The Nursing Loan program is a need-based loan for students pursuing a degree in nursing. The program provides long-term, low-interest financing options. However, if a student has a nursing loan and changes his or her major from nursing, the loan will become due while student is still in school. To be considered for the Nursing Loan, students must file the FAFSA.
Regulation Z (Truth in Lending) Information for Nursing Loan Recipients
On July 30, 2009, the Federal Reserve approved final amendments to Regulation Z (Truth in Lending) that revise the disclosure requirements for private education loans. The amendments implement provisions of the Higher Education Opportunity Act (HEOA) enacted in August 2008. Under the amendments, creditors that extend private education loans must provide disclosures about loan terms and features on or with the loan application and must also disclose information about federal student loan programs that may offer less costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated. The rules became effective on September 14, 2009 and lenders are required to be in compliance for any new loans after February 14, 2010.
What loans do the new regulations affect?
The amendments to Regulation Z (Truth in Lending) apply to all private education loans, and certain educational loans offered by the school, including the Nursing Loan. They do not apply to Federal Title IV loans (Federal Direct Student Loan, Perkins Loan, and Federal Direct PLUS).
For the Nursing Loan, we are required to present you with the Application/Solicitation Disclosure Statement. The disclosure is linked below in PDF format. Adobe's free PDF Reader can be downloaded from their website. The subsequent disclosures, as well as a Self-Certification Form, will be presented to you electronically when you sign the loan promissory note with our Nursing Loan servicer, ECSI.
What is required of me?
You must review the Application/Solicitation Disclosure Statement. This disclosure will describe the general terms of the loan and the estimated amount that you will repay over the life of the loan. It will also provide you with information regarding the potential availability of lower-cost Federal loan options. You are not required to take any action upon receipt of this disclosure, but you should review it carefully so that you understand the terms of the loan that you are requesting.
If you wish to receive the Nursing Loan, accept it on TitanWeb.
After accepting, you will receive instructions by email to continue processing with ECSI. The steps will include receipt of an Approval Disclosure Statement, loan entrance counseling, a promissory note, and a self-certification form. After you complete the promissory note, you will receive a Final Disclosure Statement. You have 3 days from receipt of this disclosure to request that the loan be canceled. You are not required to take any action upon receipt of the Final Disclosure Statement unless you wish to cancel the loan.