Private Student Loans
Prior to considering private student loans, students are strongly encouraged to complete the Free Application for Federal Student Aid (FAFSA). Private Student Loans should be considered after all other sources of financial aid (grants, scholarships, federal work-study, and federal student loans) have been exhausted.
The IU East Office of Financial Aid and Scholarships will review and certify Private / Alternative Loans for eligible students with your preferred lender.
Truth in Lending Requirements
New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes. Lenders must now comply with the following requirements:
- Lenders must provide 3 separate loan disclosures to borrowers
- one at the point of application
- one when the loan is approved
- one before the loan is disbursed
- A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
- Students must also sign an Applicant Self-Certification form and submit it to the lender before the loan can be disbursed.
Private Student Loan Self-Certification
Your lender should provide you with a copy of the required Self-Certification Form. If you do not receive one from your lender, you can download the form . If you download the form here, we recommend that you contact your lender for your application ID or other identifier that will help the lender match the form with your application.
You will need to know your cost of attendance and estimated financial assistance, to complete the Applicant Self-Certification form. If you receive financial aid, this information can be found through the Financial Aid section in Onestart.
Student Self-Service > SIS Student Center > View Financial Aid > Select 2012 Aid Year > Financial Aid Need Summary
If you are not receiving financial aid, use estimated Cost of Attendance information.
Remember to send your completed Applicant Self-Certification form to your lender. Your loan cannot be disbursed until your lender receives it.