The Higher Education Opportunity Act of 2008 (HEAO) [PL 110-35] added section 128(e)(3) to TILA which requires that before a private educational lender can consummate a private education loan for a student in attendance at an institution of higher education the private education lender must obtain the completed, and signed, U.S. Department of Education Self-Certification Form from the applicant. The Federal Reserve Board's Final Regulation [12CFR226.48(e)] published on August 14, 2009 incorporate this new requirement.
The Institutional Long-Term Educational Loan Program at the University of Cincinnati is covered by the changes made to the TILA which, in addition to the self-certification form, require a series of disclosures at specific points in the loan process - application, approval and final stages. Below is the process students and staff must follow and the forms used at the University of Cincinnati:
An authorized College Official completes and signs the College Long-Term Loan Application Recommendation form giving it to the student who is required to bring it to the One Stop Student Service Center located on the 2nd Floor of University Pavilion. Students should bring a government issued photo ID with them.
Once One Stop staff have reviewed and counseled the student, staff will give the student a Long-Term Educational Loan Application and the required Institutional Long-Term Loan Application Disclosure (#1 of 3) and U.S. Department of Education Private Education Loan Applicant Self-Certification form.
Students approved for the loan will receive an Institutional Long-Term Loan Approval Form and Disclosure (#2 of 3). This disclosure details the loan terms for which they have 30 days to accept. Once accepted a Collection's Office staff member will schedule an appointment for the student to sign the Promissory Note. Student's should bring a government issued photo ID with them. The student will then be given the final required disclosure, Institutional Long-Term Loan Final Disclosure (#3 of 3).
Regulations require UC to wait 3 days before disbursing or posting the loan funds to the student's account. Federal regulations prohibit waiving this waiting period.
Questions regarding this process should be directed to the Collections Office at (513) 556-3431 or via e-mail at email@example.com.