Information About Stafford and PLUS Loan Lenders

The University of Hartford recommends the following lenders for the Federal Stafford and PLUS Loan programs: Chase, Citibank, Citizens, EdAmerica, Wachovia and Wells Fargo. Please be aware, you have the right to select any lender that participates in the Federal Stafford Loan program.  On this sheet you will find the borrower benefits of the lenders the university recommends.  Please use this as a guide of things to think about when researching lenders.  It is also strongly recommended you continue to use the same lender throughout your education.  This will generate only one monthly bill which is easier when you go into repayment after you graduate, leave school or drop below half time enrollment.

Why does the University of Hartford have preferred lenders?
The financial aid office has created the list to help students and their parents navigate the complicated student loan process. We closely monitor the performance of all of our student loan lenders to ensure the highest quality of service for our students and their families.  Our "preferred" lenders have demonstrated a commitment to providing the very best in customer service, technology and quick loan processing.  They have worked collaboratively with the higher education community to continuously improve and expand the services we provide to students and families, and to keep borrowing costs as low as possible. 

Do I have to use one of the preferred lenders?
No, you may choose from among the many lenders who provide student loans.  The University will not penalize a student in any way for choosing a lender other than those on this chart.  Please be aware that some smaller banks, credit unions, and "start up" lenders do not participate in the electronic processes used at the University of Hartford.  Electronic processing allows the university to get you your loan funds as quickly as possible.  Selection of one of these "paper process" lenders may slow the processing of your student loans.  Also, if you have existing student loans, we strongly encourage you to stay with the same lender for future student loans.  This will prevent the receipt of multiple bills every month.  If you have an existing banking relationship (checking, savings, etc.), you should compare your bank's student loan offerings to those of the preferred lenders and make the choice that is best for you.

How does the University of Hartford determine which lenders are preferred lenders?
We judge the performance of our lenders on numerous factors each academic year.  There are many lenders that provide good services without making our preferred list.  However, the lenders who make the list have earned the designation through superior performance in serving you -- our students and families.

For the Federal Family Education Loan Program (Stafford and PLUS) our preferred lenders work with American Student Assistance (ASA) as their guarantee agency.  A guarantee agency or guarantor is a state or private non-profit organization which has an agreement with the Secretary of Education to administer a loan guarantee program under Title IV, Part B of the Higher Education Act of 1965, as amended.  ASA has a Voluntary Flexible Agreement (VFA) with the United States Department of Education that is centered on the simple concept of "wellness"-- keeping student loan borrowers financially healthy and in good credit standing by proactively helping them manage their debt.  With ASA we have the ability to work electronically so you can receive your loan proceeds as quickly as possible.  This includes giving you the ability to apply online, tracking the status of your application online and for the lender to release your funds by electronic fund transfer to the university.  This is the quickest and safest way for loan proceeds to be delivered to the student.  To learn more about the Federal Family Loan Program, please visit www.studentaid.ed.gov

Click here to view a printable version of the Federal Stafford and PLUS Loan Borrower Benefits and Terms