2009-10 Choosing Preferred Lenders
Please note that this information is only for the 2009-10 academic year. For 2010-11 information, please visit the Student Loan information page to direct you to the appropriate information.
Students borrowing a Federal Stafford or PLUS Loan must select a lender. To assist families in this decision, the Office of Financial Aid has compiled a list of institutions that we consider excellent in the educational lending field. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to your University billing account, and offer a variety of savings programs during loan repayment.
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?
The Stafford Preferred Lender List and PLUS Preferred Lender List are 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). View Northwestern's 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 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'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' 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. View the completed scorecards for Northwestern's Preferred Lenders.
Additional questions?
Feel free to contact the Office of Financial Aid if you have any questions about the process or the lenders selected.
