In order to assist you in selecting your Federal Stafford Loan lender, we are providing some resources to consider. In November 2007, we sent out a Request for Information (RFI) to nineteen lenders. We asked numerous questions within the following seven categories: Lender Stability, Servicer Information, Borrower Benefits, Products/Services, Customer Service, Default Prevention and Lender Operational Standards. Sixteen of the nineteen lenders responded to our questions. The information they provided was reviewed by the St. Lawrence University Financial Aid and Student Financial Services staff to identify several options to include on our Lender Resource List. The lenders chosen for inclusion on our list ranked high across all seven categories. However, the Financial Aid and Student Financial Services staff placed the greatest importance on the categories of Borrower Benefits and Customer Service when making decisions about lending institutions to include on the Lender Resources Lists.
While reviewing the information provided by the lenders, the Financial Aid and
Student Financial Services staff selected a few significant criterion from each
lender for comparison. The criteria we selected to review included the following:
borrower benefits (both up front, and back-end benefits), attainability of those
benefits, customer service (for both the borrower and St. Lawrence University),
life of loan servicing, and lender default rates.
The chart below is a result of that process. Please note that you are
not obligated to choose one of these lenders; we will process your student loan
through any lender you choose without prejudice. St. Lawrence
University does not receive any benefit, either financial or in-kind, for including
a lender on our lender resource list. We have compiled this list as a resource
for students and parents.
Loan Processing Information:
First
Time Borrowers of Federal Stafford Loans
Prior
Stafford Loan Borrowers
2008-2009 Academic Year
Federal Stafford Loan Lender
Resource List
| Lender |
Origination
Fee |
Borrower Benefits
|
Apply at |
Lender Code |
|
1.0% |
0.25% Interest Rate Reduction. Borrowers must have
a deposit account w/Bank of America upon entering repayment. |
www.hesc.org |
824421 |
| Chase Education Finance |
1% |
- 0.25% Interest Rate Reduction for enrollment in ACH electronic billing
|
www.hesc.org |
803000 |
| Citibank |
1.0% |
- 0.50% Interest Rate Reduction for borrowers that continue
on-time payments.
- 0.25% Interest Rate Reduction for enrollment in Citibank’s electronic
billing service. |
www.hesc.org |
826878 |
| Citizens Bank |
1.0% |
0.30% Interest Rate Reduction for enrollment in ACH electronic
billing. |
www.hesc.org |
810240 |
| Edamerica |
1.0% |
0.25% Interest Rate Reduction for enrollment in ACH electronic
billing. |
www.hesc.org |
831453 |
| Key Bank |
1.0% |
0.50% Interest Rate Reduction for enrollment in electronic
billing service. |
www.hesc.org |
811025 |
Nellie
Mae
A Sallie Mae Company
800-367-8848 |
1% |
0.25% Interest Rate Reduction for enrollment in ACH electronic billing. |
www.hesc.org |
829076 |
Nelnet
888-486-4722 |
1.0% |
- 0.25% Interest Rate Reduction for enrollment in ACH electronic billing.
|
www.hesc.org |
833669 |
VSAC
800-798-8722 |
0% |
For Vermont Residents Only
- Automatically pays the 1.0% default fee.
- 1.0% Interest Rate Reduction for on-time payments. |
www.vsac.org |
830075 |
| Wachovia
Education Finance |
1.0% |
- 0.25% Interest Rate Reduction for enrollment in electronic
billing service.
- Automatic 1% principal reduction when the first 12 payments are made on time |
www.hesc.org |
830005 |
Please Note: This information is for comparison
purposes only. Please contact each individual lending agency for specific
and up to date information on benefit and criteria used to qualify for
and maintain eligibility for advertised benefits. |
