If the student has NEVER previously borrowed a Federal Stafford Loan through FAU, or if the student’s last Federal Stafford Loan from FAU was borrowed prior to the 2001-2002 academic year, then the student MUST submit a Lender Designation Form for Federal Stafford Loan Borrowers to the FAU Office of Student Financial Aid designating their preferred Federal Stafford Loan lender.
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| Students who have received previous Federal Stafford Loans from FAU from the Fall 2001 term forward already have a designated lender on file and, therefore, are NOT required to submit this form. | | |
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| LENDER INFORMATION FOR FAU'S ESTABLISHED LENDERS | The FAU Office of Student Financial Aid can process a Federal Stafford Loan with any lender which participates in the Federal Family Education Loan Program. When selecting a lender, FAU advises students to compare lenders based on the total cost of the loan, incentives for on-time repayment, and efficiency/quality of service. You may use the sample Federal Stafford Loan Repayment Calculator on this page to compare the cost of the loan and the effect of repayment incentives. As a starting point, FAU suggests the lenders listed below as they all offer the following: | | » | An established track record of efficient | | loan processing and timely delivery of funds. | | | | » | Competitive incentives for on-time repayment. | |
FEDERAL STAFFORD LOAN FEES: Please be advised that, prior to disbursement, the loan amount listed on your account does not reflect loan fees deducted from your disbursement by your lender. Some lenders may charge loan fees up to 3% of your disbursement amount. This rate varies by lender and is subject to change. To illustrate, if you are scheduled to receive a $1,000 loan disbursement from a lender who assesses a 3% loan fee, the lender will send a net disbursement of only $970.00 to the school (the amount equating to 97% of $1,000).
