While looking at your financial aid award for the fall semester, you may find that you need to fill a funding gap with a private student loan. This year, there’s a new step in the private student loan application process: the self-certification form.
A new federal law requires that you fill out this form before you can receive a private student loan. Since this step is new to first-time borrowers as well as those who’ve applied for private student loans in the past, let’s walk through the form and what’s required of you. Just click on the photo to bring up the full document (PDF).*
The form includes a number must reads for private student loans — particularly the notices in Section 1 and the definitions in Section 5. These are to make sure you know your borrowing options and the terms used throughout the document.
Section 2 is where you need to do a bit of work. This part of the form is where you verify the amount of money you need to cover your costs. You need to subtract your estimated financial assistance from the cost of attendance to see how much additional funds you may need to borrow.
Here are a couple things to remember as you fill out Section 2:
- Your school’s financial aid office will be able provide your cost of attendance and estimated financial assistance.
- The amount on Line B does NOT include the private student loan amount you are requesting.
- Make sure you have the correct number on Line C (grab a calculator to be sure). The math has to be right for the form to be accepted.
- Your requested private student loan amount shouldn’t exceed the amount on Line C.
If you’ve applied with Wells Fargo, you can access the form through Borrower Online Access. If you grab it here, the information in Section 3 will already be filled out for you. Once the form is complete you can fax it back to us at 1-800-456-0561.
Any questions on the self-certification process? We’re here to help!
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