The U.S. Department of Education shared a draft of preferred lender arrangements regulations and requested comments in the October 2 Federal Register. The draft included the Private Education Loan Applicant Self-Certification Form, which lenders must receive before disbursing a private student loan.
In partnership with education associations, including the Institute for College Access & Success, U.S. Public Interest Research Groups and United States Students Association, NACAC submitted comments to the Department. The goal of the coalition's comments is to ensure the form fulfills its statutory purpose of helping students and parents make informed borrowing decisions and encouraging them to seek advice from their school’s financial aid office before taking out a private loan.
Comments submitted include: 1) format recommendations regarding the placement and font size of important disclosures to loan applicants and 2) content recommendations regarding instructions, notices to applicants, cost of attendance and estimated financial assistance, and definitions. NACAC's full document of comments and recommendations is available online.