Colleges and universities frequently develop a list of preferred lenders based on a careful evaluation of offerings, quality, price, and service. A preferred lender list can be a great starting point when looking for education funding options. It is always recommended that students and parents also do their own research regarding student loan lenders. The choice of lender is always up to you.

Listed below are some of the criteria that colleges and universities use to create a list of preferred lenders. You can also use similar criteria to select the lender that best meets your unique needs.

Best value and benefits to borrowers

Does the lender offer to pay fees on the student’s behalf?

Does the lender offer competitive rates and pricing?

Does the lender offer interest rate reductions and rebates?

How easy is it for students to earn and keep rate reductions and rebates?

Does the lender have a minimum income requirement?

Does the lender require repayment while in school?

Customer service investment

Does the lender recommend that students maximize their use of free aid and federal loans before taking a private loan?

Can students and parents apply for loans online?

Does the lender offer life of loan servicing?

How convenient are the lender’s call center hours?

Does the lender offer Spanish-language support?

Can students access and manage their account online 24/7?

Robust repayment options

Does the lender provide combined billing for both federal and private loans?

Does the lender provide counseling on deferment and forbearance options?

Are repayment calculators and other online tools available?

Does the lender provide a variety of federal and private loan repayment solutions?

Does the lender offer loan consolidation options?

Does the lender educate borrowers about effective debt management?

Experience and longevity

Is the lender a well-known, reputable company?

What is the lender’s track record in the industry?

Is the company’s focus on student loans?

How many customers have loans with this lender?

Is the lender financially sound and strong?