Private Loan Disclosure

Union is required to disclose certain information to borrowers of the Union Loan in accordance with Title X- the Private Student Loan Transparency and Improvement Act (TILA), as a part of Regulation Z of the Higher Education Opportunity Act.  Union Loan borrowers will receive three (3) disclosure statements from the time application for the Union Loan is made through the time such funds are disbursed.

The Application and Solicitation Disclosure (ASD) will be supplied at application for the Union Loan and will describe the general terms of the loan and the estimated amount to be repaid over the life of the loan.  It will also provide information regarding the potential availability of lower-cost Federal loan options.  No action is required upon receipt of this disclosure, but it should be carefully reviewed.

The Approval Disclosure Statement (AD) will be supplied when the Union Loan is approved.  It will include the specific terms of the loan being offered.  It may be presented electronically or on paper.  The terms of the loan must be accepted within 30 days by signing (or E-signing) and returning it as the form indicates.

The Final Disclosure Statement (FD) will be supplied once all requirements of the Union Loan have been met and prior to disbursement.  The borrower has 3 days from receipt of this disclosure to request loan cancellation.  No action is required on this disclosure if the Union loan will be accepted.

In addition to these disclosures, Union Loan borrowers must complete, sign, and submit a Self-Certification Form as the form indicates before Union Loan funds are disbursed.  The Self-Certification Form is a standard Department of Education Form.  It includes information about the availability of federal student loans, the borrower’s cost of attendance, estimated other types of financial aid.  It will also show a projected balance due.