Educational Loan Regulations


The following New Alternative Educational Loan Regulations are effective February 6, 2010:
 

Application Disclosure – provided by lender

  • Does not need to be signed
  • Contains general information about range of rates, terms and fees
  • Some lenders will provide to co-signers
  • Provides an example of total cost of loan
  • Contains information on Federal Student Loans 


Approval Disclosure – provided by lender

  • Applicants and/or co-signers are provided this form after the loan has been credit approved
  • Must be accepted by applicant and/or co-signer within a minimum of 30 days – lenders determine the amount of time before loan is cancelled.
  • Provides the borrower/co-signer with specific information about loan rate, fees, and terms
  • Provides the total cost of loan based on selected repayment term 


Final Disclosure – provided by lender

  • Does not need to be signed
  • Contains information on the right to rescind loan prior to first disbursement
  • Gives borrower a minimum of three days to cancel loan – this is known as the Rescission Period


Self-Certification Form

  • Separate from the application
  • Standard form containing demographic information, but not SSN
  • Must be signed by borrower
  • Borrower must provide Cost of Attendance minus Accepted Financial Aid to determine maximum loan eligibility (this information can be found on your award letter or portal)
  • Lenders set deadline on amount time allowed before cancelling loan
  • In most cases the form will be provided by the lender which will include a loan identification code. However, schools must make this form available to students
  • Some lenders will allow for e-signatures
  • The Private Education Loan Applicant Self-Certification Form is available here.
  • Contact your home campus Financial Aid office at 1-877-672-1830 for further assistance with completing the Self-Certification Form


These extra steps will cause significant delays in loans being certified and disbursed. We recommend applying at least 30 days before the payment due date. Most lenders will wait until all documentation is signed and returned before sending a request for certification to Pace University. Once we certify the loan, we will have to wait a minimum of 3-7 business days to receive disbursement.

Pace University recommends maximizing your Federal Direct Loans before seeking a private education loan.