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Comparison of Suggested Lenders
Never Borrowed a Student Loan Before?
If you have never borrowed a Federal Stafford Student Loan before and have chosen to borrow, you need to select a lender.
Listed below are the 4 lenders JSC suggests you consider for 2009-10 academic year based on the criteria listed below.
Students: If you select one of these four lenders or want to select another, you must log onto JSC Web Services go to “Financial Aid Award Letter,” accept your loans, click the submit button and follow the instructions on the “Federal Stafford Loan Request Screen” to choose your lender.
Parents: Print a copy of the 2009-2010 Federal PLUS Loan Pre-Application (pdf). Please complete all requested information and mail it to the address indicated.
How do you pick from the many lenders who participate in the Federal Family Educational Loan Programs (FFELP) for Federal Stafford (student) and PLUS (graduate and parent) loans? The terms and conditions of these loans programs are set by federal regulations; however borrower benefits and levels of customer service and experience can vary among lenders and should be an important consideration in your choice.
Johnson State College, as a member of the Vermont State College system, annually performs a thorough and independent review of regional and national lenders based on their borrower benefits, customer service to our students and parents, and organizational capability.
- Borrower Benefits: These can include reduced fees when you first take out your loan, and/or reduced fees when you begin repayment by making electronic payments.
- Customer Service: Quality customer service is a very important factor and our suggested lenders strive to provide that service to you. If we hear from our students and parents that any of our suggested lenders are not delivering quality service, we will review that lender’s future inclusion on the list.
- Organizational Capability: The lender’s amount of experience and quality of loan servicing when you are in repayment on your loan were important factors in our review.
For the 2009-10 academic year we offer four suggested lenders for your consideration. You can, of course, select any FFELP lender, and not just one of the suggested lenders.
The following four lenders are Johnson State College’s and all Vermont State College suggested lenders:
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Location: Vermont Available to Vermont and out of state borrowers |
Location: Illinois Available to Vermont and out of state borrowers
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Location: Tennessee Available to Vermont and out of state borrowers
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Location: Virginia Available to Vermont and out of state borrowers
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Upfront Fees and Interest Rate |
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| Subsidized Stafford |
0.5 % origination fee 0% default fee 5.6% interest rate |
For loan applications received prior to 9/1/09: 0.5% origination fee 0% default fee with participating guarantor 5.6% interest rate For loan applications received on or after 9/1/09: 0.5% origination fee 1% default fee with participating guarantor 5.6% interest rate |
0.5% origination fee 0% default fee with participating guarantor 5.6% interest rate |
0.5% origination fee 0% default fee with participating guarantor 5.6% interest rate |
|
Unsubsidized Stafford |
0.5 % origination fee 0% default fee 6.8% interest rate |
For loan applications received prior to 9/1/09: 0.5% origination fee 0% default fee with participating guarantor 6.8% interest rate For loan applications received on or after 9/1/09: 0.5% origination fee 1% default fee with participating guarantor 6.8% interest rate |
0.5% origination fee 0% default fee with participating guarantor 6.8% interest rate |
0.5% origination fee 0% default fee with participating guarantor 6.8% interest rate |
|
Grad PLUS
|
3% origination fee 0% default fee 8.5% interest rate |
For loan applications received prior to 9/1/09: 3% origination fee 0% default fee with participating guarantor 8.5% interest rate For loan applications received on or after 9/1/09: 3% origination fee 1% default fee with participating guarantor 8.5% interest rate |
3% origination fee 0% default fee with participating guarantor 8.5% interest rate |
3% origination fee 0% default fee with participating guarantor 8.5% interest rate |
| Parent PLUS |
3% origination fee 0% default fee 8.5% interest rate |
For loan applications received prior to 9/1/09: 3% origination fee 0% default fee with participating guarantor 8.5% interest rate For loan applications received on or after 9/1/09: 3% origination fee 1% default fee with participating guarantor 8.5% interest rate |
3% origination fee 0% default fee with participating guarantor 8.5% interest rate |
3% origination fee 0% default fee with participating guarantor 8.5% interest rate |
Other Borrower Benefits |
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| Check lender website for benefit changes, various details on conditions under which you might lose this benefit and how you could regain it. |
0.25% interest rate reduction when borrower enrolls in electronic loan repayment |
0.25% interest rate reduction when borrower enrolls in electronic loan repayment |
0.25% interest rate reduction when borrower enrolls in electronic loan repayment |
0.25% interest rate reduction when borrower enrolls in electronic loan repayment |
Customer Service/Organizational Items |
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| Non-profit agency |
Yes |
No |
Yes |
No |
| Services Your loans |
Yes |
No |
Yes, using a partner agency |
Yes |
| On-line/toll free options |
Yes |
Yes |
Yes |
Yes |
You are not limited to selecting from the suggested lenders. You have the right to select any lender you choose and will not cause unnecessary certification delays.
** Please check the lender’s Web site for specifics concerning the borrower benefits. The above information is for loans borrowed during the 2009-2010 academic year.