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The 2009 Truth in Lending Act requires lenders to disclose loan information to you as a part of the application process. The first disclosure, the Application Disclosure, will be at the time you apply, or when you inquire with the lender about a loan. The second disclosure, the Approval Disclosure, is sent to you upon full approval of your application. Generally, this means the lender has credit approved your application, received your signature (plus your cosigner's, if you have one), and received any other income verification documents they may have requested. You need to respond to your lender within 30 days to accept or reject the terms of the loan; the longer you take to respond, the longer it will take for the lender to disburse loan funding. The third disclosure, the Final Disclosure, is sent once you've accepted the terms of the loan. This disclosure will provide a "right to cancel" period, by law a minimum of three days. Your loan cannot be disbursed to UMD, for disbursal to you, until the lender's right-to-cancel period has ended. At some point in the disclosure process, your lender will also advise you to complete, sign, and return a Private Education Loan Applicant Self-Certification form . Lenders will accept the form at any point during the disclosure process. The lender must have this form on file before disbursing funding. Use the lender-provided form whenever possible, as it will be pre-populated with identifying information they will use to expedite processing. |
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