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20 U.S.C. 1019-1019d, 1021, 1094(a) and (h).
74 FR 55643, Oct. 28, 2009, unless otherwise noted.
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(a) A covered institution, or an institution-affiliated organization of such covered institution, that provides information regarding a private education loan from a lender to a prospective borrower must provide private education loan disclosures to the prospective borrower, regardless of whether the covered institution or institution-affiliated organization participates in a preferred lender arrangement.
(b) The private education loan disclosures must—
(1) Provide the prospective borrower with the information the Board of Governors of the Federal Reserve System requires to be disclosed under section 128(e)(1) of the Truth in Lending Act (15 U.S.C. 1638(e)(1)) for such loan;
(2) Inform the prospective borrower that—
(i) The prospective borrower may qualify for loans or other assistance under title IV of the HEA; and
(ii) The terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private education loans.
(c) The covered institution or institution-affiliated organization must ensure that information regarding private education loans is presented in such a manner as to be distinct from information regarding Title IV, HEA program loans.
(d) Upon an enrolled or admitted student applicant's request for a private education loan self-certification form, an institution must provide to the applicant, in written or electronic form—
(1) The self-certification form for private education loans developed by the Secretary in consultation with the Board of Governors of the Federal Reserve System, to satisfy the requirements of section 128(e)(3) of the Truth in Lending Act (15 U.S.C. 1638(e)(3)); and
(2) The information required to complete the form, to the extent the institution possesses such information as specified in 34 CFR 668.14(b)(29).
(Approved by the Office of Management and Budget under control number 1845-XXXA)
(Authority:20 U.S.C. 1019a(a)(1)(B) and 1019d)