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UMW Lender List Selection

It is the policy of UMW to offer students a selection of carefully chosen lenders for their federal Stafford and PLUS 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.  None of the lenders on the UMW list are affiliated with each other.

Students/parents who are awarded Federal Family Education Loans are provided the following information:

  • Federal requirements of Loan Entrance Counseling  
  • Comparison of FFELP lenders on rotating list is available at www.umw.edu/financialaid

           

The lender lists are established using the following criteria:

  • Competitive upfront benefits to borrowers (i.e. reduced guarantee and origination fees)
  • 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
  • Customer service provided to the borrower
  • 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

A Request for Information process is conducted in the all of the even numbered years.  A committee consisting of professional staff members from the offices of financial aid and business and finance review the submissions.  The assistant dean of financial aid who oversees the loan programs is not on the selection committee.  For the 2008 review, that covers the 2009-2011 academic years, all lenders who submitted completed information are included on the list.   It is the intent of UMW to provide lenders who meet the diverse needs of our 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 serve on advisory boards