Truth In Lending (TILA):
Provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans, including long-term U-loans and Health Professions Loans. Lenders who provide these loans must comply with the following requirements:
- The University must provide three separate loan disclosures to borrowers–one at the point of application, one when the loan is approved, and one before the loan is disbursed.
- A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
- Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed.
Federal Loan Interest Rates effective July 1st, 2021-June 30th, 2022
| Undergraduate Direct Loans | 3.73% fixed-Undergraduate subsidized & unsubsidized |
| Graduate Direct Loans | 5.28% fixed-Graduate unsubsidized |
| PLUS Loans (Parent/Graduate) | 6.28% fixed-Federal PLUS Loan |
Student Information:
Provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans, including long-term U-loans and Health Professions Loans. Lenders who provide these loans must comply with the following requirements:
- The University must provide three separate loan disclosures to borrowers-one at the point of application, one when the loan is approved, and one before the loan is disbursed.
- A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
- Students must also sign a self-certification form and submit it to the lender before the loan process can begin.
- This form must be completed and returned with your application in order to begin the loan process.
- The Truth In Lending Act requires that the University receive this document in order to lend money.
- This document MUST be returned to the University by mail or in-person to:
Financial Aid and Scholarship Office201 South 1460 EastRoom 105Salt Lake City, Utah 84112
OR
Return to the department who is disbursing the loan.
- Please download the form here, and complete.
- To complete your Self Certification Form, you will need to know your cost of attendance and estimated financial assistance. If you receive financial aid, this information can be found on your financial aid award notice located in CIS.
Department Information:
***If this is your first time accessing this process, please contact Lisa Zaelit before proceeding. Phone # 801-581-3968.***
- This form may be printed & completed by the student or the department may print and send the form with the promissory note.
- The student must complete the Self Certification Form and return with the promissory note before the loan process can begin.
- Once this form has been returned by the student it should be attached to the promissory note to be kept until the loan is paid in full.
Access the Self Certification Form here.
The first disclosure must be provided on or with any application.
- The department must complete the Application Disclosure Form and it should be attached to the application.
- This completed form is to be sent to the student for them to keep.
- The department should maintain documentation that they have sent the form to the student, until the loan is paid in full.
- To complete the form:
- Use the Loan Calculator to input the current loan amount to be borrowed, interest rate, and term of the loan (the calculator uses years, but the form requires the loan term in months). Click “Calculate”.
- Fill in the blue highlighted boxes on the form with the information from the Loan Calculator. (loan term in months)
- Print the form to send with the application.
This disclosure must be provided before consummation or with any notice of approval provided to the student. If approval is mailed or provided electronically, the approval disclosure form must be included in the same manner. If approval is provided by telephone, the approval disclosure form must be mailed within three business days, and if approval is provided in person, the approval disclosure form should be provided at the same time. This disclosure also states that the student has thirty days to accept the loan and that the terms of the loan will not be changed during that time except for certain permissible changes in the interest rate or other terms.
- The department must complete the Application Disclosure Form and it should be attached to the application.
- This completed form is to be sent to the student for them to keep.
- If the loan is maintained by the Financial Aid and Scholarships Office, it should be documented on their system that they have sent the form to the student.
- If the loan is maintained by the department, the department should maintain documentation that they have sent the form to the student.
- To complete the form:
- Fill in the Student’s Name and Address at the top of the form.
- Use the Loan Calculator to enter the loan amount, interest rate, and term of the loan (the calculator uses years, but the form requires the loan term in months). Click “Calculate”.
- Fill in the blue highlighted boxes on the form with the information from the Loan Calculator. (loan term in months)
- Provide to the student by the appropriate method (see above).
The final disclosure must be provided after the student accepts the loan to inform the student that they have the right to cancel the loan within three business days. It will also state that the loan proceeds will not be disbursed until the cancellation period expires.
- The department must complete the Application Disclosure Form and it should be attached to the application.
- This completed form is to be sent to the student for them to keep.
- If the loan is maintained by the Financial Aid and Scholarships Office, it should be documented on their system that they have sent the form to the student.
- If the loan is maintained by the department, the department should maintain documentation that they have sent the form to the student.
- To complete the form:
- Fill in the Student’s Name and Address at the top of the form.
- Use the Loan Calculator to enter the loan amount, interest rate, and term of the loan (the calculator uses years, but the form requires the loan term in months). Click “Calculate”.
- Fill in the blue highlighted boxes on the form with the information from the Loan Calculator. (loan term in months)
- Provide to the Student upon their acceptance of the loan.