Loan Information
CHOOSING A LENDER
Selecting a FFELP lender is an important personal decision for any student. Although the basic interest rate and terms do not vary by lender, some lenders offer a variety of repayment incentives and services to families. For the most up to date information, we encourage you to visit each lender’s website.
Students and parents must select their own lender; the financial aid office is unable to select one for you. You may select any lender you wish to borrow your loans from, however, the lender you choose for your Stafford or PLUS loan, must participate as a FFELP lender. Please be aware that not all lenders participate in certain electronic processes designed to eliminate origination and disbursement delays. For this reason, selecting a lender from the lender options listed on www.elmselect.com is recommended.
Numerous banks offer private educational loans to further assist students and families with college expenses. All private educational loan programs are based on credit worthiness. Most banks require a credit-worthy co-signer for approval of loans for undergraduate student applicants. Please go to www.elmselect.com to view a list of private loan lenders.
Your lender may offer a type of private educational loan through their website that does not require school certification. Borrowing this type of private educational loan may have a serious negative impact on your existing financial aid package. Please contact your financial aid office before borrowing one of these loans.
