Preferred Lender List

You may compare the benefits offered by our preferred lenders by going to the lenders' website and searching for the Stafford loan information.  Please remember that you are not required to use one of our preferred lenders.  You may use any lender that participates in the Federal Stafford loan program.

Selection Process for Preferred Lenders:

Federal Stafford borrowers may choose any lender that participates in the Federal Family Education Loan Program (FFELP).  The basic terms of the loans (maximum interest rate, fees, and deferment options) are set by the federal government.  However, some lenders offer special benefits to borrowers.  The Dominican Financial Aid Office encourages you to compare the benefits offered by different lenders so that you can make an informed choice.

In deciding who is included on the list above, we have considered several factors:

Customer Service- Our preferred lenders have provided consistently excellent service to our borrowers for many years.  These lenders have agreed to work within Dominican's processing structure and can insure a prompt turnaround time.

Borrower Benefits- Our preferred lenders offer competitive benefits such as zero or minimal origination fees for Stafford loans, interest rate reductions for borrowers who sign up for electronic payments, and principal reductions for borrowers who make a certain number of consecutive on-time payments.

Student Demand- If a significant number of Dominican students request a lender that is not on our list, we will evaluate that lender for future inclusion.  If we notice that a lender is no longer popular with our borrowers, we may consider removing them from the list. 

Our preferred lender list is reviewed once a year.  The Dominican Financial Aid Office does not and will not accept inducements for lenders in exchange for inclusion on the preferred lender list.

Dominican does not share in the profits from the student loans.  Borrowers are welcome to choose any participating lender, regardless of whether it appears on our preferred lender list.  To select a lender, write the name of the lender on the award letter when you accept the Stafford loan.