Preferred Lender Selection and Criteria
Note: We ask that all lenders who send us Private Loan funds, sign our Student Loan Code of Conduct.
Currently, Lincoln University has five lenders on our Preferred Lender List:
- Citizens One (808140)
- Commerce Bank (513979)
- Discover Student Loans (831312)
- Sallie Mae (900905)
- Wells Fargo EFS (807176)
A comparison of the lenders may be completed on FASTChoice.
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 websites 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 allow 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 turnaround 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.
Resources for students regarding private or "alternative" loans: