20 U.S.C. § 1019d | Self-certification form for private education loans

(a)

In general

section 1638(e)(3) of title 15The Secretary, in consultation with the Board of Governors of the Federal Reserve System, shall develop the self-certification form for private education loans that shall be used to satisfy the requirements of . Such form shall—

(1)

be developed in a standardized format;

(2)

be made available to the applicant by the relevant institution of higher education, in written or electronic form, upon request of the applicant;

(3)

contain only disclosures that—

(A)

the applicant may qualify for Federal student financial assistance through a program under subchapter IV of this chapter, or State or institutional student financial assistance, in place of, or in addition to, a private education loan;

(B)

the applicant is encouraged to discuss the availability of Federal, State, and institutional student financial assistance with financial aid officials at the applicant’s institution of higher education;

(C)

a private education loan may affect the applicant’s eligibility for free or low-cost Federal, State or institutional student financial assistance; and

(D)

the information that the applicant is required to provide on the form is available from officials at the financial aid office of the institution of higher education;

(4)

include a place to provide information on—

(A)

the applicant’s cost of attendance at the institution of higher education, as determined by the institution under part F of subchapter IV;

(B)

the applicant’s estimated financial assistance, including amounts of financial assistance used to replace the student aid index, as determined by the institution, in accordance with subchapter IV, for students who have completed the Free Application for Federal Student Aid; and

(C)

the difference between the amounts under subparagraphs (A) and (B), as applicable; and

(5)

include a place for the applicant’s signature, in written or electronic form.

(b)

Limit on liability

Nothing in this section shall be construed to create a private right of action against an institution of higher education with respect to the form developed under subsection (a).

Pub. L. 89–329, title I, § 155 Pub. L. 110–315, title X, § 1021(b)Aug. 14, 2008122 Stat. 3487 Pub. L. 111–39, title I, § 101(b)(7)July 1, 2009123 Stat. 1935 Pub. L. 116–260, div. FF, title VII, § 704(1)Dec. 27, 2020134 Stat. 3199(, as added , , ; amended , , ; , , .)

Editorial Notes

Amendments

Pub. L. 116–2602020—Subsec. (a)(4)(B). substituted “the student aid index” for “the expected family contribution”.

Pub. L. 111–392009—Subsec. (a)(4). added par. (4) and struck out former par. (4) which read as follows: “include a place to provide information on—

“(A) the applicant’s cost of attendance at the institution of higher education, as determined by the institution under Part F of subchapter IV;

“(B) the applicant’s expected family contribution, as determined under Part F of subchapter IV, as applicable, for students who have completed the free application for Federal student aid;

“(C) the applicant’s estimated financial assistance, as determined by the institution, in accordance with subchapter IV, as applicable;

“(D) the difference between the amounts under subparagraphs (A) and (C), as applicable; and

“(E) the sum of the amounts under subparagraphs (B) and (D), as applicable; and”.

Statutory Notes and Related Subsidiaries

Effective Date of 2020 Amendment

Pub. L. 116–260July 1, 2024section 701(b) of Pub. L. 116–260 section 1001 of this titleAmendment by effective , except as otherwise expressly provided, and applicable with respect to award year 2024–2025 and each subsequent award year, as determined under this chapter, see , set out as a note under .

Effective Date of 2009 Amendment

Pub. L. 111–39 Pub. L. 110–315Aug. 14, 2008section 3 of Pub. L. 111–39 section 1001 of this titleAmendment by effective as if enacted on the date of enactment of (), see , set out as a note under .