Depending on the outcome of their application, students may receive several loan documents throughout the financing process. Below is an overview of each document and when it is provided.
Documents Sent Upon Loan Approval
Approval Truth in Lending Disclosure (ATIL)
The Approval Truth in Lending Disclosure (ATIL) provides an overview of the student's approved loan terms before they accept their loan.
The ATIL includes:
- Approved loan amount
- Interest rate and Annual Percentage Rate (APR)
- Estimated total interest paid if minimum monthly payments are made
- Estimated total repayment amount
- Applicable fees
- Loan repayment schedule and term
- Available alternative loan options (if applicable)
- Next steps to accept the loan
- Additional disclosures and reference information
Sample document: View the sample ATIL
Master Promissory Note (MPN)
The Master Promissory Note (MPN) is the legal agreement that the student—and co-borrower, if applicable—must sign to accept the loan.
This document outlines:
- The terms and conditions of the loan
- The borrower's responsibilities
- Repayment obligations
- Rights and responsibilities of both the borrower and lender
Sample document: View the sample MPN
Auto-Debit Authorization (ACH)
The Auto-Debit Authorization Form (ACH) allows students to authorize automatic monthly loan payments from their designated bank account.
Enrolling in auto-debit helps ensure payments are made on time without requiring manual monthly payments.
Sample document: View the sample ACH
Additional Documents Students May Receive
Notice to Co-Borrower
If the application includes a co-borrower, they will receive a Notice to Co-Borrower.
This document explains:
- The responsibilities of being a co-borrower
- That a credit inquiry may be performed
- The co-borrower's obligation to repay the loan if the primary borrower is unable to do so
Reviewing this document helps ensure the co-borrower fully understands their financial responsibilities before accepting the loan.
Sample document: View the sample Notice to Co-Borrower
Self-Certification Form
Depending on the loan product, students may also receive a Self-Certification Form.
This form asks the student to certify:
- The cost of attendance for their program
- Any financial assistance they are receiving
- The difference between the cost of attendance and their financial assistance
Sample document: View the sample Self Certification
Document Sent After Loan Finalization
Final Truth in Lending Disclosure (FTIL)
Once all required approval documents have been completed and signed, students will receive the Final Truth in Lending Disclosure (FTIL).
The FTIL confirms the final loan terms before the loan is finalized, allowing students to review and verify the information previously disclosed in the Approval Truth in Lending Disclosure (ATIL).
Sample document: View the sample FTIL
Documents Sent When a Requested Loan Cannot Be Approved
Adverse Action Notice (AAN)
Students will receive an Adverse Action Notice (AAN) if:
- Their application is not approved, or
- They are approved for a different loan product or loan amount than originally requested.
The AAN explains the factors that influenced the credit decision and provides information required under applicable lending regulations.
Sample document: View the sample AAN