Recommended Lenders Policy
Drexel University is committed to providing the best and most unbiased information to its students and families.
We first advise students and families to utilize no-cost sources of educational financing. However, there are circumstances where students need funding beyond those sources and are seeking assistance. Therefore, as a service to its students and families, Drexel undertook a review of lender products. Students and families have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders Drexel University recommends, and will suffer no penalty for choosing another lender. Drexel's Financial Aid Office will process a loan with any lender a borrower chooses.
Drexel contacted national and local lenders regarding their interest in receiving a request for proposal (RFP) for private education loan products. Thirteen lenders requested to receive the RFP. Responses were received from nine lenders for private loan products.
As the rationale for choosing a loan is complex, Drexel used a three-pronged approach to determine criteria. Borrowers were asked to participate in surveys that gave them the opportunity to rank and prioritize the criteria most important to them in selecting a loan. Next, customer service experiences were compared. Finally, criteria that are important in the smooth and efficient processing of a loan were included. All the criteria points were weighted according to a blending of the priorities. Categories related to cost were ranked the highest.
Criteria used for rating loan products:
- Loan terms including interest rates, loan fees, and approval rates
- Borrower benefit including guaranteed and earned benefits
- Loan processing including electronic processing, ease of loan application, and loan approval times
- Customer service to borrowers and Drexel
Federal regulations require any list of recommendations must include a minimum of three non-affiliated lenders.
Please feel free to contact Drexel's SRC/Financial Aid Office if you have any questions about the process, criteria, or any other matters relating to the lenders described on this website or any other matters or concerns you have relating to financial aid.