Welcome!

This student loan comparison tool has been provided to help you select a Stafford, PLUS, GradPLUS, or Private loan lender.

If you have questions about your offer of financial assistance or need other information regarding financial aid please let us know!

Jordan Grant
Director, Student Financial Services

PLEASE NOTE: The benefits provided are valid as of today and are as accurate as the information provided by lenders. Benefit changes are posted as soon as they are effective, which depend on the business processes for each lender. For detailed questions on applicable benefits for the current and future academic year please contact the lender directly.

Borrowers can select any lender they wish and are not limited to those included in this list. We encourage you to use the information provided to compare lenders to make an informed choice. This information may also help you identify information you may want to ask about lenders that are not included in this list.

Lender List Rationale

Seattle Pacific University carefully reviews the policies and products of lenders to identify lenders who will provide excellent rates and services to our students. PLEASE NOTE: You are not required to use one of these lenders.

Federal Stafford or PLUS loan borrowers may choose any lender that participates in the Federal Family Education Loan program. The basic terms of the loans (maximum interest rate, maximum fees, deferment options) are set by the federal government. However, many lenders offer special benefits to borrowers. Seattle Pacific University encourages you to compare the benefits offered by different lenders so that you can make an informed choice.

Alternative (Private) loans may also be helpful to some students for current year funding or for balances remaining from prior terms. These loans are available through a variety of commercial banks and are frequently modeled after government-sponsored educational loans, often allowing postponement of repayment while the student is enrolled. However, alternative loans will perform credit and eligibility checks before granting the loan and generally offer fewer deferment options during repayment. Generally, a cosigner is required. Interest rates are determined by your credit and are usually higher than the government-sponsored educational loans. Additionally, interest generally begins to accrue shortly after each disbursement. We strongly encourage you to use all available federal loan programs before using an alternative loan.

Selection Process

To make the lender selection process easier for students and to meet requirements set by the Department of Education, Student Financial Services has reviewed several lenders to establish this list. Lenders reviewed included lenders who are already providing loans to SPU students and/or have demonstrated a commitment to higher education and concern for students nationally and regionally. Each lender is present due to past performance of good to excellent student and parent service and good to excellent borrower benefits. Each is evaluated annually to ensure ongoing accurate and truth-in-practice borrower benefits and services. In creating this list, we have considered several factors:

• Borrower Benefits -- These lenders offer competitive benefits such as reduced origination and/or default fees for Stafford loans, interest rate reductions for borrowers who sign up for electronic payments, and savings for borrowers who make a certain number of consecutive, on-time payments. The offered benefits and your anticipated repayment pattern determine the projected savings you will achieve by selecting a certain lender.
• Customer Service -- All of these lenders endeavor to provide excellent service to our borrowers and are responsive to SPU processing needs. These lenders all provide on-line services for the borrower and work with Seattle Pacific University’s standards for electronic processing and disbursement to insure efficient receipt of loan funds. We listen carefully to feedback from our students and parents regarding the level of service they receive. If a particular lender generates complaints, we will strongly consider removing them from our list.
• Other Factors -- Our review of these lenders included consideration of their default rate, an important indicator of their commitment to help students avoid default and to utilize the options available for assistance. These lenders also provide financial education and other resources to students.

Student Financial Services and Seattle Pacific University do not receive, and will not accept, inducements from lenders in exchange for inclusion in the lender list. Seattle Pacific University does not share in the profits from student loans. Borrowers are welcome to choose any participating lender, regardless of whether it appears on our lender list. If you wish to select a lender that is not on this list you may find the comparative information provided helpful to evaluate other lenders. Note that it is important that you provide the lender identification code (please contact the lender to receive their code) on the Master Stafford Lender Selection form you will submit to Seattle Pacific University.

If you would like to provide feedback on our lender list, we welcome you to contact Student Financial Services.