Recommended Lender Policy

Drexel University is committed to providing the best and most unbiased information to its students and families. There are hundreds of lenders offering hundreds of private education loans. Although we first advise students and families to utilize low-cost sources of educational financing, such as Perkins, Stafford, and PLUS loans, 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 on Drexel University’s Lender List, and will suffer no penalty for choosing a lender that is not on that list. Drexel’s Financial Aid Office will process your loan with any lender you choose.

Drexel invited more than 25 lenders to respond to a request for information (RFI) about their federal and private educational loan products. Additionally, lenders who were not initially included, but requested the opportunity to participate, were invited to do so, resulting in a total of 21 lenders who responded to the RFI. As the rationale for choosing a loan is complex, Drexel used a three-pronged approach to determine criteria. Students 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. In a separate survey, parents were asked to do the same. 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 by all groups.

Criteria used for rating loan products:

• Interest rate
• Low or no fees
• Commitment to guarantee terms
• Borrower approval and processing time
• Electronic disbursement of funds to school
• PHEAA servicer
• Certification time
• Capitalization
• Borrowing limits
• Guaranteed benefits at disbursement
• Guaranteed benefits at repayment
• Reconciliation
• Customer service
• Consolidation terms
• Grace, forbearance, and deferment terms
• Repayment options
• Cosign options and terms for release of cosigner
• Ability to cover past due balances
• Death or disability terms

Please feel free to contact Drexel’s 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.