Choosing Preferred Lenders
Students borrowing a Federal Stafford, Graduate PLUS Loan or private/alternative loan must select a lender. To assist in this decision, the Chicago Office of Financial Aid has compiled a list of lenders who provide good service and benefits to our students.
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 Lists are intended as a guide only. The Office of Financial Aid will process a loan from any lender selected by a student.
How is this list developed?
We develop the Stafford Preferred Lender List and PLUS Preferred Lender List by surveying more than 20 lenders every two years. Lenders are asked to provide information regarding their benefits and services via a Request for Information (RFI). View Northwestern's 2006 RFI (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. View Northwestern University's Financial Aid Code of Conduct.
What criteria are used to rank lenders?
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 of the Undergraduate Office of Financial Aid as well as representatives from each of Northwestern's graduate and professional program financial aid offices. 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 Associate Provost and the Associate Vice President must approve the final selections.
Additional questions?
Feel free to contact the Chicago Office of Financial Aid if you have any questions about the process or the lenders selected.
