loan approval sample H-22 (296 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a6.pdf
• Private education loan final sample - H-23 (299 KB PDF)  https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090311a7.pdf

SELF-CERTIFICATION:

Borrowers will need to complete a Private Education Loan Applicant Self-Certification form for each private loan application.  Borrowers will need to know the Cost of Attendance and Estimated Financial Assistance for the period of enrollment covered by the loan. 

• Download the form:  Private Education Loan Applicant Self-Certification
• Cost of Attendance and Estimated Financial Assistance
  • Log into BearWeb
  • Go to Financial Aid Dashboard
  • Go to Award Offer tab for the correct award year
  • Use the information in “Cost of Attendance” for Section 2, Item A Cost of Attendance on the Private Education Loan Applicant Self-Certification form.  (If you are seeking a loan for your entire aid year, use the total dollar amount.  If you are seeking a loan for a semester, add together the information by term.)
  • Add together the following for Section 2, Item B Estimated Financial Assistance on the Private Education Loan Applicant Self-Certification form:
    • Grants and Scholarships
    • Work
    • Loans
    • Additional Payment Options
    • (If you are seeking a loan for your entire aid year, use the total dollar amount.  If you are seeking a loan for a semester, add together the information by term.)

HEOA Disclosure Requirements Relating to Education Loans 

• (L-1) State Grant Assistance
• What does the Department of Education share about Loan Borrowing and Responsibilities?
  (L-2) Student Loan Information Published by Dept of Education + US Department of Education
• How much federal student aid have I received in loans and grants?
  (L-3) National Student Loan Data System 
  Title IV loan information will be submitted to NSLDS and accessible by authorized agencies, lenders, and institutions, for students, or parents of students, who enter into an agreement regarding Title IV loans [HEOA 489 amended HEA Sec. 485B]
• How do I learn about the Terms & Conditions of federal loans?
  (L-4) Entrance Counseling for Student Borrowers 
  Prior to the first disbursement, each school must provide to a first-time borrower of a Federal Direct Loan (other than consolidated or Parent PLUS loans) comprehensive information on the terms and conditions of the loan and of the borrower’s responsibilities.
• What happens when I drop to less than half time hours, stop attending, or graduate?
  (L-5) Exit Counseling for Student Borrowers 
  A school must ensure that exit counseling is conducted with each Direct Subsidized Loan or Direct Unsubsidized Loan borrower and graduate or professional student Direct PLUS Loan borrower shortly before the student borrower ceases at least half-time study at the school.  You have responsibilities as a borrower when this happens.  Learn more by completing exit counseling.
• What information helps me understand more about Private Education Loans that are not part of Federal Title IV, HEA Loans?
  (L-6) Private Education Loan Disclosures (Including Self-Certification Form) 
  When considering a Private Education Loan, we cannot stress enough the importance of understanding the terms, conditions, and borrower responsibilities.  Please review the Alternative Loan information that we provide.
• What is Baylor’s commitment to service when it comes to educational loans?
  (L-7) Code of Conduct for Education Loans 
  We care and are committed to supporting Baylor students and families by providing the best service, that prohibits conflicts of interest.  Our One Stop Student Financial Services Team is available for support.
• Where can I start learning more about Private Education Loan Lenders?
  (L-8) Preferred Lender Lists 
  You are not required to select or limited to lenders on this list.  We exercise a duty of care and loyalty to our students when compiling the preferred lender list without prejudice and for the sole benefit of students and families at Baylor University.  We will not deny, impede the borrower’s choice of lender, or cause unnecessary delay in loan certification for those who choose a lender that is not included on the preferred lender list.
• How do you select Private Education Loan Lenders on the ElmSelect List?
  (L-9) Preferred Lender Arrangements 
  A school or school-affiliated organization (e.g. alumni organizations, foundations) that participates in a preferred lender arrangement must comply with the code of conduct provisions in HEA Section 487(a)(25) (20 U.S.C. 1094(a(25)) and HEA Section 487(h) (20 U.S.C. 1094(h)).  We select lenders on the basis of the best interests of borrowers at Baylor.