These regulations will go into effect on February 14, 2010.
Application and Solicitation Disclosure – the lender must provide a general range of rates and fees so that borrowers can make informed decisions when choosing a private loan lender.
Loan Approval Disclosure 一道本不卡免费高清– When an applicant is conditionally approved for a loan, the lender must send this disclosure with borrower-specific rates and fees.
Final Disclosure 一道本不卡免费高清– This is sent to the borrower after the loan terms are accepted and the school has certified the student’s eligibility for the loan. The Final Disclosure gives the borrower a three business day right to cancel period.
In addition to these disclosures, a lender must obtain a signed and completed Private Education Loan Applicant Self-Certification form from the borrower.Click here to download the Institutional Student Loan Code of Conduct (pdf)