Alternative Loan Disclosures
The Application, Approval and Final disclosures are provided to students by the lender during the alternative loan application process. Each disclosure presents specific information to the borrower regarding the loan. The terms and policies regarding the processing of the loan application may vary from lender to lender. The Self-Certification Form is a separate form required by the lender and is completed by the borrower during the application process.
The Application Disclosure is presented to the borrower along with the loan application or in addition to the loan application electronically or by mail. If the Application Disclosure is not provided with the initial loan application, the lender will be required to mail an Application Disclosure to the borrower within 3 days after an application is received. The Application Disclosure provides general information about loan rates, terms, and fees. In addition, the Application Disclosure provides an example of the total cost of the loan and information regarding federal student loans options.
Application Disclosure is provided to the student by: LENDER
Application Disclosure must be accepted by the borrower and co-signer (if applicable): YES
Application Disclosure is returned to the lender in order to proceed to the next step: YES
The Approval Disclosure is presented to the borrower electronically or by mail when the lender has conditionally approved or approved the borrower for a loan. The borrower and/or co-signer will receive this disclosure as part of the application process before the borrower signs the promissory note for the loan. The Approval Disclosure must be accepted by both the applicant and/or co-signer within 30 calendar days of the credit offer. The Approval Disclosure must state the acceptance date deadline and the manner in which the lender requires the borrower to accept the terms of the loan.
Approval Disclosure is provided to the student by: LENDER
Approval Disclosure must be accepted and signed by the borrower and co-signer (if applicable): YES
Approval Disclosure is returned to the lender in order to proceed to the next step: YES
The Final Disclosure is presented to the borrower after the loan has been accepted. A rescission period occurs after the Final Disclosure is presented to the borrower. The rescission period consists of 3 business days, beginning from the time the lender provides the Final Disclosure to the borrower and during this period, loan funds cannot disburse from the lender. The Final Disclosure will note the borrower’s right to cancel the loan, state the deadline for cancellation, and the methods in which a lender accepts a cancellation request. Additionally, the Final Disclosure provides the borrower with the final information on the cost of their loan.
Final Disclosure is provided to the student by: LENDER
Final Disclosure is returned to the lender: NO
Loan funds cannot disburse from the lender until the recession period has passed: YES
Each lender may have individual rescission periods that extend beyond 3 business day: YES
The Self-Certification Form is a separate form that must be completed and returned to the lender, in addition to the Application and Approval Disclosures. The Self-Certification Form can be obtained from Loyola University Chicago, but is typically obtained from the lender only once the approval disclosure has been accepted and the promissory note has been signed. The self certification form is intended to promote responsible borrowing by educating borrowers about financial aid availability and encouraging them to seek other forms of financial aid before borrowing a private loan, as well as providing information to the lender about the student’s educational expenses and other aid. The borrower is required to provide cost of attendance and financial assistance award information and is required to sign the form and return it to the lender.
Self-Certification Form is provided to the student by: LENDER or Loyola University Chicago
Self-Certification Form must include cost of attendance and financial aid award information: YES
Self-Certification Form is signed by the borrower ONLY: YES
Self-Certification Form is returned to the lender in order to proceed to the next step: YES
Cost of Attendance and Financial Aid Awarded
Your cost of attendance and total amount of financial aid awarded can be found on LOCUS. Start at your Student Center and click on ‘View Financial Aid’ under the Finances heading. Once here, click on the appropriate aid year (i.e., 2019-2020 academic year is the ‘2020 Aid Year’). On your Award Summary, you can view the total amount of financial aid awarded to you under ‘Aid Year Totals’. Your cost of attendance can be found by clicking the link ‘Estimated Cost of Attendance’ under the ‘Aid Year Totals’ section. The borrower should report the cost of attendance amount for the term for which he/she is applying.