So you’ve applied for a Climb Credit student loan and gotten approved — congratulations! Your next steps will be reviewing and signing some important documents to accept the loan offer and finalize the application. We want all our borrowers and co-borrowers to fully understand the loan process so that they can make the best financial decision for them. So, we’ve got a quick explainer of all our student loan documents to help make sure you’re able to really know what you’re agreeing to!
Approval Truth in Lending Disclosure (ATIL)
When you’re approved, one of the most important documents you’ll be sent is your ATIL. This gives you a breakdown of your loan, including:
Master Promissory Note (MPN)
This is the documentation you (and your co-borrower, if applicable) will sign to fully accept the loan. In this document, you can find all the responsibilities you’ll have as a borrower and all the terms of the loan you’re agreeing to. So, you’ll want to read this document carefully, so you’ll know what’s expected of you once the loan is funded.
Auto-Debit Authorization Form (ACH)
When you sign this form, you’re authorizing automatic payments to be withdrawn monthly from a designated bank account, as opposed to manually making payments yourself each month. This form is also required if you’re borrowing living expenses, so we can deposit your money into your account (if you don’t want autopayments, you can always remove ACH once the deposit is made).
After your loan is funded, you can update your ACH through our loan servicer, University Accounting Service (UAS). UAS’s other options for payment are to pay by check or bill pay with your bank routing number.
We definitely recommend keeping ACH connected — not only will it make payments easier for you and prevent you from accidentally missing a payment, but you’ll also receive a 0.25% interest rate discount for as long as ACH is connected!
Notice to Co-Borrower
If you applied with a co-borrower, a Notice to Co-Borrower Document will also be included in your approval email. When someone agrees to be a co-borrower, it’s important that they know everything they’re signing on to. They’re not just helping you get approved for a loan. They’re agreeing to have their credit pulled as well and to become responsible for the loan should the borrower be unable to make payments. Carefully reviewing the Notice to Co-Borrower ensures they make a fully informed decision.
Final Truth in Lending Disclosure (FTIL)
Once you’ve reviewed and signed all the above loan documents, you’ll be all set! When the loan is finalized, we’ll send you a confirmation email containing your Final Truth in Lending Disclosure. You won’t have to do anything with this document, but you’ll want to review it to be sure all the terms are still what you’d like to agree to!