Title X Regulations Affecting Private Loans

Private loan lenders are required to provide additional disclosures and time before loan funds are disbursed to colleges. These provisions, part of Title X of the Higher Education Opportunity Act, help to provide more information for borrowers and co-signers about the terms of the loan. Title X also allows for a three-day right of rescission if borrowers wish to cancel the loan. Students must also complete a self-certification form notifying them that less expensive federal loan options may be available. All three new disclosures and the self-certification form must be completed, and the three-day waiting period must occur, before any funds are sent to the college. Applicants should plan ahead when applying for a private loan.

Self-Certification form: Lenders provide the Private Education Loan Applicant Self-Certification form on their websites; click here to print one. This form is submitted to the lender, not to the college. Student borrowers must provide the following information on the form:

  • Student's Cost of Attendance for the period of enrollment covered by the loan;
  • Estimated Financial Assistance.

If you need assistance with the information required for the self-certification form, please contact the financial aid office at 413.559.5484.