Federal Programs Lender List

If you plan on borrowing a Federal Stafford or GRAD PLUS Loans, you will need to select a lender. The lender is the institution from which the money is actually borrowed, but the interest rates and terms of the loan are set by the U.S. Department of Education. Therefore the real difference among lenders is measured in terms of customer service, savings programs and repayment options.

Reasons for selecting a particular lender vary from person to person. Some choose a lender based on name recognition. Others prefer the immediate benefit of lower origination fees. For some the deciding factor is the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time.

To assist students in this decision, the Office of Financial Aid has compiled a list of institutions whom we consider excellent in the educational lending field. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to the school, and offer a variety of savings programs during loan repayment. See the lender comparison chart below. You may also wish to use the loan calculators available on the FinAid! website to compute the potential savings of different repayment options.

Important Information

Master Promissory Note. In oder to borrow from the Stafford Loan Program, students must complete a Federal Stafford Loan Master Promissory Note. The MPN should be completed during orientation week once you are admitted to the School. You must complete only one MPN. Note that the Master Promissory Note does not ask for a loan amount or loan period. This is because it is designed to serve as a promissory note for both current and future Stafford borrowing. This means that you will not need to complete a formal loan application each year or each time your Stafford eligibility increases, unless a significant amount of time has elapsed since your last disbursement. The Master Promissory Note will remain on file with your lender.

Stafford Offers & Adjustments. Each year your Financial Aid Award Notification will indicate the amount of Stafford Loan that you are eligible to borrow. If you choose to borrow this amount, you need only return a signed copy of the award notice to the Financial Aid Office. If you choose not to borrow, or if you wish to borrow a lesser amount, you must either indicate this on the award notice prior to returning it, or contact the Financial Aid Office. If a mid-year adjustment results in increased Stafford eligibility after your initial loan has been processed, you must confirm your acceptance of the additional amount before we will process the increase.

Entrance and Exit Interviews. If you are borrowing a Stafford federal regulations require that you complete an Entrance Interview counseling session prior to receiving your first loan disbursement. The purpose of the sessions are to outline borrower rights and responsibilities. The information presented is loan specific, therefore a Stafford counseling session must be completed if a student is borrowing from loan program. Students should complete the Stafford Entrance Interview online at Mapping Your Future. Upon completion of the interview, you will receive a confirmation number. Keep this number for your records. Stafford Loan borrowers will in turn be required to complete an Exit Interview just prior to graduation or upon withdrawal from the University.

Defaulted Loans. If you have defaulted on a prior Federal Stafford or Perkins Loan, you will not be eligible for additional loan assistance or other federal, state or University aid until you have satisfactorily met repayment terms of the defaulted loan. You must contact your previous lender or guarantee agency to correct your default or pre-claims status.

updated: April 18, 2008