How many days must borrowers be given to decide whether to accept the terms of an education loan after approval?

The correct answer is 30 days because, under the Truth in Lending Act (TILA) and its implementing Regulation Z, borrowers are generally required to be given a reasonable period of time to review the terms of the loan after it has been approved. Specifically, the regulation stipulates that borrowers must be provided a minimum of 30 days to consider the loan terms before making a final decision. This requirement is in place to ensure that borrowers have adequate time to understand the financial commitment they are entering into and to compare the terms of this loan with other options they may have. It promotes informed decision-making and helps borrowers avoid making impulsive choices that could be detrimental to their financial health.

Other time frames, such as 15, 5, or 3 days, do not meet the minimum standards set forth in TILA for education loans, which is why they are not the correct choices.