University of Massachusetts Lowell Alternative Lender Selection Criteria and Process
A Request for Information is sent annually to lenders and designed so that University of Massachusetts Lowell can identify and recommend to its students and parents a group of alternative loan lenders and loan products that have competitive rates, excellent customer service and borrower benefits. Student and parents are advised via the website of the recommended lenders and loans for the academic year, including the information stating that University of Massachusetts Lowell will process loans from any lender and that students may apply for loans through the lender of their choice without penalty.
Evaluation Criteria Includes:
- Front-end fees and benefits to borrowers
- Repayment benefits and utilization rates
- Quality of service during loan processing, including consumer information and web-based service features
- Quality of service during loan servicing, including consumer information and web-based service features
- Reputation and history of lender and loan servicer