Wellesley College Request for Information for Federal Stafford Loan Federal PLUS Loan Student Alternative Loans March 2008 All information provided in this RFI is to be considered confidential. Wellesley College will maintain all information provided by lenders as confidential. Overview This Request for Information is designed so that Wellesley College can identify and recommend to its students and parents a group of lenders and loan products that have competitive rates and excellent customer service and borrower benefits. Students and Parents will be notified of the recommended lenders and loans for the 2008-2009 academic year, and will receive information stating that Wellesley will process loans from any lender and that students may apply for loans through the lender of their choice without penalty. Wellesley College hopes to select 3-5 preferred lenders for each federal loan program and student alternative loan program, however, this is subject to change without notice. The submission of information in response to this Request for Information does not create a binding obligation of any nature. Minimum Requirements All lenders will be expected to adhere to the following minimum standards. Please indicate which, if any, of these standards you will not be able to meet if you are selected as a preferred lender. Resolution of loan certification, disbursement, and servicing issues within 24 hours Dedicated customer service representative(s) as well as a priority telephone service number to serve Student Financial Services staff at MASFAA College Commitment to honor loan fees, borrower benefits and loan terms that are described in your proposal for the entirety of the 2008-09 processing year (July 1, 2008 to June 30, 2009) Development and reporting on a quarterly basis of key operating and financial metrics, including, but not limited to loan volumes and approval rates Evaluation Criteria We will use the following criteria to evaluate responses and make recommendations: Front-end fees and benefits to borrowers Repayment benefits and utilization rates Quality of service during loan processing, including consumer information and webbased service features Quality of service during loan servicing, including consumer information and web-based service features Reputation and history of lender and loan servicer Instructions Responses should be submitted using the RFI response sheets in the accompanying Excel workbook. There is a sheet for each of the following: General Information Federal Stafford Loan Federal PLUS Loan Student Alternative Loan Please be sure to respond to the questions in the general information sheet, along with the specifics for each loan program for which you are seeking consideration. All response sheets should be submitted electronically to Joan Tibbert, Educational Financing Coordinator, Wellesley College, at email@example.com. Supplemental materials are not required but will be accepted in addition to the completed response sheets. Supplemental materials may be sent electronically or in hard copy to Joan Tibbert, Loan Coordinator, Student Financial Aid Services, Wellesley College, 141 Green Hall, Wellesley, MA 02481. If you chose to submit supplemental materials they should be organized into the following categories (all optional): Cover letter RFI response details or back-up Lender profile Description of loan process flow (including screenshots of lender application) Description of repayment process flow We reserve the right to schedule face-to-face meetings with all respondents or a subset of finalists. Timeframe Full responses to the RFI must be received by the close of business on Monday, March 31st 2008. We will notify all responders during the third week of April, 2008. Information about Wellesley College Wellesley College is the globally recognized leader in education. We offer programs in undergraduate, graduate and professional education. This RFI pertains to the following populations (numbers approximated): 2250 full-time undergraduates 105 part-time undergraduates Student Loan Volume and Default Rate Wellesley’s student loan volume for 2006-2007 was $4.978 million Undergraduate Federal Stafford: $1,881,800 Federal PLUS: $3,096,473 Wellesley’s latest Federal Stafford cohort default rate (2006) is: 0.7%. Operating Systems We use SCT Banner for our financial aid and student accounts systems, respectively. We certify loans and disburse through ASA Direct. Adherence to Codes of Conduct Wellesley College and its Student Financial Aid Services staff adhere to the NASFAA Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. For more information Please contact Joan Tibbert, Educational Financing Coordinator, at 781-283-2271 or at firstname.lastname@example.org. All questions should be sent electronically to Joan and all general RFI related questions and answers will be shared with RFI participants.