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How did Miami choose the recommended private loan lenders?
Prior to the 2008 - 2009 academic year,
Miami University surveyed numerous providers of private
education loans (lenders) through a formal Request for
Information (RFI) process. A total of fifteen lenders
submitted a response.
Miami compared the 15 lenders on the following loan
features:
- Academic Levels eligible
- Amount of Origination Fee (%) Repayment Fee (%)
- Annual Limit
- Banking formula Interest Based On (i.e. LIBOR, Prime)
- Citizenship level required
- Cosigner Release option available
- Determination of Credit
- Eligibility for Past Due Balances
- Interest Rate (%)
- Is there a Prepayment Penalty
- Max. Repayment Term (Years)
- Minimum Enrollment requirement
- Minimum Loan Amount
- Range of Repayment Options
- Total Aggregate Limit (co-signed vs. not co-signed)
In addition, we took into account Miami's experience, both from our staff, and from what we have learned from students, of the customer service of each lender.
For information about private loans, please visit http://www.muohio.edu/loans.
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