COPACE and Graduate Student Federal Stafford Loan Processing Form
Student Name: __________________________________ Banner ID: ________________
In order to process your Federal Stafford Loan, please complete all sections of this form and return it to the Office of Financial Assistance. I. Award Acceptance: (You may accept either the full amount or a portion of your Federal Stafford Loan.) Type of Award Accepted Subsidized Stafford Loan Unsubsidized Stafford Loan II. Summer __________ __________ Fall _________ _________ Spring _________ _________
Award Declined: (You may decline either the full amount or a portion of your Federal Stafford Loan.) Type of Award Declined Subsidized Stafford Loan Unsubsidized Stafford Loan Summer _________ _________ Fall _________ _________ Spring _________ _________
III.
Your Lender Choice: You, as the borrower, may select the Lender you wish to use when Clark University processes your Federal Stafford Loan. The Office of Financial Assistance at Clark University will process a loan application from any lender and will continue to be of assistance to you no matter which lender you select. You should be aware that some lenders may deduct an origination fee and/or a default fee from your Federal Stafford Loan. This deduction is reflected in the final amount disbursed to your student account. Additional information regarding lender selection is listed on the reverse side of this form. Please indicate below if you wish to use one of our suggested lenders or if you wish to use another lender of your choice: ______ ______ ______ ______ Chase Education Finance 803000 Citizens Bank 817729 Wachovia 830005 Other: Please specify the name of the Lender and their Lender Code Lender: ________________________ Lender Code: ______________
American Student Assistance (ASA) is the Loan Guaranty Agency with which Clark University works. If you prefer to work with a different Guaranty Agency, please specify your preference here: _________________________________ IV. I have read and understand the conditions of my award as outlined in the Financial Aid Policies and Guidelines listed in the Guide to Your Financial Aid Award. _________________________________ Student’s Signature Please return this form to: ________________ Date Office of Financial Assistance 950 Main St., Worcester, MA 01610
Selecting a Lender
At Clark University, we believe that selecting a lender is all about choice. However, many of our students ask us for guidance about the types of financing options available and suggestions for which lenders to consider when selecting a lender. Each year Clark University follows a formal review process which involves requesting information from lenders on a variety of criteria, such as lender stability, interest rates, borrower benefits, and customer service. Based on lender responses, we determine which lenders will offer competitive interest rates, favorable borrower benefits, and have the ability to provide our families with excellent customer service. In order to monitor these criteria, along with lender stability, we continue to assess lender performance throughout the year and encourage our borrowers to provide us with feedback regarding their experiences with any lender. For the 2008-2009 year, Clark University has been assured by the following lenders of their continued participation in the Federal Family Education Loan Programs (Stafford and PLUS), private educational loan programs, and offerings of competitive interest rates and borrower benefits for our student borrowers: Chase Education Finance 1-800-487-4404 www.chasestudentloans.com Citizens Bank 1-800-708-6684 www.citizensbank.com/edu Wachovia 1-800-338-2243 http://studentloans.wachovia.com/jump/c002139
We suggest that you contact these lenders, or any others that you wish to research, to learn more about the options they offer and the benefits associated with each program to determine which best fits your own objectives. Once again, we remind you that selecting a lender is your choice. The Office of Financial Assistance at Clark University will process a loan application from any lender and will continue to be of assistance to you no matter which lender you select. Questions you may wish to ask as you do your research: • • • • • • • • What, if any, up front benefits do you offer for your student, parent, and private educational loan programs? Are there fees associated with any of your loan programs? If so, what are they? Are there any interest rate deductions offered to the borrower once repayment begins? What are the requirements to obtain these benefits? Once obtained, can these benefits be lost? Can they be regained? What is your definition of a late payment? Is there a co-signer requirement for you Private Educational Loan program? Who is the servicer for your loan programs? Do you sell any of your loans?
If you need additional information or have questions, please contact the Office of Financial Assistance at (508) 793-7478 or by email at finaid@clarku.edu.