Fairfield University's Statement Regarding Preferred Lenders

February 2008

Fairfield University's Annual Preferred Lender Selection Process

1. In October of each year, the Director of Financial Aid submits a request for information (RFI) to a minimum of eight lenders in an attempt to develop and secure an annual preferred lender list. These lenders are asked to respond with their best offers in respect to several areas in student lending. These areas include: educational products and services, the Connecticut Financial Aid Code of Conduct, operational standards, default management, and to supply references consisting of institutions similar to Fairfield University.

2. The lenders are asked to submit their response to Fairfield's RFI by mid-December.

3. The responses to Fairfield's RFI are reviewed, evaluated, and rated by the Office of Financial Aid. The ratings are based upon several criteria (all criteria were of equal value) including: borrower benefits, school certification processing, servicing of the loan, and economic stability. Ratings ranged from one to five; with five being the most desirable. The lenders with the highest sum of all rating categories are selected as preferred lenders and once the preferred lender list consisted of three unaffiliated lenders using this process, the list is complete. The selection process is completed by the middle of February for each upcoming academic year.

Neither Fairfield University nor its employees who select the Preferred Lenders has a revenue-sharing interest in any of the lender agreements.

All students and their parents have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the preferred lender list, and will suffer no penalty from the University for choosing a lender that is not on said preferred lender list.

View the current borrower benefits offered by our preferred lenders. The Office of Financial Aid will certify any lender's master promissory note on behalf of the student's request.

Read our preferred lenders disclosure statement by clicking here.

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