Federal Stafford Loan

Lenders For Your Consideration

How UAlbany Selects Lenders For Your Consideration Why UAlbany has Lenders For Your Consideration Am I required to use a Lender from Lenders For Your Consideration?

 

All lenders listed below offer a 0.25% interest rate reduction for automatic payment. Additional repayment options may exist and are subject to change by lender discretion. Further information about the repayment and servicing of the loan should be directed to the lender.

 

The Stafford loan has a 0.5% origination fee* and 1.0% default fee** deducted from the loan prior to disbursement. (Example: the loan borrowed is $3500, the origination fee is $17.50; the default fee is $35; amount disbursed to the school = $3447.50)    

 

 

Lender Name	Lender Code	Contact
Chase	803000	1-800-487-4404
Citibank	826878	1-800-967-2400
EdAmerica	831453	1-800-337-1009
Nelnet, Inc.	833669	1-888-486-4722
RBS Citizens, N.A.	807745	1-800-708-6684
SallieMae	802218	1-888-272-5543

 

 

*Origination fee – Is a fee charged by a lender for processing the loan. The amount is withheld from the loan prior to disbursement.

 

** Default fee - The Federal Default Fee is a fee that must be charged and deposited to the Federal Fund held by each guaranty agency. This fund is used:

• to help borrowers having difficulty with repayment by advising them of their rights to deferments and forbearance, working with borrowers to get a more manageable repayment plan, and providing other tools to help borrowers solve their repayment difficulties;

 

• to reimburse lenders if borrowers default; and

 

• for operational costs of the FFELP program.