Word: loaned
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...being a financial aid officer sounds like a boring desk job, think again. Apple iPods, portable DVD players, and trips to the Caribbean are just a few perks that private loan institutions offer to university officials in the hopes of being included on their “preferred lenders” lists. Since financial aid offices recommend private loan options based on these lists, lenders have resorted to extreme marketing strategies to ingratiate themselves with college officials...
...appear to have a preferred lenders list. Undergraduates who are U.S. citizens or permanent residents with good credit histories can borrow up to the full cost of attendance (less financial aid) through the federal Direct PLUS program in addition to the standard federal direct subsidized and unsubsidized student loans. Other residents of the U.S. or Canada, as well as international students with an eligible co-applicant, can borrow up to full cost through the Massachusetts Educational Financing Authority, a non-profit state organization created by the state legislature in 1982 to provide inexpensive student financing programs. The College?...
Harvard’s graduate schools, on the other hand, do have one common preferred lender: Citibank. According to the Harvard Business School (HBS) Web site, HBS finalized an agreement in 1998 with the Student Loan Corporation, a subsidiary of Citibank, under which Citibank would be granted preferred lender status. While international students can receive direct subsidized loans from HBS, the school also advertises CitiAssist loans, which have higher interest rates than the Federal Direct Stafford/Ford Loans and the Federal Perkins Loan, but are available regardless of citizenship status and have more flexible credit requirements...
Similarly, while Harvard Law School (HLS) offers international students direct loans through the HLS Loan Program, the CitiAssist loan through the Harvard Education Loan Program and Citibank Stafford loans are also advertised prominently on the HLS Web site, with this statement in small print: “There are many other lenders (such as Access Group, Nellie Mae, and Wells Fargo) available for your Stafford loans that we are not able to outline here...the incentives vary according to the lender...
...Director of MBA Financial Aid Susan S. Gilbert wrote in an e-mail yesterday, “Since the private loan program we have with Citibank is a no-fee, sub-prime loan, we’ve seen very little interest in borrowing private loans from other lenders.” The same sentiment was echoed by HLS Assistant Director of Financial Aid Denise Ryan, who maintains that “we list Citibank because they have very favorable Stafford terms...