What am I supposed to receive before I sign?

Three disclosures, in this order. The Application and Solicitation Disclosure shows the rate range before you apply. The Approval Disclosure shows your actual APR, monthly payment, and total of payments, and gives you 30 days to accept. The Final Disclosure comes after you accept and starts a three business day window in which you can cancel for free. You also complete a self-certification form listing your cost of attendance and existing aid.

Can I change my mind after I accept?

Yes. For three business days after you receive the Final Disclosure you can cancel with no fee and no explanation. Funds are not sent to your school until that window closes, so canceling in that period leaves you with no loan and no balance.

What happens if I am declined?

You receive an adverse action notice within 30 days that names the specific reasons, for example limited credit history, a recent delinquency, or income relative to the requested amount. If a credit report was part of the decision, the notice names the credit bureau and tells you how to get a free copy of that report so you can check it for errors.

Can a lender treat me differently because of who I am?

No. Federal law prohibits decisions based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or for exercising your credit rights. If you think that happened, you can file with the Consumer Financial Protection Bureau or your state attorney general.

How do I raise a concern or file a complaint?

Email support@loanamerica.com and we will look into it. You can also go straight to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint, your state attorney general, or your state financial regulator. You do not have to come to us first.

Are you allowed to lend in my state?

It depends on the state. Loans are offered only where the originating entity is authorized to lend. The entity originating your loan and its licensing are named during the application and again in your loan documents.

COMPLIANCE & BORROWER PROTECTIONS

Know your rights.
Know exactly what you are signing.

Every private student loan comes with a stack of paperwork. This page walks through each document you will receive, what is written on it, the deadlines that protect you, and who to call if something looks wrong.

This content does not constitute legal, financial, or tax advice. For information about existing federal student loans, contact your servicer or visit studentaid.gov.

What you will actually receive, in order

Six documents, from first look to first bill. Here is what is on each one and what it means for you.

1. Application and Solicitation Disclosure

Before you apply

The first document you see. It shows the rate range the loan is offered in, not your personal rate. Example: a range such as 8.99% to 15.99% APR, the fees that apply, an estimate of what a $10,000 loan costs over 10 years, and a side-by-side note pointing you to federal loans at studentaid.gov first.

2. Approval Disclosure

If you are approved

Your actual numbers, not a range. It states your APR, whether the rate is fixed or variable, your monthly payment, your total of payments, and the date the offer expires. You have 30 calendar days to accept, and the lender cannot change those terms during that window unless the rate is variable and the index moves.

3. Self-certification form

Before money moves

A one-page form, required by federal law, where you write your cost of attendance and the financial aid you have already been awarded. The difference between those two numbers is the most you are allowed to borrow. Your school signs off on it.

4. Final Disclosure and the right to cancel

After you accept

Issued after you accept and before any funds are sent. From the date you receive it you have three business days to cancel for any reason with no cost and no explanation. Nothing is disbursed to your school until that window closes.

5. Promissory note

The binding contract

The document that actually creates the debt. Read the sections on late fees, what counts as default, whether a cosigner can be released and after how many on-time payments, and what happens to the balance if the borrower dies or becomes disabled. If a term is not written here, it is not part of your loan.

6. Repayment schedule and servicing notice

Before your first bill

Tells you who to pay, when the first payment is due, and what happens while you are still enrolled. It also names the deferment and forbearance options that exist on your loan, and states plainly that a private loan does not carry federal benefits such as income-driven repayment or federal forgiveness programs.

What we hold ourselves to

How we market, underwrite, and service a loan, stated plainly enough that you can hold us to it.

You see the price before you owe anything

You get the full cost in writing, in dollars, before you sign. If you cannot point to the APR, the monthly payment, and the total of payments on a document in front of you, do not sign it.

No surprise hit to your credit

Filling out a funding request on this site does not pull your credit. A hard inquiry happens only when you submit a full application, and we tell you on screen before that step.

A real review, and a real reason if the answer is no

Decisions cannot be based on race, color, religion, national origin, sex, marital status, age, or whether you receive public assistance. A decline comes with a letter naming the actual reasons, so you know what would need to change.

Free money first

Grants, scholarships, and federal aid come before any private loan, and we say that in our own marketing. Borrow the gap that is left, and nothing beyond it.

Straight materials for schools

What we hand a financial aid office follows the private education loan rules, including the self-certification step, so nothing put in front of a student skips a required disclosure.

