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Loan Information

FFELP Lenders

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Loan Information

 

Lender Introduction


UMDNJ participates in the Federal Family Education Loan Program (FFELP).   FFELP programs include the Federal Stafford Loan (subsidized and unsubsidized) and the GradPlus Loan.  Click on “Summary of Loan Programs” for further details.

We urge you to take some time to review these programs and be sure to exhaust all other resources before participating in any program. We take seriously the high debt level a Health Professions student may face. Therefore, the lenders we recommend must meet strict requirements to assure the best possible rates (at the current time), specialized customer service, and the use of advanced technology. These lenders have been most often utilized in the past by your Health Professions peers.


Be aware that you have a choice of lenders and are not limited to those on our recommended FFELP lender list. We will process all requests.  Feedback regarding your experience in selecting a lender is welcome.
Note:  Continuing UMDNJ students who wish to change lenders must complete a “Lender Selection Form”.


Lender Disclosure


The lenders on our list have demonstrated a commitment to providing programs specific to the borrowing and repayment needs of Health Professions students and provide high quality customer service with quick accurate loan processing. These lenders are established financial organizations with years of history and lending experience to Health Professions students. The performance of our lenders is evaluated each academic year. This evaluation is conducted by our institutional FFELP Task Force and is based on a variety of criteria; such as, meeting the unique needs of Health Professions students, providing exceptional customer service and advanced technology services. The FFELP Task Force reviews the eligibility criteria of each lender via websites, phone calls, and in-person meetings.  Based on our findings and the needs of our students, a list of lenders is compiled for each discipline within UMDNJ.  These lenders can change from year to year as current lenders are evaluated and new lenders are considered.


Lender Eligibility Criteria


 1) Programs that address the unique needs of the Health Professions borrowers. Our students’ average borrowing is in excess of $120,000. With this debt burden comes tremendous pressure as to how to manage, budget and repay these loans. Participating lenders must have addressed these concerns throughout the origination and servicing cycle of the loan portfolio.


2) Exceptional customer service provided to both the borrower and the educational institution.  Lenders must be able to provide specialized customer service, utilizing staff personnel who are knowledgeable with the issues relevant to the Health Professional borrower. Our students are encouraged to seek guidance and communicate with their lender throughout the lifetime of their loan portfolio.  This favorably impacts a more timely repayment and credit history for the borrower which ultimately impacts the default rate at the educational institution.   Lenders that have limited partners help to minimize the variables at repayment.


3) Advanced Technology is a must to keep up with the demand of our borrowers in the receipt of funds in a timely manner. All loan applications and the disbursement of loan proceeds should be processed electronically to eliminate paper processing and the delay in funds posting to student’s accounts.


How to Select a Lender


Loans make up a major portion of an award package.  New Federal Stafford Loan borrowers at UMDNJ must select a lender in order for loans to disburse.  The FFELP lender list is available to assist students through this process.  After notifying your campus Financial Aid Office of your lender selection, your loan(s) will be certified and sent to your lender for disbursement.

  • Go to the FFELP Lender List
  • Choose Your Academic Year
  • Review lender specifics to your school/program
  • Make a lender selection
  • Complete the Lender Selection Form below and return it to your Financial Aid Office

Click here for FFELP Loan Limits 2009-2010

               


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