Why Does Stony Brook University Have a Sample Lender List?
How Does Stony Brook University Select Its Sample Lenders?
Can a Borrower Select a Lender Not on the Sample Lender List?
Choosing a Lender
Stony Brook University’s Sample Lender List for Federal Stafford and PLUS Loans
Completing Your Electronic Master Promissory Note (e-MPN) at HESC
How Does Stony Brook University Select Its Sample Lenders?
The lenders on our list have demonstrated a commitment to providing high quality customer service and quick accurate loan processing. The performance of our lenders is evaluated each academic year. This evaluation is conducted by a committee of financial aid professionals and is based on a variety of criteria such as customer service and technology, lender stability and reputation, default management and borrower benefits. The list may change from year to year as current lenders are evaluated and new lenders are considered.
Each of our Sample lenders must meet the following requirements:
Customer Service and Technology:
Loan borrowers should receive quick, efficient and accurate processing of their loans through a simplified application process and state of the art operations. Programs should interface with the university’s financial aid processing system assuring a streamlined, electronic loan certification and funds delivery system.
Timely and responsive processing with outstanding problem resolution service is essential. A toll free number for borrower information is required. Ideally, there should be separate dedicated toll free numbers for borrowers in school and in repayment status.
Lender Stability and Reputation:
Our Sample lenders, their affiliates, and associated loan servicing agencies must be well established in the student educational loan industry for a minimum of five years. They also must maintain a proven record of excellent customer service to borrowers. This includes offering a variety of repayment options and the maintenance of a well-trained staff to answer questions via a toll-free number.
Default Management:
Our Sample lenders provide web-based default management tools and early intervention for borrowers who are delinquent on their loan payments. They also provide information and advice to borrowers about costs of deferment/forbearance, repayment calculators, consolidation information, planning/budgeting, and credit information to students and parents.
Borrower Benefits:
Our Sample lenders have competitive rates and provide above-average repayment benefits to loan borrowers. Borrower benefits provided by each of our Sample lenders can be accessed from the websites listed on our Sample Lender List.
Reasons for selecting a particular lender can vary from person to person. Some choose a lender based on name recognition or where they have already had positive banking experiences. Others prefer the immediate benefit of lower origination fees, resulting in more money up front. Still others prefer the long-term advantage of repayment options, like an interest rate reduction as a reward for making payments on time.