Private/Alternative Loan Self-Certification
Recent changes to Title X of the Higher Education Opportunity Act (HEOA) require that a series of three loan disclosures be provided to the borrower throughout the private loan application process and that the borrower also complete a Private Loan Self-Certification form prior to the loan being disbursed. The purpose of these disclosures are to:
- Present the terms/cost of the loan in a clear and consistent manner.
- Allow for comparison shopping and re-evaluation of borrowing a private loan during the application process.
- Present lower cost federal options that should be exhausted prior to considering a private loan.
- Reduce overall borrower indebtedness.
The borrower of the loan is required to complete the Private Loan Self-Certification form and return it to the Private Loan Lender. Your private loan lender will not disburse your loan funds until they have received your completed form. Below are the instructions on how to obtain the necessary information needed for you to complete the form.
Download the private loan self-certification form – Some lenders might have you complete the form online during their online application process
Carefully Read Each Section of the Form
Section 2: Cost of Attendance and Estimated Financial Assistance
Part A - Student's Cost of Attendance (your cost of tuition, room/board, books, and other miscellaneous charges)
- Log into your Student Services Center in WaveNet
- In the Finances/Financial Aid Section click on View Financial Aid
- If you are applying for a private loan for the Academic Year or Summer semester – Click on the Aid Year Link for the aid year for which you are applying.
- Scroll down to the middle of the page and click on the Estimated Cost of Attendance Link.
- Your Estimated Cost of Attendance for each term will then be listed.
- Use the Term Total amount (spring only, summer only, fall only, fall/spring total) for the term (the loan period that you are applying for the loan) as your Cost of Attendance.
Part B - Estimated Financial Assistance (the estimated amount of financial aid you will receive)
- Log into your Student Services Center in WaveNet
- In the Finances/Financial Aid Section click on View Financial Aid
- If you are applying for a private loan for the Academic Year or Summer semester – Click on the Aid Year Link for the aid year for which you are applying.
- Your detailed Financial Aid Award will then be listed.
- Use the Term Total amount for the term for which you are applying for the loan, as your Estimated Financial Aid amount. Your Estimated Financial Aid amount should not include the current private loan that you are applying for.
Part C - Difference between Cost of Attendance and Estimated Financial Assistance
- The difference between your Cost of Attendance and your Estimated Financial Assistance is the maximum amount that you are eligible to apply for in a private loan. If you apply for an amount that is greater you will first need to cancel or reduce an award amount already listed on your award.
- TIP: If your financial aid award includes an "Alternative Loan" that loan amount is usually your Cost of Attendance minus your other Estimated Financial Aid.
Section 3: Applicant Information
- Complete each part of section 3. Do not leave any section blank.
Section 4: Applicant Signature
- Sign and Date the Form
- Contact your private loan lender to see how they prefer you submit this form to them.