Suggested Lenders
For the 2009-2010 academic year, Loyola established a list of suggested lenders for the Federal Stafford Loan, Federal PLUS Loan, and alternative loan programs. Our suggested lenders are evaluated annually for their efficiency in processing, accuracy and customer service. In 2010-2011, Loyola does not maintain a list of suggested lenders. All federal loans are processed through the Federal Direct Loan Program. A list of alternative loan lenders who have disbursed loans to Loyola students over the past three years will be provided for review.
Federal Stafford Loans have an origination fee deducted from each disbursement. Some lenders may also charge an additional 1% default fee. If you are not using one of Loyola's suggested lenders, contact the lender for details. PLUS loans have a 3.0% federal loan origination fee deducted from each disbursement.
If you do not have a prior Federal Stafford Loan, you may choose a lender from Loyola's suggested lender list or use another lender participating in the Federal Family Educational Loan Program.
If you choose a lender outside of Loyola's suggested lender list, the OSFA will be happy to facilitate your loan with your requested lender.
Many lending institutions make direct solicitations to students and parents to use their services for federal student loan borrowing. The OSFA recommends that students and parents be cautious about these lenders, as our experience shows that they may not provide the same level of service as suggested lenders. Contact the OSFA for more information about the application process.
