UW-La Crosse Preferred Lender List
Philosophies and Guidelines
Philosophy regarding
Preferred Lender Lists
1- Every borrower (student or parent) has the right to choose whatever
lender they want for their FFELP and private loans.
2- There are several thousand lenders potentially marketing to students.
In order to assist students in choosing from those lenders, the UW-L
Financial Aid Office (FAO) shall create a list of preferred lenders who
offer quality benefits and service to students.
3- The primary criteria for placement on the Preferred Lender List shall
always be the best interest of UW-L students.
4- The lenders chosen for the Stafford Preferred Lender List will also
be the lenders used for the Parent PLUS Loan and GRAD PLUS Loan
Preferred Lender Lists.
5- The Alternative Loan Preferred Lender List shall consist of the
alternative loans offered by the lenders on the Stafford Preferred
Lender List, in addition to other alternative loans from other
lenders that have been selected by UW-L students, provided that the
alternative loan can be certified electronically through ScholarNet and
the funds can be received and refunded electronically (EFT).
6- The UW-L preferred lender list shall be reviewed annually.
Guidelines
1- Each year, information will be gathered from the lenders on the
current Preferred Lender List as well as any other lenders who have
either requested to be reviewed for placement on the list or who have
unique products and benefits that might be beneficial to UW-L students.
2- Criteria that shall be looked at will include:
a. Does the lender use electronic transfer of funds (EFT) for
both receiving and refunding funds?
b. Does the
lender utilize Great Lakes Higher Education as the guarantor of their
loans? If not, is the guarantor they use one that UW-L can communicate
with electronically through ScholarNet?
c. Does the lender utilize ScholarNet as the tool for
communication regarding all of their loans, either FFELP or private?
d. Does the lender utilize Great Lakes Higher Education to
service the loan for the “life of the loan”?
e. Does the lender offer competitive borrower benefits for
the initial loan as well as during repayment?
f. Does the lender offer unique borrower benefits that are
not offered by any other lender on the list but that would be beneficial
to UW-L students?
g. Are the borrower benefits offered by the lender
realistically obtainable by students in repayment? Are the benefits
immediate? If not, how many regular on-time payments must a student make
to qualify for the benefits?
h. Does the lender offer consolidation as an option to their
borrowers after graduation?
i. Does the lender have a local or regional presence?
j. What was the volume of loans for this lender during the
previous year for students at UW-L who have already chosen this lender?
k. Does the lender have a trained customer service department
with dedicated school contacts?
l. Does this lender
have staff dedicated to working strictly with student loans and are
knowledgeable in all aspects of the federal student loan programs?
m. Does the lender offer a full package of loans (Stafford,
Parent PLUS, Graduate PLUS, private loans) so that the student (and
family) can stay with only one lender if they so choose?
3- A committee will be created to review the information submitted by each lender and evaluate the products, benefits and services that each lender would provide to UW-La Crosse students.
