Criteria for Lender Inclusion/Exclusion on the Preferred Lender List at Saint Joseph's College
Saint Joseph's College employs a process of analytical comparison, to determine which lenders will be included or excluded from its Preferred Lender List. Lender Comparison Factors (listed below) are analyzed, compared and weighed for each lender. The top ranked lenders (3 or more) are included on the Preferred Lender List. If a lender currently on the Preferred Lender List fails to meet the weighted standard, the lender will be excluded for the next award year. The Preferred Lender List is reviewed on an annual basis.
Please note that students and families do not have to use a lender on this list. SJC will not impede the borrower's choice in lenders. Should a borrower choose a lender not on this list, SJC will not delay the processing of the student's loan.
Lender Comparison Factors
Student Related Factors
- Stability of lender
- Customer service
- Front end fees/benefits for borrowers
- Repayment incentives/benefits for borrowers
- Hold/sell loans after origination
- Web based
- Services for borrowers
- Loan consolidation options
School Related Factors
- Stability of lender
- Customer service
- Marketing ethics (solicitation, sale of names)
- Ability to process through ELM
- Experience of peers with lender
- Loan processing options
- Electronic signature options
- Electronic Funds Transfer (EFT) options
- Loan processing support
- PLUS pre-approval options
- Default rate of lender
- Guarantee agency relationship of lender
