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Suggested Federal Stafford Loan Lenders
You are not obligated to choose any of these lenders. Wesleyan will process any approved Master Promissory Note you submit to the office.
New borrowers at Wesleyan will receive Federal Stafford Loan processing instruction in June.The following list of lenders are in alphabetical order. This does not reflect any particular preference. (Printable .pdf)
| Lender | Guarantor | Lender Code | Origination Fee | Default Fee | Interest Rate Reductions | Principal Reductions |
| Bank of America | EdFund | 824421 | 1% | 0% | .25% after first on-time payment with BOA checking account (auto-debit not required) | None |
| Citizen's Bank | USAFunds | 810240 | 1% | 1% | .25% with auto-debit | None |
| Key Bank | Texas Guarantee | 813760 | 1% | 0% | .50% with auto-debit | None |
| Sallie Mae | USAFunds | 802218 | 1% | 0% | .25% with auto-debit | None |
| Wachovia | EdFund | 830005 | 1% | 0% | .25% with auto-debit | None |
| Wells Fargo | EdFund | 807176 | 1% | 0% | No | None |
Last last updated June 25, 2008 3:00pm
Disclosure Statement:
Students and parents have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the suggested lender list, and will suffer not penalty from the University for choosing a lender that is not on said suggested lender list.
The University’s selection of preferred lenders and the University’s decision as to where or how prominently on the list the lending institution’s name appears shall be based solely on the best interests of student and parent borrowers, utilizing stated criteria that are limited to benefits provided to borrowers (such as competitive interest rates and repayment terms, quality of loan servicing, and whether loans will be sold) and the ability to work efficiently and effectively with the University to process loans, without regard to the pecuniary interest of the University or to any benefits provided by lending institutions to the University or any of the University’s officers, trustees, directors, agents or employees or their family members.
The University reviews its suggested lender list annually.
General Factors Used in University Suggested Lender Determination:
1. Loan Terms, including possible interest rate and principal reductions, repayment options, and average interest rates and approval rates for alternative loans
2. Observed and reported customer service to families
3. Student recommendations based on borrower interface
4. University staff evaluations of proposals sent by lenders
5. Likelihood of loans being sold, especially in cases in which borrower benefits and/or terms could be impacted
6. Projections by lenders of their companies ability to survive given current condition of the student loan market