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STAFFORD
LOAN PREFERRED LENDERS - 2008-2009 Below is a list of preferred
Stafford loan lenders. You have the right and ability to borrow from any lender
you would like. You will suffer no penalty for choosing a lender from outside
our preferred lender list. Barnard has chosen these three lenders based on the
reduced rates and attainable borrower benefits they offer as well as for the exceptional
customer service they provide. If you do not have a preference for any particular
lender, we suggest you borrow from one of these three. We believe any one of them
will serve you well. PLEASE NOTE: Some lenders, including but not
limited to College Board and Student Loan Xpress, are no longer offering Stafford
loans. If you have borrowed with one of these lenders you will need to choose
a new lender and sign a new promissory note. You can choose any lender you would
like, including any from our preferred list below.
| Lender/Provider |
| |
|
| Lender
Code | 808851 |
803000 |
826878 |
| Interest
Rate | Fixed
rate: 6.0% for subsidized, 6.8% for unsubsidized | | Default
Prevention Fee | 0% |
| Origination
Fee | 1.0% |
Annual
Loan Maximums | First
year: $3,500, $2,000 unsubsidized*
Sophomore: $4,500, $2,000 unsubsidized*
Junior: $5,500, $2,000 unsubsidized*
Senior: $5,500, $2,000 unsubsidized*
*A
total of $6,000 in unsubsidized Stafford funds is available to first-year students
and sophomores whose parents have been denied a PLUS. A total of $7,000 in unsubsidized
Stafford funds is available to juniors and seniors whose parents have been denied
a PLUS. | | Loan
Terms | 6
month grace period.
No
payments while in school.
No interest accrued (for subsidized loan only).
Deferment
and forbearance available. |
| Other
Benefits | 0.25%
interest rate reduction for auto-debit. | | Loan
consolidation available | | | | | Repayment
and consolidation | For
more information on repayment and consolidation, click
here | %
of school's Stafford loans made by this lender in 07-08.
32% used other lenders. | 5% | 7% | 56% |
If you have borrowed from a lender in the past, Barnard will assume
you wish to continue borrowing from that lender and will process all loans with
that lender unless you notify us otherwise. In order to switch to a different
lender, contact that lender directly to complete a new application and promissory
note. In addition, please notify Financial Aid immediately of your new lender
of choice. **Please note, we have only recommended lenders who originate
and service their own loans and who have no intention of selling these loans to
other lenders. We believe that servicing and owning their student loans shows
a commitment on the part of the lender to its customers. We also believe that
this arrangement helps borrowers remain clear about who their lender is, how much
they still owe, and who to contact in case of changes in information. We only
recommend lenders who originate, service, and retain their student loans because
we believe that our borrowers will be less likely to default if they have developed
a relationship with their lender and are clear on how to contact them. Deferment:
An In-School Deferment means that payments on a loan are not required while a
student is attending an accredited institution on at least a half-time basis.
During this period, for a subsidized loan (Stafford or Perkins) the interest is
paid by the federal government to the lender on behalf of the student. Unsubsidized
loans accrue interest during this period. Deferments are also available for unemployment
and economic hardship. Forbearance: When
a borrower is not eligible for a deferment but is unable to afford the payments
on her loan, she can apply for temporary financial relief through forbearance.
Forbearance is for temporary economic relief and must be requested in writing
or by phone to your lender. When a loan is in forbearance, the borrower is not
required to make payments on that loan but the interest accrues and is capitalized
(added to the principal of the loan) during the period of non-payment. Back
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