University of Indianapolis
1400 East Hanna Avenue, Esch Hall Room 141
Indianapolis, Indiana 46227
Phone: (317) 788-3217 or (800) 232-8634
finaid@uindy.edu
University of Indianapolis Policy and Procedures for Creating a Preferred Lender List
The University has established a policy and procedures to select lenders for a preferred lender list. These are lenders that meet or exceed criteria that are valuable to the student and the University. Choosing a lender can be a challenge for students, so selecting a lender from the preferred lender list may be helpful. However, students are free to choose any lender, even if the lender is not on our preferred list.
Our preferred lenders were chosen by the Financial Aid Policy Committee via an evaluation process that included:
- Stability, longevity and reputation
- Efficient processing
- Customer service (for the student and the University)
- Use of technology
- Borrower benefits
- Lender value added support services
- Default management
Based on these criteria and previous experience up to ten lenders provided information to the Financial Aid Policy Committee. This committee objectively evaluated each lender on over 40 criteria and selected three lenders for the preferred lender list.
The evaluation process is conducted annually. While the preferred lender list may change, it is important that, once chosen, the student should borrow from the same lender to avoid multiple payments upon graduation.
University of Indianapolis requires Stafford loan applicants to first choose a lender, then record that lender choice on the University's Stafford Loan Application. If you do not already have a Stafford Loan Application, you can download one from school website at http://financialaid.uindy.edu/forms.html. The Stafford Loan Application must be completed and returned to: Financial Aid Office, University of Indianapolis, 1400 East Hanna Avenue, Indianapolis IN 46227; or you may also fax it to 1-317-788-6136. Once the school has certified your Stafford loan, you will be notified by the lender when your Stafford Master Promissory Note is available to be completed and signed.
The federal fixed interest rate for 2008–2009 is 6.0% for undergraduate subsidized loans and 6.8% for graduate subsidized and undergraduate and graduate unsubsidized loans. However, the APR shown below is based on certain repayment benefits that may be applicable to the borrower.
For illustration purposes, the amounts below are based on an estimated total amount borrowed over a 4–year period of $19,000.
This information is provided for the convenience of you, the student, and your school. It is a summary of applicable terms and, as such, may not be complete. The information presented was collected from each lender. Although Sallie Mae has attempted to provide accurate information to you, we assume no responsibility for any errors or omissions in the information provided. Please contact the lender directly for specific terms and conditions. Students and schools should note that the laws and interest rates indices on which this information is based are subject to change. The promissory note and loan disclosure statement you will receive will contain the actual terms and conditions for the Stafford, PLUS, and/or private loan applicable at the time your loan(s) is (are) granted. Upon receipt of the disclosure statement(s), you may then decide whether or not to accept the loan(s). If you do not accept the loan(s), you will owe nothing. Terms and conditions apply and may change without notice. All examples assume a fixed interest rate. However, some private loan interest rates are actually variable, and the APR and monthly payment amount may increase after the loan is disbursed. The APR will increase if the Prime Rate increases.
