Suggested Lenders
Loyola has established a list of suggested lenders for the Federal Stafford and Federal PLUS Loan programs. Our suggested lenders are evaluated annually for their efficiency in processing, accuracy and customer service. The federal loans are all 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.
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.