Choosing a Lender
NC State University believes that students and parents want some guidance in choosing lenders from whom to borrow Federal Stafford and Federal PLUS Loans. Thus, the university annually compiles a list of lenders who have a proven track record of providing the best loan benefits to students and best customer services to students, parents and schools. You may choose a lender from the list below, or select a different lender if you prefer.
NC State University adheres to the Code of Conduct which was created by the UNC system regarding the university's relationship to lenders. The goal of the Office of Scholarships and Financial Aid is to provide students with information they need to make good decisions about borrowing, and to select the types of loan(s) and the lender(s) that offer the best terms for their particular needs.
Direct vs. FFELP
NC State participates in both the Federal Direct Loan program and the Federal Family Education Loan Program (FFEL), and students/parents have the option to borrow from either. Both of these loan programs are federal loansthat offer the same interest rates and repayment terms. The primary difference between the two is in the source of the funds; with Direct Loans, the federal government lends the money to the student/parent directly via school certification, and in the case of FFEL the funds are provided by the banking community.
What's the difference?
The basic terms of the loan (amount you may borrow, interest rate, length of time to repay the loan) will be the same regardless of the lender you choose. Lenders may, however, offer incentives to students that reduce the cost of the loan to you up front, such as by offering you a reduced loan origination fee, or lenders may reduce the cost to you in repayment, such as by offering a reduction in the interest rate you must pay after you make a certain number of on-time payments. We encourage you to choose a lender that offers the best combination of borrower benefits to meet your specific needs. You can select the Federal Direct Loan Program as your lender, or a lender from the list below, or a lender from a comparison chart of lenders used by other schools in the UNC system, or search a complete list of national lenders who participate in the Federal Stafford Loan programs.
How do I let you know my choice?
You may indicate your lender preference by completing the Loan Borrowers section of the NC State Institutional Financial Application, or you may notify the Office of Scholarships and Financial Aid of your lender preference via email, fax or verbal communication with one of the financial aid counseling staff. While we cannot advise you regarding which lender to choose, we will be glad to answer any general questions you have about your eligibility for a Federal student loan.
Frequently Chosen Lenders
The lenders listed below are listed in order of loan volume, with the lender listed first being the one chosen most frequently by NC State students during the 2009-10 year:
- College Foundation of North Carolina
1-866-866-CFNC
http://www.cfnc.org/paying/loan/info_loan.jsp - Wachovia/Wells Fargo
1.800.338.2243
http://www.wachovia.com/education - Federal Direct Loans
1-800-848-0979
http://www.ed.gov/DirectLoan - Citibank
1-800-967-2400
http://www.studentloan.com/
If you would like to consider a broader list of lenders, this chart will provide you with a list of the Federal Stafford Loan lenders chosen most frequently by students enrolled at all UNC system campuses during the 2009-10 year.