UMW Policy Regarding Lender List Selection
It is the policy of UMW to offer students a selection of carefully chosen lenders for their federal Stafford, PLUS and non-federal alternative loans. While students are strongly encouraged to select one of the suggested lenders, they may choose a lender that is not on the printed list.
Students/parents who are awarded Federal Family Education Loans or alternative loans are provided the following information:
- UMW FFELP brochures describing the programs
- Federal requirements of Loan Entrance Counseling
- Loan Information Sheet (for application information)
- Comparison of FFELP lenders on rotating list is available at www.umw.edu/financialaid
- Comparison of alternative loan on rotating list is available at www.umw.edu/financialaid
The lender lists are established using the following criteria:
- Customer service provided to the borrower
- Repayment benefits to include, but not limited to:
- Interest rate reductions based on automatic debit from borrower bank accounts
- Interest rate reductions based on sequential on-time payments
- Competitive upfront benefits to borrowers (i.e. reduced guarantee and origination fees)
- Customer service and responsiveness provided to school representatives
- Process loans according to established UMW processes through ELM
- Provide electronic access of loan information to students, UMW and guarantors
- Utilize the National Student Loan Data System (NSLDS)
- Reputation and history of lender
The lender lists are reviewed every three to four years by the professional staff in the Office of Financial Aid or as circumstances make necessary. The current lenders remain on the list provided they meet the established criteria. It is the intent of the Office of Financial Aid to include lenders that meet the needs of the diverse population of UMW students and parents.
The staff in the Office of Financial Aid does not:
- Accept gifts, money, personal services, loans or travel opportunities
- Participate in revenue sharing
- Receive compensation or benefits for serving on advisory boards
Borrowers should be aware that the advertised repayment benefits of the lenders on the UMW list or any other lender may not be transferred if the loan is sold. Check with the lender for additional information.