Loyola University Chicago

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Lender Arrangements

    Loyola University Chicago participates in the Federal Family Education Loan Program (FFELP) and adheres to all regulations and practices in the Student Loan Code of Conduct (PDF).

    Loyola has 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.

    Loyola complied the list of suggested lenders through a Request for Information (RFI) process.  Lenders provided information about their products, processing and services to Loyola.  The RFI items, combined with experiential information regarding the lender's performance, was used to compile our suggested lender list.  The most recent RFI process was completed in May 2009.

    A team comprised of the Director of Financial Assistance, the Associate Directors for Compliance and Client Services and the Director of Financial Aid, Stritch School of Medicine will reviewed the results of the RFI and make a recommendation for suggested lenders.  The independent review and rating of lenders uses the criteria listed below:

    • Availability of funds
    • Interest rates
    • Borrower benefits
    • Customer service
    • Approval rates
    • Past history working with Loyola
    • References from other similar institutions
    The recommendation for suggested lenders is made to the University Student Loan Committee, comprised of the Chief Financial Officer, Provost, and members of Finance, Provost and General Counsel’s Offices.  This committee will make the final approval of the suggested lender list for Loyola University Chicago.

    In addition to working with lenders on Loyola's suggested lender list, Loyola's OSFA will readily facilitate student loans with any requested lender. Though the greatest efficiency is experienced with loans processed by Loyola's suggested lenders, OSFA works closely with all lenders to ensure the best service possible for Loyola students and parents.

    All federal loans are offered with the same terms and conditions, regardless of lender. It is not necessary to establish an account relationship with a lender to receive student loans through that institution.

    Parents and students who have questions about financial assistance or our suggested lenders may contact us at 773.508.7704 or e-mail: lufinaid@luc.edu.