Tuition and Financial Aid
IMPORTANT ALTERNATIVE LOAN GUIDANCE
Due to recent changes, please read this whole page before continuing to FASTChoice.com
Recent amendments to the Truth-In-Lending Act, adding new disclosures and timing requirements for private student loans, will impact all students who borrow private student loans. These changes went into effect on February 14, 2010. Specifically, the new rules require that three different disclosures be given to borrowers and co-signers (if applicable) at various times throughout the loan process before any funds are released to the university. These disclosures require action on the borrowers and co-signers (if applicable) part to keep the loan process moving:
- Application and Solicitation Disclosure (ASD) will be provided by the lender at the time of application for the loan
- Approval Disclosure will be provided by the lender via e-mail, U.S. mail, or electronically. In order to accept the loan, the borrower and co-signer (varies by lender), must take action listed on the disclosure to acknowledge receipt of the information by the date indicated on the disclosure.
- Final Disclosure will be mailed after the lender receives acceptance of the Approval Disclosure. This disclosure does not have to be signed or returned; however there will be a required three day period, during which you may cancel the loan, before the loan funds can be released to the university.
In addition to the new disclosure requirements, a section has been added to the loan application requiring the student to provide the university’s cost of attendance for the year and the financial aid received. Cost of attendance information is available on our Web site.
|Be aware, the credit report obtained when you apply for an alternative loan is only valid for 120 days from the date of application to the first loan disbursement. Our first disbursement of loan money for fall semester is Sept. 3, 2010. Alternative loans for 2010-2011 should not be applied for before May 5, 2010.|
While these rules are intended to provide borrowers with more information about loan and other financial aid options, they will also result in a longer loan process. Please be attentive to mailings and messages from your lender & loan servicer. All borrowers should plan ahead to deal with all of the required documents each step of the way. If you delay in applying or responding to the disclosure requirements, the loan may not be completed in time to be counted as payment of your student account by CYBOT (cover your balance on time) and late fees may be assessed.
Now, search for alternative loans at FASTChoice.com