Families often ask us about loan options to help with college cost payments.  The preferred loan options are the Federal Direct and Federal Perkins loans--because of their student-only assignment provisions and their low interest rates.  However, at Findlay the typical Perkins Loan generally ranges from $500 to $1,000 and assists a limited number of students.  Likewise, the Federal Direct Loan can cover up to $5,500 (at least $2,000 will be unsubsidized) for a student's freshman year, per federal regulation.  Often, students still have remaining balances, and families seek additional loan options for those balances.

Two other education loan programs exist to assist families.  (You may, of course, consider other loan options, but these are the two primary education loan choices apart from those mentioned above.)

The first is the Federal Direct PLUS Loan, a loan for the parent.  The loan allows the parent to borrow up to cost of education (tuition, fees, room and board, miscellaneous costs) minus the student's financial aid.  For example,if the student's cost of education is $34,000 and the aid awarded is $17,000, then the Direct PLUS Loan may range up to $17,000; the interest rate is 7.90%.  At Findlay, the loan will be disbursed in two installments--one in late August and one in late December.  The repayment generally begins after the loan is fully disbursed, (late February), but the parent may be able to defer payment until after the student graduates, and must contact Direct Loans to discuss deferment options.  The typical repayment period is 10 years. 

Click on the following link to begin the Direct PLUS Loan application:

The University of Findlay will not automatically reduce Federal Work Study awards to accommodate a larger Parent PLUS Loan.  Please e-mail the Financial Aid Office at finaid@findlay.edu to cancel a Federal Work Study award before the Parent PLUS Loan is certified.

          

The second option is a Private Education Loan, also commonly referred to as an alternative loan.  An alternative loan is offered by banks and other private lenders to cover the costs of college not covered by Federal, State, institutional, or private scholarship/grant aid.

Before you apply for a Private Loan, you should exhaust your eligibility for Federal loans (Stafford, PLUS, and Grad PLUS) as they are typically less expensive and offer flexible repayment options.

    

Private Education Loans - Preferred Lender List and Disclosures

   

The Financial Aid office at the University of Findlay is committed to providing students with the best possible services. As part of this commitment, we seek lenders who demonstrate excellence. Our students are our number one priority and we want to see that continue with the lenders we choose.

The University of Findlay does not endorse any Private Educational Loan Lender and students are not required to choose a lender from the University of Findlay’s Private Educational Loan Preferred Lender List. Borrowers are welcome to choose any eligible, participating lender regardless of whether it appears on our preferred lender list.

The University of Findlay’s preferred lenders are: U.S. Bank, Charter One, Fifth Third, Chase, CitiBank, PNC, Wells Fargo, Sallie Mae, and Discover.

 

How to Apply for a Private Education Loan 

Step 1:  Compare Lenders and Apply

To make the process of selecting a lender easier, you may select a lender from the University of Findlay’s Preferred Lender List. The University provides comparative information to students of our selected lenders through the Great Lakes FastChoice website where you can compare and view lender benefits and apply for a loan.  Please click on the below FastChoice logo to view the various lenders, their terms and conditions, and the loan application(s). 

 Please note, due to Federal Right of Rescission regulations, The University of Findlay will receive the funds from a private education loan no sooner than ten (10) business days after the loan has been certified.  We recommend students and/or families to be mindful of this, and apply for private educational loans no later than 30 days before the start of a semester help ensure the availability of funds by the first day of classes.

 

              

       
              

Please note, The University of Findlay will not automatically reduce Federal Work Study awards to accommodate a larger private education loan.  Please e-mail the Financial Aid Office at finaid@findlay.edu to cancel a Federal Work Study award before the private education loan is certified.

 

If you do not find any of these lenders satisfactory, you may wish to view other lender options at the Marketplace link or explore on your own.  Though we provide a lender list, you are under no obligation to use one of these lenders.

Step 2: Applicant Self-Certification

Before disbursement of any private education loan can occur, the Private Education Loan Applicant Self-Certification form must be completed and submitted to your lender, not Financial Aid. Many lenders provide this form during the loan application process. If you did not complete this form during the application process, please download the Private Education Loan Application Self-Certification form now and submit it to your lender.

