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Graduate
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Selecting a Lender
Selecting a lender for a student or parent educational
loan is a personal decision. The University of Scranton respects your right to
choose a lender that best fits your individual needs and will work to
accommodate the application certification and delivery of loan funds to help
you meet your educational costs. At the same time, we recognize our students
and families appreciate guidance in selecting a lender from more than 2,500
lenders participating in the student and parent educational loan programs. We
encourage you to visit our website and review the funding opportunities that
each lender offers. Our ultimate goal is to do the research for you, simplify
the process, and propose lenders with the best products.
Recommended Federal Stafford, Parent PLUS, Graduate PLUS
Loan and Private Alternative Loan Lenders
The University invited nineteen lenders that had developed
a working relationship with the school, our students and their parents to
provide information on the Federal Stafford, Parent PLUS, Graduate PLUS and
Private Alternative Educational Loans. Data on loan origination fees, borrower
benefits, repayment options, loan counseling assistance, and loan servicing was
reviewed by the University in order to be able to recommend lenders for each of
the aforementioned loan programs.
Our students and parents have consistently expressed their
primary concern is to obtain the maximum amount of funding to pay for
educational expenses. Our primary emphasis in selecting recommended lenders was
based on the automatic reduction of upfront loan disbursement fees. Other
important deciding factors included borrower repayment benefits, ease of loan
application certification, disbursements of funds, and loan and debt counseling
programs. With the current credit environment, financial stability, access to
loan capital, commitment to educational loans, and student lender experience
were also taken into consideration. Finally, the University recognized that we
can best assist students and parents by recommending Stafford and PLUS lenders
that have their federal loans guaranteed and serviced by American Educational
Services (AES/PHEAA). AES is the Commonwealth of Pennsylvania’s state
student loan guaranty agency and has a standing commitment of providing the
lowest cost loans and exceptional loan servicing to all of our students. Unless
you specifically request we certify your student loan with another guaranty
agency, AES/PHEAA will be used to process your loan. We anticipate reviewing
our recommended lenders at least annually to update for any changes to program
offerings.
SELECT A RECOMMENDED LENDER FOR STAFFORD LOANS
View Undergraduate Recommended Lender
List
View Graduate Recommended Lender List
Again, the choice of your Stafford Loan lender is entirely
up to you. After you select your lender for the Stafford Loan and the
information is provided to the Financial Aid Office, the loan will be
pre-certified through AES/PHEAA with your selected lender. You will be notified
to complete a Stafford Master Promissory Note (MPN) and complete online Student
Loan Entrance Counseling.
If you choose to use another Stafford Loan lender, you
will be responsible to obtain the lender’s U.S. Department of
Education’s lender code and notify the Financial Aid Office in writing or
via Royal Mail of the full name of the lender, their lender code, and guaranty
agency, if different from AES/PHEAA. A listing of current Stafford Loan lenders
is available at the
Department of Education. All of our Stafford Loans will be
certified electronically through AES/PHEAA. If your selected lender does not
participate in electronic funds transfer, you will be required to endorse a
paper check.
Satisfy your Stafford Loan Entrance Interview Requirement and
Sign your Stafford Loan Master Promissory Note (MPN)
SELECT A RECOMMENDED LENDER FOR PARENT PLUS LOANS
View Undergraduate Recommended Lender List
Again, the choice of the Parent PLUS Loan lender is
entirely up to you. After you apply for the Parent PLUS Loan is the completion
of a credit check and the requesting of the annual loan amount. If approved,
you will complete the Federal PLUS Loan Application and Master Promissory Note
(MPN). If denied a Parent PLUS Loan, you may apply with a credit-worthy
endorser or the school may process an additional Unsubsidized Stafford Loan for
the student.
SELECT A RECOMMENDED LENDER FOR GRADUATE PLUS LOANS
View Graduate Recommended Lender List
Again, the choice of the Graduate PLUS Loan lender is
entirely up to you. After you apply for the Graduate PLUS Loan is the
completion of a credit check and the requesting of the annual loan amount. If
approved, you will complete the Federal Graduate PLUS Loan Application and
Master Promissory Note (MPN). If denied a Graduate PLUS Loan, you may apply
with a credit-worthy endorser.
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