Stafford Lender List 2008-2009 - Financial Aid - Western University of Health Sciences

Financial Aid

Stafford Lender List 2008-2009

Western University of Health Sciences is committed to finding the most cost-effective way for all of our students to finance their education. Over the years we have worked with numerous lenders to offer programs that will meet the specific needs of our students and save them as much money as possible when they need to borrow.

With this goal in mind, we have developed a Stafford lender list to best serve our student borrowers. Lenders are selected for our lender list based solely on what is judged to be in the best interest of the University's students. The Financial Aid Office (FAO) annually reviews education loan provider's programs to determine if their programs are beneficial for the University's students.

Each of the lenders below has a fixed interest rate of 6.8%. Repayment begins 6 months after the student graduates or drops below half-time enrollment. Also, students may qualify for deferment and/or forbearances during residency and internships.

The FAO was able to determine to the best of our ability the cost of educational loans by using the loan analyzer calculators at the FinAid Web site. Many lenders were reviewed based on the following scenario:

$8,500 Subsidized Stafford Loan
$30,000 Unsubsidized Stafford Loan
Interest rate of 6.8%
Four years remaining in school
Grace Period of 6 months
Incentives provided by each lender
Equals the Cost of Loan (see chart below)

Based on the results of our scenario as shown above we have selected the lenders listed below based on the cost of the loan, customer service, ease of process, company reputation and funding availability. We encourage students to use the financial aid calculator at the FinAid Web site to determine the cost of their loans.

As a borrower you have the right and ability to select the education loan provider of your choice, even though they are not shown on our lender list. Selecting a lender that is currently not on our list will not have any consequences -- all loans will be processed in a timely manner.

Lenders listed below are arranged in alphabetical order. This list is subject to change without notice. Please note: Western University of Health Sciences does not endorse or recommend any of the lenders listed below . WesternU's lender list does not contain any lender that has offered or solicited any financial or other benefits to be a part of our lender list.

Please note: This list is subject to change without notice.

Stafford Lenders	Incentives / Fees	Link
Access	0% default fee on any loan guaranteed after August 18, 2008 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction at repayment	APPLY
Bank of America	1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction when you have a Bank of America account (Please note: that as of November 1, 2008 Bank of America will cease offering the 0.25% interest rate reduction)	APPLY
CitiBank	*First disbursement made prior* to August 19, 2008 have the following incentives. These incentives are also effective for any additional disbursements. 1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction with auto debit 0.50% Interest rate reduction at repayment Zero payments the last six months First disbursement made after August 18, 2008 have the following incentives. These incentives are also effective for any additional disbursements.** 0% default fee on any loan guaranteed after August 18, 2008 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction with auto debit	APPLY
Key Bank	1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.5% Origination fee will occur on all disbursements, if your first disbursement is *prior* to July 1, 2008 1.0% Origination fee deducted from each disbursement on loans, after July 1, 2008 0.25% Interest rate reduction with auto debit	APPLY
SunTrust	1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction with auto debit	APPLY
US Bank	1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.0% Origination fee deducted from each disbursement As of July 1, 2008, 0.25% Interest rate reduction with auto debit	APPLY
Wachovia	*Incentives offered on loans that disburse prior* to July 1, 2008 0.50% Origination fee deducted from each disbursement 0.25% Interest rate reduction with auto debit 1.0% Principal reduction at disbursement Incentives offered on loans that disburse after July 1, 2008** 1.0% Default fee deducted by the guarantor at each disbursement 1.0% Origination fee deducted from each disbursement 0.25% Interest rate reduction with auto debit	APPLY
Wells Fargo	1.0% Default fee deducted by the guarantor at each disbursement, effective July 1, 2008 1.0% Origination fee deducted from each disbursement, effective July 1, 2008 0.25% Interest rate reduction with auto debit	APPLY

Remember, selecting your education loan provider is completely your choice. The financial aid counselors at WesternU are here to explain the differences in education loan providers but can not select a lender for you.

Last Updated:11/19/2008

Tell a Friend