Truth in Lending with Veracross

Overview:

The Veracross TILA product is available with VC Pay and designed to make your school’s TILA disclosure obligations seamless. However, both the content included in the form and the decision as to whether and when TILA reporting disclosures are required for any particular payment plan is ultimately the responsibility of the school.

For more information about TILA and its requirements see here.

Truth in Lending Configuration

Truth in Lending is configured per payment plan via the online enrollment homepage. Axiom users with Admissions_1 and Business_1 roles will have access to Truth in Lending configurations. 

Enable TILA Disclosure Document 

Optionally enable Truth in Lending disclosure per payment plan.  See our TILA FAQ  “When is a Truth in Lending disclosure required?” for information to help you to decide if you should enable the TILA option for the plan selected.

  1. Access Payment Plans via the Online Enrollment homepage in Veracross. 
  2. On the TILA Configuration tab, toggle show or hide to enable or disable a TILA disclosure on the selected payment plan

TILA Disclosure Payment Schedule

Disclosures must contain a payment schedule including date and amount.  Veracross uses a percent field to divide to total loan amount on the disclosure. 

  1. Access Payment Plans via the Online Enrollment homepage in Veracross. 
  2. On the General tab, enter school year, schedule date and percent due.

TILA Disclosure Terms and Conditions

Terms and conditions are required for a valid Truth in Lending disclosure. Veracross provides a rich text box for school defined text. See our TILA FAQ  “What must be included in a Truth in Lending Disclosure Document?” for information to help you determine required terms and conditions. 

  1. Access Payment Plans via the Online Enrollment homepage in Veracross. 
  2. On the TILA Configuration tab populate TILA Terms and Conditions with your school defined text.

School Access to Truth and Lending Disclosures 

Truth in Lending Disclosures can be accessed via the Online Enrollment homepage under the Reports section. 

Truth In Lending Disclosures

View Truth in Lending Disclosures for parent/payer that have completed online enrollment. The payment plan selected must be enabled with a Truth in Lending Disclosure to view disclosures.

Truth In Lending Disclosures (Batch Print)

Batch print Truth in Lending Disclosures for parent/payer that have completed online enrollment. The payment plan selected must be enabled with a Truth in Lending Disclosure to print disclosures.

Truth In Lending Disclosures (Preview)

View Truth in Lending Disclosures for parent/payer prior to online enrollment. Configure schedules and terms and conditions on the on the payment plan and preview disclosures by payment plan before enabled. 


Parents/Payers Access to Truth in Lending Disclosures 

When TILA Status is enabled, Truth in Lending Disclosures can be viewed by parents/payers during online enrollment. Disclosures will be visible on the enrollment contract for all payments plans enabled.



Disclaimer: This information is provided for general educational purposes only. It should not be relied upon as, or in place of, legal advice. Schools should consult with their own legal counsel.