The 2008-09 Recommended Lender Lists were developed to assist students and parents with selecting lenders that provide both good borrower benefits and good customer service. It is your right to know how this recommended lender list was developed.

In developing the lists, the SRU Financial Aid Office began by reviewing a list of lenders from whom our students borrowed during the 2007-08 academic year. From that list we looked at any lender who had twenty or more loans processed for Slippery Rock University students. Lenders who did not participate in electronic processing, electronic funds transfer or had a requirement of membership before they would lend were excluded automatically. The remaining lenders along with those who specifically contacted us for an RFI received a Request for Information Form; twenty lenders received the form. The Request for Information form asked lenders specific questions about their loan products which included federal and alternative loans for the 2008-09 academic year.

Once the Request for Information forms were received and the information compiled, the Financial Aid Office developed the Recommended Lender Lists. The following criteria were used in determining the 2008-09 Recommended Lender Lists:

a. Fees

b. Interest rates

c. Loan servicing and disbursement

1. including electronic processing and electronic funds transfer

d. Back – end borrower benefits

e. Customer service

f. Forbearance options