HB4754 amends the Know Before You Owe Private Education Loan Act to require private educational lenders to obtain institutional certification before.
HB4754 amends the Know Before You Owe Private Education Loan Act by changing the requirements for private educational lenders. Before disbursing funds for private education loans, lenders must obtain certification from the relevant institution of higher education. This certification must include the borrower's enrollment status, the cost of attendance, and the difference between the cost of attendance and the borrower's estimated financial assistance. If the institution fails to provide certification within 15 business days, lenders may disburse funds without certification.
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