Title X Regulations of the Higher Education Opportunity Act (HEOA)
Private loan lenders are required to provide additional disclosures and time before loan funds are disbursed to colleges. These provisions, part of Title X of HEOA, help to provide more information for borrowers and co-signers about the terms of the loan. Title X also allows for a three-day right of rescission if borrowers wish to cancel the loan. Students must also complete a self-certification form notifying them that less expensive federal loan options may be available. All three new disclosures and the self-certification form must be completed, and the three-day waiting period must occur, before any funds are sent to the college. Applicants should plan ahead when applying for a private loan.
Self-Certification form: Lenders provide the Private Education Loan Applicant Self-Certification form on their websites. This form is submitted to the lender, not to the college. Student borrowers must provide the following information on the form:
- Student's Cost of Attendance for the period of enrollment covered by the loan;
- Estimated Financial Assistance.
If you need assistance with the information required for the self-certification form, please contact the Office of Financial Aid at 413.748.3108.