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In an effort to assist students and families in choosing a lender, Fontbonne University has compiled, by reviewing answers to questionaires, a list of lenders we consider to offer competitive products, responsive customer service, electronic payment of loan funds and a variety of savings programs during loan repayment. The criteria used to evaluate lenders, in order of importance, are: - Competitive Loan Products
- Loan Repayment Benefits
- Payment of Origination Fees
- Loan Forgiveness Programs
- Customer Service
- Default Prevention
Please note that you are not required to use any of these lenders - the choice of lender is yours without any Fontbonne penalty. We will process your loan with any lender you choose. Further, the list of lenders is in alphabetical order. You can view our Loan Repayment Benefits Comparison chart below to compare the repayment terms of the Federal Stafford Loan program through these lenders. These lenders provided assurance to the University that the advertised benefits upon repayment will continue to inure to the benefit of the student and parent borrowers regardless of whether the lender's loans are sold with the exception of consolidation. Note: Clicking on these links will take you from the Fontbonne University web site and redirect you to the lender's web site. Fontbonne University does not participate in revenue sharing or receive compensation in any form from lenders included on this list. Some lenders sell their loans to a servicing agent. Bank of America, Commerce Bank and Student Loan Xpress sell their loans to the Missouri Higher Education Loan Authority (MOHELA) and offer the MOHELA repayment benefits. AMS is owned by Sallie Mae, and offers the Sallie Mae repayment benefits. Other lenders, such as CitiBank, do not sell their loans. Because lenders update their loan programs on a consistent basis, we recommend checking the Fontbonne University lender's list regularly. Loan Repayment Benefits Comparison| Lender/Guarantor | Servicer | Federal Stafford Loan Program | Default Prevention | Customer Service |
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AMS, a Sallie Mae Company (USA Funds Guarenteed) Lender Code: 833067 | Sallie Mae | Zero Origination (After May 2, 2008 -1% origination fee) Zero Default fees with USA Funds Guarentee .30% Interest rate reduction for auto debit Combined billing for all Sallie Mae serviced loans, both federal and private | Flexible Repayment Options www.salliemae.com/bedebtsavvy http://www.manageyourloans.com/ | M-T/ 7-10 CT F/ 7-7 CT http://www.salliemae.com/ | Citibank/TG (Texas Guarenteed) Lender Code: 826878 | CITIBANK | Guaranteed/Disbursed after 1/1/08 1% Origination & Default Fee .50% automatic interest rate reduction for on-time payments .25% rate reduction for auto-debit & electronic statements | Unlimited opportunity to earn back after 24 on time payments Hold and service majority of loans | M-F / 7-10 CT http://www.studentloan.com/ (24/7) | Commerce Bank/MDHE | MOHELA | 1% Origination & 0% Default fee 3% interest rate reduction for auto debit Public Service Reward Program: reduce interest rate to 3.25% Pell Supplement Loan Forgiveness: up to $500 Pre-Engineering Program Loan Forgiveness: up to $3500 | Borrow Benefit Rehabilitation: Earn benefits back after 12 manual on time payments Commerce Bank holds borrower's loan while in school and sells to MOHELA at repayment. | M-F 7:30am - 10pm CST Sat 7:30am - 4pm CST 800-666-3910 www.commercebank.com/money101 | MOHELA Lender Code: 828863 | MOHELA | 1% Origination 0% Default fee if using MDHE 3% interest rate reduction for auto debit Public Service Reward Program: reduce int. rt to 3.25% Pell Supplement Loan Forgiveness: up to $500 | Earn back after 12 manual on time payments | 1-888-866-4352 M - F 8am - 5pm Outside normal business hours Voice Response Unit is available 24/7 Follow prompts to: Request loan app Check status of pending app Get principle balance info Request deferment or forebearance form Receive information on how to reduce interest rate Find the interest amount that may be tax deductable | Nelnet/ TG Lender Code: 824573 | Nelnet | Zero default fee with participating guarantor Waive last five payments if these conditions exist: a) sign up for e-correspondence b) have valid e-mail c) on-time payments
Waive an additional two payments for auto-debit
Must sign up for auto-debit within 90 days & maintain it | One-time forgiveness clause at students request | M-F/ 7-9 CT Nelnet 877-804-3603 | Regions Bank/USAF (USA Funds) Lender Code: 810612 | Sallie Mae | 1% Origination Fee 0% Default fees 7% loan credit if these conditions exist: a) 36 on-time payments
b) sign up for electronic services
For loans disbursed after 02/01/2008 through 06/30/2009 Zero Origination & Default fees .30% interest rate reduction for auto debit | http://www.manageyourloans.com/ | M-T/ 7-10 CT F/ 7-7 CT 800-858-7822 studentloans.regions.com/ | SmartFunds/MDHE Lender Code: 806773 | MOHELA | 1% Origination & zero Default fee 3% interest rate reduction for auto debit Public Service Reward Program: reduce interest rate to 3.25% | Earn back after 12 manual on time payments | Provided by MOHELA Customer Service 800-330-8589 M-F 9-5 CST http://www.mohela.com/ | Southwest Bank/MDHE Lender code: 804860 | MOHELA | Zero Origination & Default fee 3% interest rate reduction for auto debit Public Service Reward Program: reduce int. rt to 3.25% Pell Supplement Loan Forgiveness: up to $500 | Earn back after 12 manual on time payments | Provided by MOHELA M-F 8-5 CST www.mohela.com | US Bank/MDHE Lender Code: 814548 | MOHELA | 1% Origination fee as of June 1, 2008 Zero Default fee 3% interest rate reduction for auto debit Public Service Reward Program: reduce interest rate to 3.25% Pell Supplement Loan Forgiveness: up to $500 | Earn back after 12 manual on time payments | Provided by MOHELA M-F 8-5 CST http://www.mohela.com/ | Wachovia/TG Lender Code: 830005 | Wachovia | 1% principle reduction at disbursement .5% Origination & 0 % Default fee .25% interest rate reduction for auto debit | Earn back after 12 manual on time payments Wachovia holds and services their loans | M-F/ 7:30am-7pm CT 800-338-2243 http://www.tgslc.org/ |
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