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Preferred Lender List
What is a Preferred Lender List and why does the Financial
Aid Office use one? A Preferred Lender List is a list of lenders we recommend
students and parents use when applying for a Stafford Loan or a Parent Loan for
Undergraduate Students (PLUS). Because of the large number of lenders who
process these loans within the United States, the MTSU Financial Aid Office is
unable to have a working relationship established with each lender. Therefore,
we have established a Preferred Lender List, which
we review annually. These lenders meet the following criteria:
- Provide the lowest fees to our students.
- Provide proven customer service.
- Local banks located in middle Tennessee. Because over
80% of MTSU students are from the middle Tennessee area, preference was
given to lenders with an established loan volume who are located in middle
Tennessee. Additionally, at least two national lenders are on the list to
meet the needs of our out-of-state students.
The Preferred Lender List is merely a list of lenders we
recommend students and their parents use. Students and parents are
allowed to use any lender they choose. MTSU will not delay loan certification if
a student or parent chooses a nonpreferred lender but, unfortunately, we may only have limited
ability to assist students if they have problems with a non-preferred lender.
If you choose to use another lender, the student needs to submit a Loan Request
Sheet (LRS) and the parent needs to submit a Parent Loan Request Sheet (PLRS).
They should note the lender’s name and lender code on the request.
MTSU does not receive any additional revenue from a
preferred lender for the processing of student loans. All loan proceeds are
applied directly to the student’s account. MTSU does not have any memos of
understanding with any lender. Additionally, employees do not receive any
personal gifts, expense paid trips, stock in the company, etc for allowing
lenders to be on the Preferred Lender List.
Click Here to continue to Lender list
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