Fritz B. Burns Student Loan Requirements
2013 - 2014
Terms of Loan
Once you have committed to attend LMU and have accepted your loan offer online, you must complete three (3) additional loan requirements: Institutional Loan Self-Certification, Institutional Loan Approval Disclosure, and Institutional Loan Final Disclosure.
Truth in Lending Act (TILA)
The Higher Education Opportunity Act of 2008 (HEAO) [PL 110-35] added section 128(e)(3) to TILA which requires that before a private educational lender can consummate a private education loan for a student in attendance at an institution of higher education the private education lender must obtain the completed, and signed, U.S. Department of Education Self-Certification Form from the applicant. The Federal Reserve Board's Final Regulation [12CFR226.48(e)] published on August 14, 2009 incorporates this new requirement.
The Fritz B. Burns student loan program is covered by the changes made to TILA. In addition to the self-certification form, a series of disclosures at specific points in the loan process (application, approval, and final stage) are required. These requirements will need to be completed online.