Suggested Lenders

Never Borrowed a Student Loan Before?

If you have never borrowed a Federal Stafford Student Loan before and have discussed your need for one with a CCV financial aid counselor, you need to select a lender. Listed below are the 3 lenders CCV suggests you consider for the 2008-09 academic year based on the criteria listed on About Student Loans

Students: To select one of these three lenders or to select another please complete a Lender Selection form and return it to the financial aid counselor at your CCV site.

Parents: Print a copy of PLUS Loan Request Form, complete it and mail it to the address indicated.

You are not limited to selecting from the suggested lenders. You have the right to select any lender you choose and it will not cause unnecessary certification delays. Simply provide the lender identification number, name and address to the financial aid office at your site.

Lender	Vermont Student Assistance Corp. (VSAC) Main location: Winooski, Vermont VSAC	Wachovia Education Finance Main Location: Rancho Cordova, CA Wachovia	EdAmerica Main Location: Knoxville, TN EdAmerica
Upfront Fees/Percentage of Borrowers Receiving the Benefit	Available to in-state and out-of state students and parents	Available to in-state and out-of state students and parents	Available to in-state and out-of state students and parents
Subsidized Stafford	0% Origination Fee 0% Default Fee 100% of VSAC borrowers qualify	1% origination fee. 0% default fee as CCV plans to select EdFund as the guarantor, who will waive the fee for Wachovia borrowers; 100% of Wachovia borrowers qualifying.	1% origination fee. 0% default fee as CCV plans to select Texas Guarantee as the guarantor, who will waive the fee for Edamerica borrowers; 100% of Edamerica borrowers qualifying.
Unsubsidized Stafford	0% Origination Fee 0% Default Fee 100% of VSAC borrowers qualify	1% origination fee. 0% default fee as CCV plans to select EdFund as the guarantor, who will waive the fee for Wachovia borrowers; 100% of Wachovia borrowers qualifying.>	1% origination fee 0% default fee as CCV plans to select Texas Guarantee as the guarantor, who will waive the fee for Edamerica borrowers; 100% of Edamerica borrowers qualifying.
PLUS	3% origination fee; 1 % default fee is waived 100% of VSAC borrowers receive 0% default fee	4% Fees, unless guarantor waives the 1% default fee, then fee would be 3% with 100% of borrowers qualifying. 0% default fee as CCV plans to select EdFund as the guarantor, who will waive the fee for Wachovia borrowers; 100% of Wachovia borrowers qualifying.	4% Fees, unless guarantor waives the 1% default fee, then fee would be 3% with 100% of borrowers qualifying. 0% default fee as CCV plans to select Texas Guarantee as the guarantor, who will waive the fee for Edamerica borrowers; 100% of Edamerica borrowers qualifying.
Other Borrower Benefits/Percentage of Borrowers Receiving the Benefit**t	0.25% interest rate reduction when borrower in repayment chooses monthly payments by automatic debit with electronic statement; 10-30% of borrowers will take advantage of this benefit.	0.25% interest rate reduction for use of ACH (auto payment)/10% of borrowers use this payment method These benefits may vary depending on the type of loan.	For loans paid via ACH (auto payment): 0.25% interest rate reduction for Stafford loans with 5% of borrowers choosing this payment option, 0.60% interest rate reduction for PLUS with 10% of borrowers choosing this payment option
Disqualifying Features	Not available at this time	Not available at this time	Interest rate reduction only if you use automatic payment deduction; can be regained for Stafford, not for PLUS .
Estimated Savings on 10 year repayment for $10,000	Stafford: $350 PLUS: $261	Stafford: Not available at this time PLUS: Not available at this time	Stafford: $311 PLUS: $347
Non-Profit	Yes	No	Yes
Customer Service Options	E-sign for promissory note 24/7 on-line account access Extended toll-free phone and walk-in customer service hours. Students deal with one organization, one phone number and one website for the life of the loan	E-sign for promissory note 24/7 on-line account access Toll free customer service line	E-sign for promissory note 24/7 on-line account access Toll free customer service line Students deal with one organization, one phone number and one website for the life of the loan
Sell Your Loan to another Lender	No	Generally no	No
Services Your Loan	Yes	Generally services loans during the in-school period and transfer them to a third-party servicer when they enter repayment.	Yes, using a partner agency

** Please check the lender's website for specifics concerning the borrower benefits.

The above information is for loans borrowed during the 2008-09 academic year.

Here is a printable version of this 2008-09 Suggested Lender Comparsion Table (word document)