Roanoke College Preferred Lender List

FFELP Lender Requirements

• Must work with Educational Credit Management Corporation (ECMC) and allow them to originate all FFELP funds
• Must allow ECMC to disburse all FFELP funds or be able to provide Roanoke College with a Commonline disbursement file and copy of a roster at the time of disbursement
• Must process both Federal Stafford and Federal PLUS loans
• Must process both Subsidized and Unsubsidized Loans
• Works with a servicer that is responsive to student and school issues
• Has a customer service center that is responsive when contacted by the student borrower
• Has Lender Representatives that are responsive when contacted by the financial aid staff
• All issues are resolved in a timely manner
• Offers benefits or products that would be advantageous to RC Students
• Offers products and services that help the financial aid staff to develop unique approaches to debt management
• Demonstrates a default rate that is comparative to the national level
• Promotes responsible borrowing when possible

The Roanoke College Financial Aid Office selects lenders to our lender list on a yearly basis. Our lender list includes the top lenders, by volume, that were chosen by enrolled students from the previous academic year. The last review was conducted January 2009. If you have further questions about how we selected our lenders, please contact our office directly.

Roanoke College has established our preferred lender list in an effort to simply the selection process for our students. If a student's preferred lender does not appear on our list however, they may still borrow from that lending institution. They simply need to confirm that their selected lender participates in the FFELP Loan Program. They would also need to obtain an application directly from that lending institution and return it directly to our office for processing.