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Stafford Loan Links
FORMS | LINKS | COUNSELING
FEDERAL STAFFORD LOAN LENDER INFORMATION
After deciding to borrow funds by requesting a Federal Stafford Loan, you need to select your lender. To assist families in choosing a lender, the Financial Aid Office has compiled a list of institutions that we consider to be excellent in the educational lending field. Each lender included is nationally-recognized and intends to remain in the student loan business long-term. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to your Wheaton College billing account and offer a variety of borrower benefits during loan repayment.
However, you are not required to use any of the lenders listed. You may designate any bank or lender of your choice, and Wheaton College will process your loan as quickly as possible.
The Financial Aid Office is committed to recommending lenders who provide good service and benefits to our borrowers. We survey 15 to 20 lenders each year and ask them to provide extensive information regarding their benefits and services by completing and returning what is termed a Request for Information (RFI).
The Financial Aid Office at Wheaton College reviews each RFI anonymously in order to avoid any bias and maintain objectivity. Lenders' responses to the RFI are ranked using criteria developed by the National Association of Student Financial Aid Administrators (NASFAA). These criteria include lender history and stability, borrower benefits, customer service and application processing. The results of these rankings and the responses to the RFIs are evaluated, and a final score is determined for each lender. Wheaton has chosen the highest-scoring lenders to include on our Federal Stafford Loan Lender Information Sheet.
The interest rate for the Stafford loan program is determined by federal law and will be the same for all lenders at a fixed rate of 6.8%. However, the interest rate on subsidized Stafford loans made to undergraduate students which have a first disbursement on or after July 1, 2008 and before July 1, 2009 is 6.0%. When considering the various incentives offered by the lenders you may want to keep in mind that an up-front benefit, such as payment of the origination fee, is provided to all the borrowers who select the lender but back-end benefits are on average achieved by only about 20% of borrowers.
Important note: Borrower benefits may change at any time without notice. Feel free to contact the Financial Aid Office if you have any questions about the process or the lenders selected.
Access Group
800-282-1550
Lender Code: 808851
www.accessgroup.org
- Access Group borrowers are subject to the 1% origination fee that is applied at the time of disbursement for loans disbursed between July 1, 2008 and June 30, 2009.
- Access Group offers a 0.25% interest rate reduction when the borrower signs up for auto-debit payments. This benefit remains in effect for the life of the loan as long as payments are made as required.
- For borrowers who choose to utilize extended repayment over 25 years, Access Group will pay the last 12 monthly payments on behalf of the borrower.
Access Group has provided financing solutions for students in need for nearly 25 years. Their sole business and focus is student loans, and they are committed to offering the greatest possible value to the broadest range of eligible students. They are one of the few nonprofit loan providers within the student loan industry who service their own loans. Access Group does not have any forward purchase agreements and does not ordinarily sell their loans.
Edamerica
800-337-1009
Lender Code: 831453
www.edamerica.net
- Edamerica borrowers are subject to the 1% origination fee that is applied at the time of disbursement for loans disbursed between July 1, 2008 and June 30, 2009.
- When borrowers sign up for auto-debit payments, Edamerica offers a 0.25% interest rate reduction that remains in effect for the life-of-the-loan as long as payments are made as required.
Edamerica is the 9th largest national lender with 20 years of experience in education loan products and is a nonprofit lender. By offering only student loans, they focus their resources on providing quality products and customer service. Edamerica partners with Edsouth, its business partner and nonprofit secondary market, and Edfinancial Services, its designated servicer. Edamerica sells loans to Edsouth within 60 days of final disbursement. All loans are serviced by Edfinancial Services for the life-of-the-loan and never sold or transferred to any other party.
Wachovia
800-347-7667
Lender Code: 830005
www.wachovia.com/education
- Wachovia borrowers are subject to the 1% origination fee that is applied at the time of disbursement for loans disbursed between July 1, 2008 and June 30, 2009.
- For borrowers that sign up for auto-debit payments, Wachovia offers a 0.25% interest rate reduction. This benefit remains in effect for the life-of-the-loan as long as payments are made as required.
Wachovia is one of the nation’s largest banks, the 5th largest student loan lender in the nation, and has been in the student lending industry for 24 years. Wachovia generally services loans during the in-school period and then transfers them to ACS for servicing when borrowers enter repayment.
Wells Fargo
800-658-3567
Lender Code: 807176
www.wellsfargo.com/student
- Wells Fargo borrowers are subject to the 1% origination fee that is applied at the time of disbursement for loans disbursed between July 1, 2008 and June 30, 2009.
Wells Fargo is the 4th largest student loan lender in the nation and has been in the student loan industry for 40 years. Wells Fargo retains its loans and provides complete life-of-loan servicing for each of the loan programs.
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