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Tuesday, 26 November 2013

Information about Loan

Information about Loan

The loan orientation is the University of Utah’s program to fulfill federal requirements for borrower entrance counseling. Entrance counseling must be conducted before the release of the first loan disbursement each academic year. During entrance counseling, the borrower will be given the following information:
  • An overview of possible sources of financial aid
  • Terms and conditions of loan programs
  • Obligations of loan repayment
  • Personal financial planning
  • Borrower rights and responsibilities
  • Consequences of delinquency and default
The borrower is required to provide the loan office with current information (separation dates, addresses, references, etc.). This information is not updated by the Registrars’ office.
To complete the orientation you must:
Complete the Loan Counseling program which is available at Financial Aid and Scholarships Webpage. There are five steps to completing the orientation. All steps must be completed in the following order:
  1. Select your school’s State
  2. Select the name of your school
  3. Read all of the text and answer some questions
  4. Fill out the student information form
  5. Keep a record of your confirmation page
A confirmation message that you have completed the orientation will be e-mailed to your school on the same day that you complete the session.

IMPORTANT!

New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans, including long-term U-loans and Health Professions Loans. Lenders who provide these loans must comply with the following requirements:
  • The University must provide three separate loan disclosures to borrowers–one at the point of application, one when the loan is approved, and one before the loan is disbursed.
  • A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
  • Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed.

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