Federal rules implemented in 2009 require lenders to make a series of disclosures to borrowers, so that "you are made aware multiple times before the loan is disbursed" of various lending options, the spokeswoman says.
MacKrell, president and chief executive of NYBDC, said the corporation has now recommended approval of the loan and expects the proceeds to be disbursed soon.
All of the private student loans are certified by schools as part of the approval process to prevent over-borrowing and are disbursed through schools to ensure proper use of loan funds.