The Higher Education Opportunity Act (HEOA) added a section to the Truth-In- Lending Act (TILA) providing that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education, the private education lender must obtain a completed and signed Self-Certification form. This requirement, which went into effect on February 14, 2010, applies to all private education lenders, including schools that qualify as private education lenders by virtue of their offering institutional loans.
The HEOA also added a section to the Higher Education Act that requires schools to make the Self-Certification form available to students upon request.
The final “Private Education Loan Applicant Self-Certification” form has recently been approved by the Office of Management and Budget and published by the U.S. Department of Education (ED). We have attached a copy of the form to this note, along with the Dear Colleague Letter issued by ED in conjunction with the release of the form, which includes useful guidance.