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OMB approves new self-cert form for private education loans
WASHINGTON (2/18/10)--The Office of Management and Budget (OMB) this week presented a new Private Education Loan Applicant Self-Certification form which, according to OMB, may be used by both educational institutions and private educational loan lenders, including credit unions. The Higher Education Opportunity Act of 2008 amended the Truth in Lending Act and the Federal Reserve’s Regulation Z to require private education lenders to obtain completed and signed self-certification forms from the applicant before that lender may complete a private education loan for the student that is receiving the loan. A portion of the form will require applicants to include the "cost of attendance for the period of enrollment covered by the loan, any estimated financial assistance for the period of enrollment covered by the loan, and the difference between the cost of attendance and the estimated financial assistance," according to the OMB. Applicants may obtain the new form from either the educational institution or the private educational lender. Educational institutions must provide the applicant with any necessary information required to properly complete the form, effective immediately. However, colleges will not be required to track the status of private education loans once they have provided the self-certification form to either the lender or the loan applicant. The form may be provided either in person, as a paper copy, or as an online .pdf file, and can be obtained through either an on-campus financial aid office or the applicant’s credit union or other financial service provider.


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