Financial Aid Office

WHY WE ARE PROVIDING THIS INFORMATION:

Because many students and families are unsure of where to begin searching for a legitimate private loan lender, the Office of Financial Aid compiles an annual list of recommended private education loan lenders. The recommended loans are presented using FASTChoice -an online tool designed to help you compare a few of your lender options, side-by-side. Remember that you may choose any lender, even if the lender does not appear on our recommended lender list.

Each lender that appears on this list is required to provide important disclosure information to UT Dallas, prospective students, and their families. This important information can be accessed through FASTChoice. If you are unable to access this important information, our office can provide you with an emailed or printed copy. Please contact a member of the loans team by telephone at (972) 883-2941 or by email at faloans@utdallas.edu.

None of the lenders that appear on this list are affiliated with another lender appearing on this list.

METHOD AND CRITERIA:

Each year, UT Dallas asks lenders of private education loans to provide an overview of their loan products for consideration on our Recommended Lender List.  Each lender responds to the same survey that is created by the Office of Financial Aid. The survey requests information about each lender’s practices in the following areas:

• Borrower Benefits or Incentives
• Borrower Eligibility to receive loan funds
• Loan Interest Rates
• Loan Repayment Terms
• Loan Servicing
• Loan Processing Systems
• Lender History

Each lender response is reviewed by a committee with regard to the areas listed above.

WHY EACH LENDER WAS CHOSEN:

Each loan that UT Dallas recommends must meet all of the following criteria:

• Origination or other fees, deducted from the loan proceeds, that are no greater than 5% of the amount borrowed
• All loan products with a minimum interest rate that does not exceed 7.00% as of the time that the lender list is published for the year.
• Availability of deferment and forbearance options to aid borrowers who experience financial difficulty during loan repayment.
• Availability of a “Borrower Services Center” that a borrower can contact to receive timely information about his or her private loans.