Franklin College adheres to the Financial Aid Code of Conduct based on the Higher Education Opportunity Act of 2008.
- Private student loans are variable and fixed interest programs with interest that accrues while the student is in school
- Students (or co-borrowers) must have a good credit history to obtain private student loans.
- Private student loans must be certified for the amount requested, up to the Cost of Attendance minus other financial aid the student is receiving at the time of certification.
Truth in Lending Requirements
As of February 2010 all private loan lenders are required to provide student borrowers three disclosure statements and a new Self Certification Form prior to the school being able to certify the loan. The Self Certification Form is to be completed by the student and returned to the lender. A waiting period of 3 business days is required between the time the borrower received the final loan disclosure and the time the loan is disbursed.
Disclosures the student will receive:
- Application Disclosure
- Loan Approval Disclosure
- Final Disclosure (prior to disbursement)
It is important to be timely in providing all information to your lender and acknowledging the above disclosures. Failure to do so will delay disbursement.
We would love to hear from you! If you have any questions, please call our office at (317) 738-8075 or email us.