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Choosing a FFELP Lender If you plan on borrowing a Federal Stafford or PLUS Loan you will need to select a lender. The lender is the institution from which the money is actually borrowed, but the interest rates and terms of the loan are set by the U.S. Department of Education. Therefore the real difference among lenders is measured in terms of customer service, savings programs and repayment options. The following is a list of established lenders who we have placed on our Selected Lender list because their services are exemplary and are designed to benefit you. Some lenders offer special incentives that reduce your loan balance or lower your interest rates. You may want to visit their web sites for more information. Reasons for selecting a particular lender vary from person to person. Some choose a lender based on name recognition. Others prefer the immediate benefit of lower origination fees. For some the deciding factor is the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time. To assist families in this decision, the Financial Aid Office has compiled a list of institutions that we consider excellent in the educational lending field. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to your University billing account, and offer a variety of savings programs during loan repayment.
Students that have expenses that exceed the Stafford loan limits may be eligible to apply for alternative loans. These loans are loans that are provided by banks and have terms similar to the federal student loans, but are not guaranteed by the government. The loan is in the students name and typically requires a credit worthy co-signor. You (the student) are able to borrow up to the cost of your education less any other financial aid that you receive.
Seton Hall University will process Approved loans from any lender which may not be listed above. |
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