The University of Connecticut maintains a list of suggested alternative (private loan) lenders that we believe offer competitive pricing, easy loan processing, and strong customer service. You may choose one of our suggested lenders or any other lender who participates in the private loan program from which you are eligible to borrow.
Our suggested lenders for the 2015-2016, 2016-2017, and 2017-2018 school years will be selected via a competitive Request for Information (RFI). This RFI was sent to numerous lenders, advertised on the Connecticut and National financial aid association listservs, and posted publicly on the University’s website. Any lender participating in one or more student loan programs was eligible to submit a proposal.
Each loan program was reviewed independently and without regard to proposals submitted for other loan programs. We selected lenders for our suggested lender lists based on a points awarded system and committee discussion. Our suggested lender lists will be reviewed annually. Our ultimate goal was to find the lenders that offer the best possible benefits, both financial and service-based, for our students. The lender must notify the borrower that loan benefits will change if the student consolidates.
We advise students and parents to be educated consumers and compare the borrower benefits offered by the lenders on our Suggested Lender List with those offered by other lenders. The factors considered follow, in order of importance. Factors at the top of the list were weighed more heavily than factors at the bottom of the list.
We considered: Interest rate, Immediate borrower benefits, Borrower benefits that must be earned by the borrower, Telephone customer service for the borrower, Technical support, Ease of loan processing for the borrower, Ease of loan processing for the school and compatibility with our computer software, Customer service for the school (i.e. assistance in resolving loan delivery issues), Web-based services for borrowers, Repayment services for borrowers, Flexibility of the loan program to meet the needs of various student situations, Deferment options, Debt management and default aversion services.
The complete text of the Financial Aid Code of Conduct can be accessed here.