You are free to choose any lender that participates in the FFELP process to fund your Federal Stafford 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.
Suggested Lenders for Federal Stafford Loans
List of suggested Stafford Loan Lenders for Undergraduate Students (PDF) for the 2009-2010 academic year.
List of suggested Stafford Loan Lenders for Graduate and Law Students (PDF) for the 2009-2010 academic year.
Once you have determined which lender you'd like to use, click on the ASA link and follow the Step-by-Step Instructions to complete the electronic signature process. During the process, you will be asked to select a lender from a drop-down menu. If the lender you want is not on this list, you have the ability to select any other participating lender from ASA's lender list. Once you have made your choice and authenticated your identity with your FAFSA PIN, ASA will process your loan and notify Boston College when the loan is ready to be disbursed.
This process applies to students who select a lender from our suggested lender list as well as all other lenders guaranteed by ASA. If you have selected to use a lender that is not guaranteed by ASA, you must contact that lender directly and have them provide Boston College with a completed Master Promissory Note and a Certification Request.
Suggested Lender Selection Criteria
Our suggested lender list is 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 Stafford 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.