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Selected Lender List Criteria Federal Stafford or PLUS loan borrowers may choose any lender that participates in the Federal Family Education Loan program. The basic terms of the loans (maximum interest rate, maximum fees, and deferment options) are set by the federal government. However, many lenders offer special benefits to borrowers. Seton Hall University Financial Aid Office encourages you to compare the benefits offered by different lenders so that you can make an informed choice. To make the selection process easier, the Financial Aid Office has identified a group of participating lenders for our Selected Lenders list. If you select a lender from this list, you can be assured that you will receive outstanding borrower benefits and customer service. In creating this list, we have considered several factors: · Borrower Benefits -- Our selected lenders offer competitive benefits such as zero origination fees for Stafford loans, interest rate reductions for borrowers who sign up for electronic payments, and principal reductions for borrowers who make a certain number of consecutive, on-time payments. We monitor changes in benefits offered by each lender to make sure that our selected lenders offer the best benefits available to borrowers. · Customer Service -- All of our selected lenders have provided consistently excellent service to our borrowers for many years. We listen carefully to feedback from our students and parents regarding level of service. If a particular lender generates complaints, we will strongly consider removing them from our list. These lenders have all agreed to work within Seton Hall’s processing system and can insure quick turnaround time. · Variety of Types of Lenders -- We know that some students and parents may want to borrow from a credit union rather than a national bank, or vice versa. Some borrowers choose small lenders whose sole business is student loans. Others are more comfortable with a nationally known bank with whom they may already have a relationship. For these reasons, we are careful to include a wide variety of types of lenders in our preferred list. · Student/Parent Demand -- Your opinion matters! If a significant number of SHU students or parents request a lender that is not on our selected list, we will evaluate that lender for future inclusion in the list. If we notice that one of our selected lenders is no longer popular with our borrowers, we may consider removing them from the list. Our list of selected lenders is reviewed and updated every year based on the criteria listed above. The SHU Financial Aid Office does not receive, and will not accept, inducements from lenders in exchange for inclusion in the selected lender list. Seton Hall University does not share in the profits from student loans. Borrowers are welcome to choose any participating lender, regardless of whether it appears on our selected lender list. To select a lender that is not on the list, contact the lender directly to start the process. |
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