1. Short title This Act may be cited as the Know Before You Owe Private Education Loan Act of 2018 . 2. Amendments to the Truth in Lending Act (a) In general Section 128(e) of the Truth in Lending Act ( 15 U.S.C. 1638(e) ) is amended— (1) by striking paragraph (3) and inserting the following: (3) Institutional certification required (A) In general Except as provided in subparagraph (B), before a creditor may issue any funds with respect to an extension of credit described in this subsection, the creditor shall obtain from the relevant institution of higher education where such loan is to be used for a student, such institution's certification of— (i) the enrollment status of the student; (ii) the student's cost of attendance at the institution as determined by the institution under part F of title IV of the Higher Education Act of 1965; and (iii) the difference between— (I) such cost of attendance; and (II) the student's estimated financial assistance, including such assistance received under title IV of the Higher Education Act of 1965 and other financial assistance known to the institution, as applicable. (B) Exception Notwithstanding subparagraph (A), a creditor may issue funds with respect to an extension of credit described in this subsection without obtaining from the relevant institution of higher education such institution’s certification if such institution fails to provide within 15 business days of the creditor’s request for such certification— (i) the requested certification; or (ii) notification that the institution has received the request for certification and will need additional time to comply with the certification request. (C) Loans disbursed without certification If a creditor issues funds without obtaining a certification, as described in subparagraph (B), such creditor shall report the issuance of such funds in a manner determined by the Director of the Consumer Financial Protection Bureau.