Private Loan Lender Review
In an effort to assist Berry College students and parents in making informed choices, the Office of Financial Aid annually designates certain preferred lenders upon completion of a formal lender review process.
The formal process of reviewing private student loan providers is comprised of the following steps:
1) Preferred lenders from the past academic year and new lenders requesting to be included on our list for the upcoming academic year must return a completed response to our written Request for Information (RFI) questionnaire by a stated date.
2) Upon receipt of all Private Loan RFIs, the Office of Financial Aid reviews each RFI submitted and determines the most competitive lenders based on the following information:
- Commitment to Electronic Loan Management (ELM)
- Commitment to National Disbursement Network (NDN)
- Pricing, fees, and interest rate ranges (as outlined in application solicitation disclosures)
- Repayment benefits
- Co-borrower release options
- Life-of-loan ownership
- Life-of-loan servicing
- Degree seeking requirement
- Satisfactory Academic Progress requirement
- Half time enrollment status requirement
- Processing reliability
- Quality of customer service to borrowers and our office
- Past performance as a lender partner
- Financial stability
- Long term commitment to fund loans to Berry College students
3) Our committee makes final decisions as to which lenders will be preferred for the upcoming academic year and updated lender lists are posted on ELM Select.
Students and parents are encouraged to compare the services and products that are provided by those lenders recommended by the Office of Financial Aid, and choose the private lender that best suits their individual needs.
Essential Lender List Criteria
- Participates in electronic processing through ELM and NDN
- Demonstrates the ability to accurately process all student loans in a timely fashion
- Produces a respectable loan approval rate among borrowers at Berry College each semester
- Provides outstanding customer service to borrowers
- Provides a primary point of contact within their organization that is accessible to our staff in resolving any loan issues for our students
- Demonstrates the experience and financial stability to effectively originate and service loans
- To our knowledge, offers Berry College borrowers the same or lesser fees, interest rates and the same or more advantageous repayment benefits that they offer similar borrowers at other schools
The Berry College Office of Financial Aid must approve any new lender to the private lender list. The Office of Financial Aid at Berry College consists of the Director of Financial Aid, Associate Director of Compliance, Assistant Director of Financial Aid and a Financial Aid Counselor.