How Do College Financial Aid Offices Come Up with a Lender List?
A college’s Lender List is aimed at providing you with a range of good student loan choices. As part of this process, the financial aid office must disclose the criteria it has used to select the lenders on the college’s Lender List. A financial aid office is typically looking for a student lender to provide competitive interest rates, quality customer service, and strong borrower benefit programs. A lender list will have information from at least 3 lenders. As a result of recent changes in regulation, lenders cannot provide any inducements and colleges cannot accept any payment for inclusion of a lender on a college’s Lender List. Colleges are required to consider the best interests of their students when creating their Lender Lists.
