; (ii) notify the creditor that the institution has received the request for certification and will need additional time to comply with the certification request; or (iii) provide notice to the private educational lender of the institution’s refusal to certify the private education loan under subparagraph (D). (B) With respect to a certification request described in subparagraph (A), and prior to providing such certification under subparagraph (A)(i) or providing notice of the refusal to provide certification under subparagraph (A)(iii), the institution shall— (i) determine whether the student who initiated the application for the private education loan, or on whose behalf the application was initiated, has applied for and exhausted the Federal financial assistance available to such student under this title and inform the student accordingly