Code of Conduct The Office of Student Financial Aid at Baylor University adopts the National Association of Student Financial Aid Administrator's code of conduct for institutional financial aid professionals.

Choosing a Stafford or PLUS Lender

As a service to families, Baylor, like most institutions around the country, maintains a list of lenders based on service quality and capacity to help students and their families negotiate the complexities of borrowing. Baylor does not require students and their families to select a lender from the list, nor does the university suggest which lenders families should use. You have the right to select any participating lender.

STAFFORD AND PLUS LENDER LIST

* Stafford and PLUS 0.25% interest rate reduction for payments via ACH

Baylor's lender list was established by an open Request for Information (RFI) process and scored by a five-member University committee who reviewed 18 submissions from lenders in 2009 on the basis of customer service to students and staff, borrower benefits and services, default management, and service standards. Placement on the lender list is the result of our evaluation of the lender's customer service to you and to our office, borrower benefits offered, and commitment to default aversion. Some important factors for you to consider in choosing a lender include cost, flexibility, and customer service. Common customer service considerations include the availability of account information online and the availability of combined billing for Federal and private alternative loans once you begin repayment (one payment for several loans).

Although all Federal education loans have the same interest rates and fees, some lenders offer prompt payment discounts that can reduce the cost of the loan. These borrower benefits include interest rate reductions, full or partial origination fee rebates, and principal balance reductions. They reward the student for using automatic direct debit of monthly payments and/or for making on time monthly payments. Some of the cost savings are immediate, while others require the student to make a specified number of consistent, on-time payments. In many cases, the repayment incentives offered by a lender depends on the guarantor that insures the loans against default and the secondary market to which the lender sells its loans. Some student loan guarantee agencies, for example, have waived the 1%default fee (included in the origination fee) on the student loans they insure against default. Rates are subject to change each year.