PDF Properly Extending Credit for Private Education Loans

Properly Extending Credit for Private Education Loans

June 6, 2016

Edward M. Cramp, Esq.

Mark D. Belongia, Esq.

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Today's Topics

? Private Education Loan Disclosure and requirements subject to regulation by the Department of Education ? Preferred Lender Arrangements ? Code of Conduct ? Private Loan Disclosures and SelfCertification Form



Today's Topics

? Disclosures and requirements subject to regulation by the Federal Reserve Board ? Truth in Lending Act background ? Private education loan disclosures ? Self-certification form ? State Licensing, Registration or Notification Filing



The Higher Education Opportunity Act (HEOA)

? Enacted August 14, 2008 ? Public Law 110-315 ? Dear Colleague Letter GEN-08-12 ?



THE HEOA ? Statutory Framework

? HEOA reauthorized the Higher Education Act (HEA) and established new institution-based loan disclosure requirements

? HEOA amended Truth in Lending Act (TILA) and established private education loan disclosures

? HEOA amended both HEA and TILA to prohibit certain education lending practices



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