Private Education Creditor Renewal Information

The Renewal is Now Available!

Renewals are now available for private education creditors with a current registration. Pursuant to Rule 5, the documents and information required for registration in section 5-2-203(2)(b), C.R.S. shall be provided to the Administrator with the registration fee annually on or before September 1. The renewal and fee are due by September 1. Failure to submit the renewal and pay the fee will result in an expired registration.

How to Renew

The renewal must be submitted online via the Licensing portal by the Licensing/Renewals contact or another designated contact. If an existing user, you may reset your password on the portal login. If not an existing user, you may register an account. It may take up to three business days for us to authorize your access.

There are required documents that must be uploaded as part of the renewal. Important legal requirements and a checklist of required information is available below. Once logged in, go to Renew and select the registration to be renewed. You may work on the renewal over several sessions, but please be sure to save as you go. To avoid delays, please be sure the information you provide is complete and accurate.

Checklist of Required Documents

There are documents that must be uploaded as part of the renewal. If your organization is a public or private nonprofit postsecondary educational institution, refer to the forms and information for Alternative Registration.

Private Education Registration Required Forms

Required Information – Volume, Default Rate, and School List

Download the Private Education Creditor Required Information – Volume, Default Rate, and School List (PDF) to your computer. Use the fillable fields to complete the form and save to your computer. The completed form must be uploaded as part of the renewal. The information to be provided includes:

The volume of private education credit obligations made annually (July 1, 2023 through June 30, 2024) to private education credit obligation borrowers and the default rate for private education credit obligation borrowers obtaining private education credit obligations.
Provide a list of all schools at which the private education creditor has provided private education loans to a private education credit obligation borrower, the volume of private education credit obligations made annually at each school, and the default rate for private education credit obligations made to private education credit obligation borrowers at each school.
The name and address of the private education creditor and any officer, director, partner, or owner of a controlling interest of the private education creditor.

Sample Promissory Agreement(s)

In one PDF document, provide a copy of each model promissory note, agreement, contract, or other instrument used by the private education creditor during the previous year to substantivate that a private education credit obligation has been extended to a private education credit obligation borrower or that a private education credit obligation borrower owes a debt to the creditor. Please provide sample promissory notes, agreements, contracts, or other instruments used and do not use any personal information, even if fictitious.

Alternative Registration Required Forms

Pursuant to section 5-20-203(6), C.R.S., there is an alternative registration process and fee structure for public and private nonprofit postsecondary educational institutions.

Required Information – Volume and Default Rate

Download the Alternative Private Education Creditor Required Information – Volume and Default Rate (PDF) to your computer. Use the fillable fields to complete the form and save to your computer. The completed form must be uploaded as part of the renewal. The information to be provided includes:

The volume of private education credit obligations made annually (July 1, 2023 through June 30, 2024) to private education credit obligation borrowers and the default rate for private education credit obligation borrowers obtaining private education credit obligations.

Sample Promissory Agreement(s)

Proof of Private Non-Profit Status

If a private nonprofit postsecondary education institution, you must provide your current 990 tax form that establishes it is a private nonprofit postsecondary education institution. If you do not have a 990 form, provide alternative documentation or an explanation.

Other Renewal Information

For more information about the renewal and other important legal information, use the arrows below to expand each section.

Annual Renewal Dates

Renewals become available by August 1 each year. All private education creditor registrations expire September 1, regardless of the date issued! Renewals must be submitted no later than September 1 to avoid registration expiration.

Renewals are online via the Licensing portal each year.

Colorado Secretary of State Information and DBAs

Please ensure proper registration with the Colorado Secretary of State, as applicable. If there are any DBA or trade names, please ensure the names are properly filed with the Colorado Secretary of State and provide all names registered.

For more information, please visit the Colorado Secretary of State website.

Contact Information for Legal Requirements and Requests for More Information

Email is our primary method of communication.

Contact information is required for the following categories:

Licensing/Renewals
Consumer Complaints
Examinations

If contact information is not up-to-date, you may miss important emails from us regarding legal requirements or other business matters.

Requests for More Information

Requests for additional information regarding renewals will be sent, via email, to the Licensing/Renewals contact provided. Please be sure to check your email for these requests and other updates. Failure to respond to requests for additional information may result in expiration of the registration.

Important Legal Definitions

Pursuant to section 5-20-202(7)(a), C.R.S., “Private education credit obligation” means a student education credit obligation that, unless otherwise exempt:

Is not made, insured, or guaranteed under Title IV of the federal "Higher Education Act of 1965", 20 U.S.C. sec. 1070 et seq., as amended; and
Is extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the credit obligation is provided by the postsecondary educational intuition that the student attends, including a payment plan or financing.

Pursuant to section 5-20-202(7.5)(a), C.R.S., “Private education creditor” or “creditor” means:

Any person engaged in the business of making or extending private education credit obligation;
A holder of a private education credit obligation; or
A seller, lessor, lender, or person that makes or arranges a private education credit obligation and to whom the private education credit obligation is initially payable or the assignee of a creditors right to payment

Record Retention

Pursuant to section 5-20-211, C.R.S., a private education creditor shall establish and maintain records and permit the Administrator to access and copy any records or records systems required to be maintained pursuant to part 2 of the Colorado Student Loan Equity Act or rules of the Administrator adopted to implement this part 2. The creditor shall retain credit obligation files, including any records specified for retention under rules of the Administrator, for not less than six years after the termination of the credit obligation account.

Although a registration expiration date may reflect the prior 9/1, the existing license shall not expire (so long as a renewal is submitted) until the renewal application has been finally acted upon by the agency, pursuant to section 24-4-104(7), C.R.S.