On February 14th, 2010 Regulation Z of the Higher Education Opportunity Act’s Title X will take effect. Regulation Z consists of three disclosures provided to the borrowers of private education loans at specific intervals of the loan application and approval process.
These disclosures are required for every private education loan a school or lender provides and must contain special HEOA requirements and content. This includes all Institutional and Health Professional Loans, which fall under the Department of Education’s definition of a private education loan.
Most private education loans currently do not contain disclosures of any type. In order for a school or lender to provide these three required disclosures they would have to print and mail them at each interval and then patiently wait for the student’s response. This will waste time, money and valuable resources and it can delay the approval and disbursement process.
ECSI’s Regulation Z Solution will give your school back that valuable time and energy by creating the disclosures automatically during and after the application process, and can save your company costly resources by providing all three disclosures electronically. It is a fully automated and integrated process designed to make it as easy and intuitive as possible for both the student filling it out and the school handling it.
“We are extremely excited to bring this regulation z solution to market, as we feel there is no other company out there that can integrate the required disclosures like ECSI can. We take pride in knowing that our client base can count on us to keep them in compliance and at the forefront of technology” – John Lynch, President / CEO of ECSI
For more information, visit: www.ecsi.net/regulationz
