Truth in Lending Act Compliance Checklist Now Available
December 21, 2009
Are you ready to comply with the new rules on private education loans by February 14? All institutions will need to provide students with self-certification forms upon request, and those providing any institutional loans, non-Title IV federal loans, or other loans processed by the institution will need to comply with disclosure and timing rules as well.
NACUBO has prepared a checklist that outlines key provisions of the new Federal Reserve Board rules implementing changes in the Truth-in-Lending Act. Steps you need to take and decisions that need to be made are highlighted, and links are provided to the regulatory language and official interpretations. The statutory changes, adopted last year as part of the Higher Education Opportunity Act, are intended to encourage students to borrow less expensive federal loans first and provide greater consumer protections for private loan borrowers. The definition of private education loan is very broad, however, and includes most institutional loans.
The regulations take effect on February 14. Compliance is optional for any loan transactions for which an application was received before that date, even if the loan is consummated after February 14.
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