NASFAA Seeks Feedback on Preferred Lender List
In an effort to help students interested in borrowing private education loans, schools may elect to provide a list of lenders from which to choose based on the institution’s screening for good lending practices and customer service. Schools that do so must adhere to all requirements surrounding lender lists, and take steps to ensure that the resulting list is objective and transparent. Code of Federal Regulations section 601.10.d2 specifies that there cannot be "less than two lenders of private education loans that are not affiliates of each other included on the preferred lender list," but there is no cap on how many may be listed.
Please answer the questions below to share your school's policies on preferred lender lists by 5:00 p.m. ET Monday, February 10, 2020.
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