Preferred Lender List
Introduction
Nicholls State University is committed to partnering with lending agencies who display excellence in service in order to help students and parents choose the Federal Family Education Loan Program (FFELP) lender most likely to meet their individual needs, both current as well as throughout the life of the loan.
Selection Process and Criteria
To identify lenders that provide excellent customer service and benefits to our borrowers, more than 20 lenders were invited to provide information regarding their benefits and services via a Request for Information (RFI). All lenders were given the same amount of time to present information regarding their company and borrower benefits. High scores were achieved through demonstrated excellence in the areas listed below:
- Lender Stability – are well-known, established institutions who have been in the business for a number of years.
- Customer Service — consistently provide excellent service to our borrowers by providing informational websites and helpful phone representatives who can assist borrowers in making informed decisions. We listen carefully to feedback from our students and parents regarding level of service.
- Process and Technology – utilize industry-developed systems to send and receive loan data which helps create timely disbursements and avoid confusion. Our office is able to certify loans electronically and disburse loan funds to the student’s account quickly using Electronic Funds Transfer (EFT). Lender websites provide our students the convenience to electronically sign master promissory notes for their loans, download forms for deferment and forbearance, as well as review payment progress and the ability to update their address on-line.
- Borrower Benefits — offer competitive benefits such as 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.
Based on an assessment of the information provided, Nicholls State University’s 2009-2010 Preferred Lender List has been determined. Although we have a Preferred Lender List, we encourage our students and parents to visit the lender’s web site prior to selecting a lender as borrower benefits vary and can change at any time. We do not have any agreements with the lenders listed on our Preferred Lender List nor have we received any incentives in exchange for listing them on our preferred list. No one is required to use a lender on our Preferred Lender List. Our office will process a loan from any lending institution that a student or parent chooses to use.
Updating the Preferred Lender List
The Office of Financial Aid reserves the right to remove any lending agency from our Preferred Lender List. We will review the Preferred Lender List annually and determine which lenders are providing the highest quality of service to both students and staff at Nicholls State University.
Effective Date: July 1, 2009