In order to complete Section 2 of the Self-Certification, you will need to fill in the Cost of Attendance (COA) and Estimated Financial Assistance. The COA can be found: On your Financial Aid Award Letter from the University of Findlay; or If you have not received your Award Letter, you may obtain an estimated COA amount by visiting our Cost of Attendance web page and select either the undergraduate or graduate COA model.

Step 3:  View Loan Disclosures with Loan Cost Examples from the lender you selected

All loan disclosure statements are available for borrowers to view via the FastChoice website.

How the University of Findlay selects Preferred Lenders

The Private Education Lender List is reviewed annually, but a request for information (RFI) is done at the discretion of the Financial Aid Office.  Selection criteria are based on the following:  

1. Competitive interest rates
2. Competitive front end and back end benefits
3. Efficiencies in processing loan transactions through Scholarnet.
4. Lender must scope loan information in Great Lakes FastChoice product and update any changes
5. School must be able to certify loan through the Scholarnet system
6. At least three lenders must be unaffiliated with other preferred lenders at the University of Findlay.    

Lenders are affiliated if: 

1. The lenders are under the ownership or control of the same entity or individuals;
2. The lenders are wholly or partly owned subsidiaries of the same parent company;
3. The directors, trustees, or general partners (or individuals exercising similar functions) of one of the lenders constitute a majority of the persons holding similar positions with the other lender; or
4. One of the lenders is making loans on its own behalf and is also holding loans as a trustee lender for another entity.

    

Additional Notes:

1. The University of Findlay will protect the borrower's choice of lender by:
   1. Making it clear to the borrowers that they have the right to select any lender.
   2. Processing/certifying loans in a timely manner, regardless of the lender selected.
2. The University of Findlay has a policy that employees will not request or accept any payment or benefits of any kind from a lender in exchange for being included on a preferred lender is or in exchange for the school recommending the lender to its students or parents.
3. The University of Findlay has a policy that employees are prohibited from receiving any gift, including travel gifts, of more than a nominal value from any lender, services, or guarantee agency.
4. The University of Findlay reserves the right to add or remove any lending agency from the Preferred Lender List at any time.
5. Each Financial Aid employee is held to the highest ethical principles, as defined by our code of conduct.
6. A general, side-by-side comparison of Direct PLUS and Private Alternative Loans is listed below.
    

Feature	Direct PLUS Loan	Private Loans*
Program Description	Direct PLUS Loans are available to parents or custodial step-parents for dependent undergraduate students attending school at least half-time and to graduate students.  PLUS loans are solely the responsibility of the  borrower.	Private loans are generally available to undergraduate and graduate students enrolled at least half-time.  The loan is primarily the responsibility of the student, although a credit-worthy cosigner is usually expected to sign the promissory note as well.
Eligibility	Direct PLUS loans are not dependent on family income or assets, and no collateral or cosigner is required.  Borrower must, however, meet certain credit criteria.	Terms vary by lender, most of whom use credit scores or debt-to-income ratios to determine creditworthiness, interest rates, and fees.  International students may usually  borrow with a creditworthy U.S. citizen cosigner
Interest Rate	Fixed at 7.90%	Variable rate typically adjusted quarterly, based on Prime or LIBOR ** rate, and is not capped.
Loan Limits	Up to full cost of education minus any other financial aid received.	Most program allow borrowing up to cost of education minus any financial aid received.
Fees	A 4% federal origination fee/insurance premium may be deducted from the loan proceeds prior to disbursement.	Fees vary among lenders, and may go up to 9%.  Often, fees will be determined in part by measure of creditworthiness.
Repayment Terms and Plans	Repayment typically begins within 60 days after the full disbursement of the loan for the academic year.  Repayment term is 10 years, and there are no prepayment penalties.  Graduated repayment or extended terms may be available if you qualify.	Repayment plans vary by lender and may begin immediately or be deferred until six months after student ceases half-time enrollment.  Students may select from several repayment plans, and most lenders allow prepayment and early payoff without penalty.
Deferments	You may qualify for deferment if legitimate circumstances seriously affect your ability to repay the loan.  Loan(s) can be canceled in the event of total disability or death.	Payments may generally defer while a student is enrolled at least half-time.  Loan cancellation due to disability or death is generally not available without purchase of an additional option.

*Programs vary by lender
**London Interbank Offered Rate