20 U.S.C. § 1019d — Self-certification form for private education loans
submitted 18 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 327 words · no verdicts yet
This section requires a standardized self-certification form for private education loans and lists the information and signature spaces it must contain.
(a) Form. The Secretary*, consulting the Federal Reserve Board, must develop a standardized self-certification form for private education loans that satisfies section 1638(e) of title 15. The relevant institution must provide it in writing or electronically on request. The form may disclose only that the applicant may qualify for Federal, State*, or institutional aid; should discuss that aid with financial-aid officials; a private loan may affect eligibility for free or low-cost aid; and officials have the required information. It must provide spaces for (1) the institution-determined cost of attendance; (2) estimated aid, including aid replacing the student aid index*, for students who completed the FAFSA; (3) the difference between those amounts, when applicable; and (4) the applicant’s written or electronic signature.
(b) No liability. This section does not create a private right of action against an institution concerning the form.
The Secretary*, in consultation with the Board of Governors of the Federal Reserve System, shall develop the self-certification form for private education loans that shall be used to satisfy the requirements of section 1638(e)(3) of title 15. Such form shall—
be developed in a standardized format;
be made available to the applicant by the relevant institution of higher education*, in written or electronic form, upon request of the applicant;
contain only disclosures that—
the applicant may qualify for Federal student financial assistance through a program under subchapter IV of this chapter, or State* or institutional student financial assistance, in place of, or in addition to, a private education loan*;
the applicant is encouraged to discuss the availability of Federal, State, and institutional student financial assistance with financial aid officials at the applicant’s institution of higher education;
a private education loan may affect the applicant’s eligibility for free or low-cost Federal, State or institutional student financial assistance; and
the information that the applicant is required to provide on the form is available from officials at the financial aid office of the institution of higher education;
include a place to provide information on—
the applicant’s cost of attendance at the institution of higher education, as determined by the institution under part F of subchapter IV;
the applicant’s estimated financial assistance, including amounts of financial assistance used to replace the student aid index*, as determined by the institution, in accordance with subchapter IV, for students who have completed the Free Application for Federal Student Aid; and
the difference between the amounts under subparagraphs (A) and (B), as applicable; and
include a place for the applicant’s signature, in written or electronic form.
Nothing in this section shall be construed to create a private right of action against an institution of higher education with respect to the form developed under subsection (a).
Source credit: (Pub. L. 89–329, title I, § 155, as added Pub. L. 110–315, title X, § 1021(b), Aug. 14, 2008, 122 Stat. 3487; amended Pub. L. 111–39, title I, § 101(b)(7), July 1, 2009, 123 Stat. 1935; Pub. L. 116–260, div. FF, title VII, § 704(1), Dec. 27, 2020, 134 Stat. 3199.)
- 2008Enacted · Pub. L. 89-329 · 122 Stat. 3487
- 2009Amended · Pub. L. 111-39 · 123 Stat. 1935
- 2020Amended · Pub. L. 116-260 · 134 Stat. 3199
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 2008-08-14.
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