You are free to choose any lender that participates in the Federal Family Education Loan Program (FFELP) to fund your Federal PLUS Loan. To make the selection process easier, Boston College has selected a group of lenders for our suggested lender list. Boston College conducts extensive market research and chooses lenders for this list based on the quality of their borrower benefits and customer service. If you select a lender from this list, you can be assured that the benefits you will receive are among the best in the industry and that your lender will provide you with excellent customer service.
Our suggested lender lists for Parents of Undergraduate Students (PDF) and for Graduate and Law Students (PDF) are reviewed each year and updated when necessary based on the criteria listed below. The Boston College Financial Aid area of the Office of Student Services does not receive, and will not accept, inducements from lenders in exchange for inclusion on this list. Additionally, Boston College does not share in the profits from PLUS loans. Borrowers are welcome to choose any lender that participates in the FFELP process, regardless of whether or not it is on our suggested lender list.
In choosing lenders to suggest to our students, Boston College has considered the following factors:
- Borrower Benefits
The most significant consideration is borrower benefits. Our suggested lenders offer competitive benefits such as reduced origination fees for loans made to BC students, interest rate reductions for borrowers who sign up for electronic payments, and principal reductions for borrowers who make a certain number of on-time, consecutive payments. We monitor changes in the benefits offered by each lender to ensure that our suggested lenders offer the best benefits available to our students.
- Customer Service
All of our suggested lenders have provided consistently excellent service to BC borrowers for many years. We listen carefully to feedback from our students and parents regarding the level of service. If a lender on our list generates complaints, we strongly consider removing them from our list. These lenders work with BC's processing system and can ensure quick turnaround time for disbursements.
- Variety of Lenders
Some students and parents may prefer to do business with a state authority or non-profit credit union rather than a national bank or vice versa. Some borrowers are more comfortable with a small lender as opposed to a national lender. For these reasons, we are careful to include a wide variety of types of lenders on our list.
If you would like to provide feedback on our suggested lender list, we welcome you to do so. Please email us at studentservices@bc.edu, call us at 800-294-0294, or visit us in Lyons Hall, Room 103.