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Northwestern University

First Time Borrowers, Preferred Lender List

2009-2010 First Time Borrowers, Preferred Lender List:


If you plan on borrowing a Federal Stafford Loan and or Federal Grad PLUS Loan, and have not previously borrowed from these loan programs, you will need to select a lender.

To assist in this decision, the financial aid office has compiled a list of institutions that we consider excellent in the educational lending field. The difference in the preferred lenders is measured in terms of customer service, savings programs and repayment options. An informed decision will depend upon a careful review of the aspects outlined on the pdf charts listed below.  Staff in the Financial Aid Office cannot make a specific recommendation from the list(s). If you need further information, please contact the lender(s) or review the attached charts.

Please note that lenders may change the terms and conditions of their loans at any time.

Please note that you are not required to use any of the preferred lenders on the list(s). You may use any lender who participates in the Federal Stafford and/or Federal Grad PLUS loan program.  Please also see additional information below regarding how the preferred lender lists were developed.

You may select your Federal Stafford Loan lender and or Grad PLUS loan lender indicated in CAESAR’s Accept/Decline Award page.  If you select a lender not indicated on the Preferred Lender List, you will select the "Other" option in CAESAR and notify the Kellogg Financial Aid Office of your selected lender.

The Preferred Lender List is developed by surveying lenders on an annual basis. Lenders are asked to provide information regarding their benefits and services via a Request for Information (RFI). Please view this form at:

http://www.northwestern.edu/sfs/documents/preferred_lenders/RFI.pdf

The lenders' responses to the RFI are ranked using an evaluation system developed by The College Board, a not-for-profit association whose mission is to connect students to college success and opportunity. The criteria to be evaluated and ranked are a combination of items suggested by the National Association of Student Financial Aid Administrators (NASFAA) and The College Board, with additional items added by Northwestern University. The rankings and the responses to the RFIs are examined and evaluated by a committee of financial aid administrators representing each of Northwestern University’s individual financial aid offices. A second meeting is held with the Associate Provost for Enrollment Management as well as representatives from the Office of Student Accounts and the Office of the Associate Vice President of Financial Operations. Northwestern University’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. Please view the completed score cards for Northwestern University:

http://www.northwestern.edu/sfs/documents/preferred_lenders/LenderScorecards.pdf

Northwestern University's Office of Financial Aid adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.  A document outlining this policy is available below.

Please review the Northwestern Univesity, Kellogg Federal Stafford Loan and Grad PLUS Loan preferred lender list(s) below:

*****************FINANCIAL AID UPDATE****************

The Kellogg School of Management Office of Financial Aid adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. View Northwestern University's Financial Aid Code of Conduct.

Posted February 18, 2009

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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.

Posted October 8, 2007

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The Office of Financial Aid