Resources for students regarding private or "alternative" loans:How to Select a Lender for Your Student Loan
Preferred Lender Selection & Criteria
We ask that all lenders who send us Private Loan funds, sign our Student Loan Code of Conduct.
Preferred Lender List Selection Criteria
Currently, Lincoln University has five lenders on our Preferred Lender List:
- Commerce Bank (900917)
- Discover Bank (831312)
- Fifth Third Bank (508780)
- Sallie Mae (900905)
- Wells Fargo EFS (807176)
We have selected them for the following reasons:
- The students have minimal, if any (depending on the lender), fee charges associated with the loan.
- To offer wider options to the student, as far as lender benefits and repayment options.
- They offer extensive customer service capabilities to help the student through the lifetime of the loan.
- Historically, students have requested to use these lenders.
- Some have branch locations in our service area.
- Their loans can be processed electronically through LU’s computer system and ELM Network web sites which allows the student real-time access to monitor status of their loans.
- Their loan funds are electronically transferred through our normal EFT processes (ELM NDN or lender ACH) which allows funds to be applied to their account quicker compared to processing a paper check for endorsement.
- Processing their loans does not require LU to process student loans outside of our normal procedures i.e. through batch processing and minimal manual intervention, which allows a quicker turn around time for funds to be applied to the student's account.
We review the lender’s Request for Information (RFIs) annually beginning January for each upcoming academic year. Academic years start in August and run through July. The RFIs are reviewed by the Student Aid & Scholarship Committee.