Sacred Heart University’s Office of Student Financial Assistance is in business to assist prospective students and their families. In doing so, it sifts through thousands of potential lenders on behalf of those students whose financial aid package does not meet all of their individual needs. It looks out for the best loans, the best terms, and thebest services for its students.
Having evaluated what can be a bewildering array of options, it presents students with a “short list” of what are called preferred lenders. These are banks and other agencies with demonstrably competitive interest rates, benefits, and customer services. They have a track record of success with people in similar circumstances, especially at Sacred Heart, and they are typically brands that Sacred Heart families already know and trust.
Lenders are evaluated based on a number of important criteria: reduced default and origination fees, reduced interest rates, and cashback and rebate programs, for instance. The Office also takes into consideration such factors as repayment schedules, customer service, each institution’s reputation from an industry standard, the mission of the organization, and Sacred Heart University borrower experience.
The so-called preferred lenders are by no means the only game in town, and families are free to choose any other recognized lender. When shopping for a loan, borrowers can weigh the benefits provided by SHU’s preferred lenders with any lender of their choosing and act accordingly.
Last year, the University identified seven lenders that offered the lowest rates and most competitive packages, and the large majority of borrowers chose one of the seven. The evaluation process was designed to meet the best interests of prospective students and their parents, and families have responded very positively.
In addition to personal guidance, the University’s website provides abundant data including a link to ELM Resources at www.elmresources.com/s-about-lenders.php. This is the same system that the University uses to process and track loans. This link provides a list of Stafford lenders and in some cases a direct link to the lenders.
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