Partial Federal Stafford Loan Lender List
The lenders on our "Partial Lender List" have proven to provide exceptional student service as well as competitive borrower benefits. If you choose to use a lender from this list, please click on the lender name to link to their specific website or call them for additional information. You may also select a lender of your choice that is not included on this list. If that is your choice, you will be mailed a Master Promissory Note. If you promptly sign and return your MPN, you should experience no delay in receiving your loan funds.
To E-Sign a Master Promissory Note (MPN) click the E-Sign MPN link under the lender you selected on your award letter.
| Lender | Borrower Benefits | Fee* | Servicer |
|---|---|---|---|
|
Commerce Bank |
.25% interest rate reduction at repayment with auto-debit payments
Personalized customer service, a live person answers the phone when you call |
1%
|
MOHELA |
|
Great Southern Bank |
.25% interest rate reduction at repayment with auto-debit payments |
1% |
|
|
Chase |
.25% interest rate reduction at repayment with auto-debit payments |
1% |
|
|
Citibank 800-967-2400 E-Sign MPN |
.25% interest rate reduction at repayment with auto-debit payments
|
1%
|
Citibank |
|
Ed-America |
25% interest rate reduction at repayment with auto-debit payments |
1% |
|
|
M&I Bank/Southwest |
.25% interest rate reduction at repayment with auto-debit payments |
1% |
|
|
Nelnet Academic Loan 866-866-7372 E-Sign MPN |
.25% interest rate reduction at repayment with auto-debit payments
|
1% | Nelnet |
|
Sallie Mae Edtrust
|
.25% interest rate reduction with auto-debit payments as long as the payment is successfully deducted from borrower's bank account 24x7 online account management with Manage your Loans http://www.manageyourloans.com/ |
1% |
|
|
Wachovia Bank |
.25% interest rate reduction at repayment with auto-debit payments |
1% |
Last updated 8/20/09. Borrower benefit programs may be modified or discontinued at any time without notice.
LOAN FEES
An "origination fee" is charged for Stafford Loans per the regulations governing the loan programs. The fee may not exceed 3% of the principal amount of the loan. The fee is deducted proportionately from each payment before the loan funds are disbursed to the school by the lender. The fee is paid to the Federal government to defray the cost of the loan programs.
Thus, if a lender deducts the 3% origination fee from a $2,000 Stafford Loan that is to be paid in two installments, the student will receive payments of $970 and $970. (However, the student will be responsible for the full value of the loan, $2,000.) A lender may choose to pay all or part of the origination fee on behalf of their students.
The guarantor is also authorized to collect an insurance fee (not to exceed 1% of the loan). If the guarantor charges an insurance fee for its Stafford and PLUS loans, the lender may pass on the charge to the borrower.
For PLUS loans the origination fee is always 3% and may not be reduced by the lender. The lender may also charge an insurance fee on Stafford and PLUS loans to defray the insurance fee charged by the guarantor (the fee is limited to 1%).