Title X and your Private Student Loan

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As of February 14, 2010, federal regulations have been implemented that require lenders to provide more in-depth information on private student loans, interest rates and repayment options.

As part of "the Higher Education Opportunity Act", Title X (also called "the Private Student Loan Transparency and Improvement Act of 2008") is specifically aimed at private lenders and requires new rules that will affect the way you receive - and are approved for - a private student loan.

So what does this mean for you? Borrowers must now fill out a self-certification form, review an application solicitation as well as final disclosure before accepting a loan. They will also have three business days upon final approval to review the terms of the loan and determine if they will accept or cancel.

Here is a review of the new time line and documentation:

1. Application and Solicitation Disclosure (SAMPLE). This will give you a range of interest rates available and methods of repayment. If you are using a cosigner, he or she will receive this information as well.

2. Self-certification. (SAMPLE). An approved borrower must fill out this form and will be required to provide the following information: their cost of attendance, estimated financial assistance for the period of enrollment covered by the loan, and the difference between the two. This information can be obtained from your financial aid office.

3. Loan Approval Disclosure. (SAMPLE). This form will give your specific interest rate, loan details and opportunities for repayment. You and your cosigner will have 30 calendar days to accept the offer.

4. Final Disclosure. (SAMPLE). This last form will allow you to review all of the details of your loan. Once you have received the Final Disclosure, you will have 3 business days to decide to accept or cancel.

Contact your lender or financial aid office with any questions. Many lenders will have their own company-specific forms for you to use. The above samples are for informational purposes only.

To peruse some of the private student loan options available to you, check out our loan comparison tool.