Your information stays protected

What you send us is encrypted in transit and at rest, and access is limited to the people who need it. The Privacy Policy spells out what is collected, why, and how long it is kept.

We lend only where we are permitted

Loans are offered only in states where the originating entity is authorized to lend. The entity that originates your loan is named in your documents.

Trouble paying is handled in writing

Any deferment or forbearance option available to you is written into your loan documents rather than promised verbally. Private loans do not carry federal repayment protections, and we say so instead of blurring the line.

The laws behind those protections

Each of the rules above traces back to a specific law. In plain terms, here is what each one requires.

Truth in Lending Act (TILA) and Regulation Z: You have to be told the full price of the loan in writing before you owe anything. That means the APR, the total interest and fees, the amount that actually gets sent to your school, and the total you will have paid by the last payment.
Equal Credit Opportunity Act (ECOA) and Regulation B: A lender cannot decide your application based on who you are. If you are declined, you get a letter that names the actual reasons, for example a thin credit file or debt that is high relative to income.
Fair Credit Reporting Act (FCRA): Sets the rules for pulling and using your credit report. If your credit report is the reason you got a higher rate than the best rate offered, you get a risk-based pricing notice that says so and tells you how to get a free copy of the report.
Gramm-Leach-Bliley Act (GLBA): Requires a written privacy notice that says what personal information is collected, who it is shared with, and how it is protected. You get that notice at application time.
Higher Education Opportunity Act (HEOA): Covers private student loans specifically. It is the reason you receive three separate disclosures, the reason you get 30 days to accept an offer, and the reason your school has to certify the amount you are allowed to borrow.
Fair Debt Collection Practices Act (FDCPA): Limits how a past-due balance can be collected. No calls before 8am or after 9pm, no threats, no contacting you at work once you say not to.
Servicemembers Civil Relief Act (SCRA): Caps interest at 6 percent on debt taken out before active-duty service began, plus other protections for eligible servicemembers.
State lending and licensing laws: Your state may cap rates, require the lender to hold a license, or require extra disclosures. Which rules apply depends on the state you live in when you sign.

Common questions, answered directly

These answers apply no matter which lender you end up choosing.

What am I supposed to receive before I sign?: Three disclosures, in this order. The Application and Solicitation Disclosure shows the rate range before you apply. The Approval Disclosure shows your actual APR, monthly payment, and total of payments, and gives you 30 days to accept. The Final Disclosure comes after you accept and starts a three business day window in which you can cancel for free. You also complete a self-certification form listing your cost of attendance and existing aid.
Can I change my mind after I accept?: Yes. For three business days after you receive the Final Disclosure you can cancel with no fee and no explanation. Funds are not sent to your school until that window closes, so canceling in that period leaves you with no loan and no balance.
What happens if I am declined?: You receive an adverse action notice within 30 days that names the specific reasons, for example limited credit history, a recent delinquency, or income relative to the requested amount. If a credit report was part of the decision, the notice names the credit bureau and tells you how to get a free copy of that report so you can check it for errors.
Can a lender treat me differently because of who I am?: No. Federal law prohibits decisions based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or for exercising your credit rights. If you think that happened, you can file with the Consumer Financial Protection Bureau or your state attorney general.
How do I raise a concern or file a complaint?: Email [email protected] and we will look into it. You can also go straight to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint, your state attorney general, or your state financial regulator. You do not have to come to us first.
Are you allowed to lend in my state?: It depends on the state. Loans are offered only where the originating entity is authorized to lend. The entity originating your loan and its licensing are named during the application and again in your loan documents.

Raise a concern

If something about our marketing, application process, or servicing does not look right to you, tell us. Email [email protected]. You may also contact a regulator directly at any time, and you do not need to come to us first.

Consumer Financial Protection Bureau: consumerfinance.gov/complaint
Your state attorney general's consumer protection office
Your state financial services or banking regulator
Federal student aid questions: studentaid.gov

This page is a summary provided for general information. It is not legal advice and it does not modify the terms of any loan. The controlling terms for any loan are those in your promissory note and disclosure statement. Statutory requirements described here are subject to change.

For schools: partnership-specific compliance documentation, including data handling and certification workflows, is provided during the partnership review. For legal terms, see our Privacy Policy and Terms of Service.

Know your rights.Know exactly what you are signing.