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Student Loan Information
2009-2010 Federal Preferred Lender List
A college education is one of the best investments you can make. Making smart decisions about the amount you need to borrow in loans for your educational expenses and selecting a lender are very important parts of applying for a student loan. We have listed four lenders below that we recommend. The Staff at ECC has compiled this list through unbiased research and for the sole benefit of our students.
IMPORTANT NOTICE: You do not have to borrow from one of these lenders listed below.
You have the right to choose any lender that participates in the program in which you are
eligible to borrow. If the lender you wish to use is not listed, please contact the ECC Financial Aid Office.
Lenders to consider
| Lender |
Loan Servicer |
Borrower Benefits |
Greenbelt Bank & Trust*
Iowa Falls, IA 50126
Lender Code: 830889 |
Iowa Student Loan
www.studentloan.org
(800) 243-7552 |
• Interest Rate: Subsidized is fixed at 5.6% and
Unsubsidized is fixed at 6.80%
• .25% of the loan balance will be paid to the lender to
reduce the borrower's origination fee
• .25% interest rate reduction with Auto-Debit while in
loan repayment (If the Auto-Debit feature is
canceled or ISL receives three non-sufficient funds
payments in a 12 month period, the rate reduction
benefit is lost).
|
Iowa Falls State Bank*
Iowa Falls, IA 50126
Lender Code: 804091 |
Iowa Student Loan
www.studentloan.org
(800) 243-7552 |
• Interest Rate: Subsidized is fixed at 5.6% and
Unsubsidized is fixed at 6.80%
• .25% of the loan balance will be paid to the lender to
reduce the borrower's origination fee
• .25% interest rate reduction with Auto-Debit while in
loan repayment (If the Auto-Debit feature is
canceled or ISL receives three non-sufficient funds
payments in a 12 month period, the rate reduction
benefit is lost).
|
Liberty Bank*
Iowa Falls, IA 50126
Lender Code: 824033 |
Iowa Student Loan
www.studentloan.org
(800) 243-7552 |
• Interest Rate: Subsidized is fixed at 5.6% and
Unsubsidized is fixed at 6.80%
• .25% of the loan balance will be paid to the lender to
reduce the borrower's origination fee
• .25% interest rate reduction with Auto-Debit while in
loan repayment (If the Auto-Debit feature is
canceled or ISL receives three non-sufficient funds
payments in a 12 month period, the rate reduction
benefit is lost). |
* Not an affiliate with any other vendor listed.
Please read our Preferred Lender List Disclosure:
ECC selected these lenders by reviewing the following criteria (these are in order of importance) in an unbiased manner:
- Previous lender service to borrowers
- Previous lender service to ECC
- Borrower Benefits (for example: lender payment of fees and/or interest rate reductions for Auto-Debit while in repayment)
- Loan Processing (for example: electronic transmittal of loan certification and disbursement)
The review was performed by the Financial Aid Staff at ECC on 03/10/2009. ECC staff review this criteria annually to ensure that our students receive the best possible service and benefits associated with their student loan.
If you would like to research other educational loan options, go to
www.iowacollegeaid.gov/commissioncentral/participatinglenders to review other lenders who offer educational loans to students. This site does not provide an all-inclusive, national list of educational loan lenders. For that reason, you should also conduct your own web-based search. ECC does not recommend or endorse any lender on this website, except those identified on our Preferred Lender List.
ECC respects a borrower’s right to choose a lender and will not in any way deny a student's loan because the borrower selected a lender that is not on ECC’s Preferred Lender List. Each lender on our Preferred Lender List has agreed to provide an expedited loan application and disbursement process for our students and their parents. Please keep in mind that a different lender may require a more manual loan application or disbursement process that could require more time for you to receive your loan approval or your loan funds.
As you go through the financial aid process, you will need to be aware of the Federal grant and loan aid that may be available to assist you for an academic year. Your award package will show if ECC has determined you are eligible for these Federal grant and loan programs.
Pell Grant Program – May provide up to $5,350 per year. Keep in mind the maximum can change each year depending on program funding.
Stafford Loan Program – May provide the following amounts:
• $5,500 for dependent first-year students;
$9,500 for independent first-year students
• $6,500 for dependent second-year students (earned 28 credits or more)
$10,500 for independent second-year students (earned 28 credits or more)
Parent PLUS Loan Program – Parents of dependent students may be eligible for a loan amount up to the full cost of attendance, minus any other financial aid including aid from outside sources that the student is expected to receive.
IMPORTANT NOTICE: You do not have to borrow from one of our Preferred Lenders. You have the right to choose any lender that participates in the program in which you are eligible to borrow. If the lender you wish to use is not listed, please contact the ECC Financial Aid Office.
Loan Application Process for 2009-2010
All loans through the following processes will be submitted electronically to your lender/servicer and ECC will send you a postcard notifying you when your disbursement has been applied to your ECC student account.
New ECC Borrowers
By applying for your Stafford Loan online, your application will process faster and there is less chance of error. Please follow the steps below to ensure proper completion of this process.
- Complete Student Loan Counseling Interview at mappingyourfuture.org. All new borrowers are required by federal regulations to complete loan counseling when borrowing through the Federal Stafford Loan Program. You will need to select “Student Loan Counseling Interview” then select “Stafford Entrance”.
- Complete the Federal Stafford Loan Master Promissory Note (MPN) at www.studentloan.org/Stafford. You will need your U.S. Department of Education PIN to sign your MPN electronically. Then follow the directions that they have listed.
- Complete your Stafford Loan Authorization Form (use the form linked below). This form will help our office determine your loan period, expected graduation date, and the amount you wish to borrow.
IMPORTANT: Federal regulations require that new borrowers' first disbursement be delayed 30 days.
Returning ECC Borrowers
Since you borrowed Stafford Loan funds in 2008-2009, you have already completed the MPN.
We will continue to certify your loans through the same lender you listed last year on your MPN.
Complete your Stafford Loan Authorization Form (use the form linked below). This form will help our office determine your loan period, expected graduation date, and the amount you wish to borrow.
If you do not have internet access or wish to borrow through a different lender than what is listed above, please contact our office.
Stafford Entrance & Exit Counseling
Students who borrow under the Federal Family Education Loan Program are required to complete counseling before receiving loan proceeds from their first loan and again shortly before graduating or otherwise leaving school.
You may select the appropriate counseling session by clicking on the link below. You will be asked to select Entrance Counseling or Exit Counseling.
If you have any questions as you complete the counseling requirements, you may contact the Financial Aid Office at (800) 322-9235, or click on the “Email a Question” button on the counseling pages.
For more information, contact Tara Miller, ECC Financial Aid Administrator.
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