What documents might the student need to submit?

Every application will receive upon approval:

Approval Truth in Lending Disclosure (ATIL)

This document contains details of the loan including:

  • Loan amount
  • Interest rate and APR
  • How much they'll pay in interest if they make the minimum monthly payments
  • How much they'll end up paying total if they make the minimum monthly payments
  • Any fees
  • The schedule of their loan term
  • Alternative loan options
  • Next steps and terms of acceptance
  • Additional reference notes

View sample ATIL here


Master Promissory Note (MPN)

This is the documentation the student (and your co-borrower, if applicable) will sign to fully accept the loan. In here, they can find all the responsibilities they'll have as a borrower and all the terms of the loan they're agreeing to.

View sample MPN here


Auto-Debit Authorization Form (ACH)

This form, authorizes automatic payments to be withdrawn monthly from a designated bank account, as opposed to manually making loan payments each month.

View sample ACH


Additional loan documents student might receive upon approval:

Notice to Co-Borrower

If the student has a co-borrower on their application, they will also receive this document. It details what being a co-borrower entails, including having their credit pulled and being responsible for the loan should the student be unable to make payments. Carefully reviewing the Notice to Co-Borrower ensures they make a fully informed decision.

View sample Notice to Co-Borrower


Self Certification

Depending on the type of loan product, students might also receive a self certification. On here, they will certify the cost of their program, the financial assistance they are receiving, and the difference between the two.

View sample Self Certification


Every application will receive upon loan finalization:

Final Truth in Lending Disclosure (FTIL)

After all the necessary approval forms have been reviewed and signed, students will be sent this document, through which they can reconfirm all of the loan terms outlined in a Approval Truth in Lending Disclosure.

View sample FTIL


Applications that are not approved for the requested loan and amount will receive:

Adverse Action Notice (AAN)

If a student's application is not approved, or if it is approved for a different product/loan amount than originally requested, they will be sent this form. It provides an overview of what criteria caused the original request not to be approved.

View sample AAN


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