Choosing a Lender 2008-2009

KU Medical Center participates in the Federal Family Education Loan Program (FFELP). Students are required to choose a lender to process their Federal Stafford Loans. It is important to note that the terms, conditions and the interest rate of the Federal Stafford Loans are determined by Federal Laws and Regulations. Those cannot and do not vary by lender. The ways in which a lender may vary is by the lender specific borrower benefits, origination fees and customer service.

We have established the following lender comparison charts from which a student can select a lender for their Federal Stafford loans. It is important to note the fee information and borrower benefits listed in the charts are subject to change. You will need to contact the lenders directly to get the most current benefits.

The lenders on this chart have established electronic processes to transmit the loan applications and receive the loan funds with KUMC. Click here to learn more about how we chose our current set of lenders.

We have put together a list of questions you will want to consider when choosing your lender. You can use the websites listed to gather general information. We encourage students to call any potential lender with questions that they have:

What are the origination fees being charged?
What are the borrower benefits in repayment? How could you potentially lose this benefit?
Does my lender sell their loans? If so to whom?
What does my lender offer in terms of customer service? (Can I talk to a real person? What are the electronic services offered? Do I find the customer service rep knowledgeable?)

We encourage students to research which lender best suits their needs. And remember only borrow what you truly need!!!

Lender Name	Origination Fee	Federal Default Fee	Total Fees	Borrower Benefits
Bank of America www.bankofamerica.com/studentloans 824421 Contact Number: (800) 344-8382	0%	0%	0%	For Stafford, get a 0.25% interest rate reduction with any Bank of America deposit account. The borrower opens a BOA deposit account (checking or savings) before entering repayment. Do not have to use auto debit.
Chase www.chasestudentloans.com 803000 Contact Number: (800) 487-4404	0% till May 31st 2008; 1.5% till June 30th 2008; 1% after July 1st	0%	0%	.10% automatic interest rate reduction immediately at repayment
US Bank www.usbank.com/studentloans 804609 Contact Number: (800) 242-1200	0% till May 30th 2008; 1% after June 1st 2008	0%	0%	1% credit on the original pricipal amount after the first twelve (12) consecutive monthly on-time payments. (No more than 10 days past the due date.)
Wells Fargo http://wfefs.wellsfargo.com/jump/kumc.html 807176 Contact Number: (800) 658-3567	0% till June 30th 2008; 1% after July 1st 2008	0%	0% till June 30th 2008; 1% after July 1st 2008	0.25% IRR ACH; Wells Fargo Student Graduation BenefitSM program interest rate reduction of 0.50% at repayment upon verification of graduation (Stafford, Grad PLUS, and Wells Fargo private loans)

Choosing a lender not on the comparison chart:

You are not required to choose a lender from our comparison chart. However, if you do choose a lender that is not on our lender comparison chart you will need to complete the Stafford Loan Request . You should accept all the desired aid except the Federal Stafford loans on Enroll&Pay. We will accept the loan(s) for you once we receive the completed Stafford Loan Request. You can reach our office at financialaid@kumc.edu or by calling 913-588-5170.

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