A Few Words about Choosing a Lender…
If you plan to borrow a Federal loan (such as a Stafford or Plus) and have not borrowed previously, you will need to select a lender. The lender is the institution from which the money is actually borrowed.
All lenders are not alike. It pays to make an informed decision when selecting a lender. You will be entering in a long-term relationship with the institution. Reasons for selection a particular lender vary from person to person. Some choose based on name or brand recognition or reputation. Others prefer the immediate benefit of below-market origination fees. Still others are interested in borrower benefits in repayment, like an interest rate reduction as a reward for making consecutive on-time payments. We encourage families to use the lender and the loan product that best meets their needs.
To assist students and parents in this decision, the Office of Student Financial Assistance at Drew maintains a list of “Suggested Lenders.” This list, which is intended only as a guide, is provided to help students and parents choose a reputable lender with a reliable Federal loan product. These lenders have been included based on the quality of service they have provided to Drew students, competitive interest rates and repayment terms. Our Suggested Lenders are evaluated continually for their efficiency in processing, accuracy and customer service. Lenders are periodically added and removed from the list based on staff research and the collective experience of the Drew community.
Please note you are not required to use one of these lenders. If you choose a lender outside of Drew’s Suggested Lender list, please contact the Office of Financial Assistance at (973) 408-3112 or finaid@drew.edu and we will be happy to assist you with any lender of your choice.
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