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Excelsior College policies and procedures pertaining to private loans
Please note that these are institutional policies and may differ from policies set forth by the lenders.
Every Student at Excelsior College has the right to choose the lender of their choice
Questions to ask lenders
Choice of lender is in all cases the borrower's responsibility. Excelsior College provides the same treatment and service to all student and parent borrowers, regardless of the lender they select. To help you make an informed decision we recommend that you ask prospective lenders about their practices. Here are a few questions and the reasons for asking them:
Why you should ask: Fees that are deducted up front will cost you money because you will not have received all of the money you have borrowed.
Why you should ask: All savings are desirable. However, some benefits only happen during repayment when you are finished with school. Many of these back end benefits (benefits that accrue after repayment begins) are tied to on-time payments and can be lost if you miss or are late on one payment.
Why you should ask: Incentives offered to borrowers who make forty-eight consecutive on-time payments sound attractive, but it may be very difficult to meet those requirements. If you are just a few days late with only one payment, the benefit usually becomes unavailable.
Why you should ask: Loans can be sold without the borrower's permission, and this can leave the borrower with a lender that does not provide the same quality service as your original lender. Excelsior College strongly recommends borrowing from lenders who provide service over the life of your loan and who will not sell your loan.
Why you should ask: It's important that you be able to ask questions and get help from a lender at times that fit into your own schedule.