|
The information below is applicable for students in:
- The Graduate School
- McCormick School of Engineering and Applied Science (Professional Masters programs)
- School of Education and Social Policy (Professional Masters programs)
- School Of Communication (Professional Masters programs)
Congress has recently passed the College Cost Reduction and Access Act and President Bush has signed it into law. This legislation will have an impact on federal loan programs, most of which will not go into effect until the 2008-09 academic year. While most of the provisions will be to a borrower’s advantage, there is still some question about how cuts in lender subsidies will impact student loan fees and borrower benefits. Our office is closely monitoring the effects of this legislation and will provide you with all relevant information as it becomes available. Please continue to check our website for updates.
If you plan on borrowing a Federal Stafford Loan or a Federal GradPLUS Loan and have not previously borrowed from these loan programs while attending Northwestern University, you will need to select a lender. The lender is the institution from which the money is actually borrowed. (Federal Perkins Loan funds are borrowed directly from the university, so no lender selection is required.)
Students who have previously borrowed funds through a particular lender may find it convenient to continue to borrow through that same lender. You can access your lender information on the National Student Loan Data System. However, please note that Northwestern University participates only in the Federal Family Education Loan Program (FFELP). We are not a participant in the Federal Direct Loan Program. If you previously borrowed funds through the latter program, you will need to select a different lender for your Federal Stafford Loans and/or Federal GradPLUS Loans while attending Northwestern University.
To assist students and families in selecting a lender, we have compiled a list of institutions that we consider excellent in the educational lending field. Each provides prompt reconciliation of loan issues, fast electronic payment of funds directly to Student Accounts, and offer a variety of savings programs during loan repayment. Customer service, savings programs and repayment options are important when choosing a lender.
Northwestern continues to provide students and their families with a Preferred Lender List despite current concerns regarding such lists because we believe that it is helpful to our students, who often request guidance in the selection of a lender. The Office of Student Financial Services will process a loan from any lender selected by a student. Please feel free to contact us if you have any questions about the process or the lenders selected.
How was the Preferred Lender list developed?
|
Northwestern Student Loan Office
Student Loan Origination
555 Clark Street-3rd Floor
Evanston, Il 60208
(847) 491-3125
Lender Code: 824565
www.studentloans.northwestern.edu
|
Access Group, Inc
Student Loan Processing
P.O. Box 17162
Wilmington, DE 19850
(800) 282-1550
Lender Code: 808851
www.accessgroup.org
|
Citibank
Student Loan Processing
P.O. Box 6128
Sioux Falls, SD 57117
(800) 967-2400
Lender Code: 826878
www.studentloan.com
|
|
Edamerica
Student Loan Processing
P.O. Box 36014
Knoxville, TN 37930
(800) 337-1009
Lender Code: 831453
www.edamerica.net
|
Wells Fargo
Student Loans
P.O. Box 5185
Sioux Fall, SD 57117
(800) 658-3567
Lender Code: 807176
www.wellsfargo.com/student
|
|
Staff in Student Financial Services cannot make a specific recommendation from this list. An informed decision will depend on a careful review of the information outlined on the comparison charts below. You may also wish to use the “loan calculators” link available at www.finaid.org to compute the potential savings of different repayment options. If you need further details, we encourage you to contact the lender.
Federal Stafford Loan
If you choose one of the preferred lenders listed (see comparison chart) for your Federal Stafford Loan, you are to indicate your choice at the time you accept your award notice online via CAESAR. Once the loan data is transmitted, you will receive an email from the lender you selected with instructions for completing the Master Promissory Note (MPN) on the lender’s web site.
If you choose a lender that is not on the preferred lender list (at the time you accept your award notice via CAESAR), please print and submit a completed paper Federal Stafford MPN indicating your lender's full name and address to:
Student Financial Services
555 Clark St.,1st Flr
Evanston, IL 60208
Please do not mail the MPN directly to the lender.
Federal GradPLUS Loan
If you choose one of the preferred lenders* (see comparison chart) for your Federal GradPLUS Loan, please visit the lender website and complete an online Federal GradPLUS Master Promissory Note (MPN). Student Financial Services will be notified (by the lender) of your completed MPN, your pre-approval status, and the amount of your loan.
If you choose a lender that is not on the preferred lender list, please print and complete a paper Federal GradPLUS MPN, indicating your lender's full name and address. Submit the completed MPN along with a Request for Student Loans Form referencing the amount of your requested GradPLUS Loan, to Student Financial Services at the above address. You may also email your requested GradPLUS loan amount to gradfinaid@northwestern.edu from your NU email account and follow up with your completed paper MPN.
*Please note that the Northwestern University Student Loan Office does not offer the Federal GradPLUS Loan.
back to top
How was the Preferred Lender list developed?
Recently, there has been a great deal of discussion regarding how lenders are chosen by financial aid offices. The Office of Student Financial Services is committed to choosing lenders who provide good service and benefits to our students. This is done by surveying more than 20 lenders every two years. Lenders are asked to provide information regarding their services via a Request for Information (RFI). (View Northwestern's current RFI.)
The lenders' responses to the RFI are ranked using criteria developed by the National Association of Student Financial Aid Administrators (NASFAA). The results of these rankings and the responses to the RFIs are examined by a committee of financial aid administrators made up of members Northwestern's financial aid community. A second meeting is held with the Associate Provost for Enrollment Management and the Associate Vice President of Financial Operations.
Northwestern’s financial aid community presents their choices for inclusion on the list taking into account efficient processing, customer service (for parents, students, and administrators) and benefits to the borrower. The final selections must be approved by the Associate Provost and the Associate Vice President.
Northwestern continues to provide students and their families with a Preferred Lender List despite current concerns regarding such lists because we believe that it is helpful to our students, who often request guidance in the selection of a lender. The Preferred Lender List is intended as a guide only. The Office of Student Financial Services will process a loan from any lender selected by a student. Please feel free to contact us if you have any questions about the process or the lenders selected.
back to top
Last updated: Mar 19 2008 5:18PM
|
