Office of Financial Aid

University of Mississippi

Private Lender Partner Questionnaire

Please provide the following information for each product you are proposing:
Lender, Originator, and Servicer
1. Lender:
2. Product Name:
3. Product Market (i.e. Undergraduate, Graduate, Law, MBA,Health Professions, etc.)
4. Lender Code:
5. Private Loan NCHELP Code:
6. Product Code:
7. Originator:
8. Originations P.O.C. (Name, Address, direct phone extension, e-mail):
9. Marketing P.O.C. (Name, Address, direct phone extension, cell phone, e-mail):
10. Servicer:
11. Servicing P.O.C. (Name, Address,direct phone extension, e-mail):
12. Website Link (URL) for Information:
13. Website Link (URL) for Online Application:
14. Telephone for Students’ Use:

Application Process

15. Describe the application process from start to finish for the borrower?
16. Is the borrower instantly notified of a pre-approval decision online? If not, when?
17. What data elements are required to submit a pre-approval application?
18. Describe the e-sign process for a borrower and potential co-borrower?
19. What additional documents are borrowers and co-borrowers typically required to submit after pre-approval?
20. Do you have a minimum income requirement? If so, please explain.
21. How long does a borrower have to cancel a private loan?
22. Is there a co-borrower requirement?
23. Do you offer a co-borrower release? If so, please explain terms.
24. If using a co-signer, are interest rates based only on the co-signer’s credit?
25. Are there mandatory arbitration clauses borrowers must enter for private loans?
26. Do provisions in loan “limit borrower’s ability to raise defenses to the loan based on violations of the law or that the lender breached the contract or that the consumer does not owe the amount claimed?

ELM

27. Will you use the NDN for all disbursements and return of funds in 2012-2013?
28. How are certification requests loaded into ELM (manually or automated)?
29. At what point in the application process is a certification request sent to the school via ELM (i.e. prior to receiving MPN and self-certification, after all documents are received, etc.)?
30. Do you utilize Real-Time Processing of Originations and Changes via ELM? If not when will you have this capability? Please provide detailed information.
31. Do you disburse funds daily? If not, please indicate how often you disburse.

Interest Rates, Fees, and Limits

32.Does student learn of interest rate and fees at time of pre-approval? If not, when?
33. Is there an interest rate ceiling? If so, what is the ceiling?
34. Is there an interest rate floor? If so, what is the floor?
35. Do you offer a fixed interest rate option?
36. How often are interest rate indices adjusted?
37. Credit Approval Rate for 2011-2012 (provide for U of M student applicants or, if this is not available, for all applicants):
38. Interest Rate: With Co-Signer:
Without Co-Signer:
39. What was the range of interest rates provided to U of M borrowers or, if this is not available, all borrowers over the last year?
40. What was the minimum, average, and range of FICO scores for approved UM borrowers over the last year?
41. What was the average FICO score of denied UM applicants over the last year?
42. Fees: With Co-Signer
Without Co-Signer
43. Annual Percentage Rate:
44. Minimum Loan Amount:
45. Annual Loan Limit:
46. Aggregate Loan Limit:

Eligibility

47. Eligibility Requirements:

  • U.S. Citizen:
  • Age of Majority:
  • Permanent Resident:
  • Foreign Student:
  • Half-Time Requirement?
  • Satisfactory Academic Progress Requirement?
  • Degree-Seeking Requirement?

Repayment and Consolidation

48. Do you provide borrowers with proper APR information that will occur upon repayment (after any capitalized interest raises the APR at repayment)?
49. Do you offer any type of loan forgiveness on Private Loans? If so, describe.
50. Do you provide life-of-loan ownership? If no, please explain.
51. Do you provide life-of-loan servicing? If no, please explain.
52. Repayment terms, including how Grace Period works:
53. Repayment options: Do you offer an income-based repayment option?
54. Repayment benefits:
55. Do you offer Deferment of Principal and Interest Payments?
Do you charge any fees to process deferments or forbearances?
56. How often is interest capitalized? Please provide respective # of borrowers in repayment, deferment, and forbearance on private loans?
57. Do you offer a Private Loan Consolidation Product? If so, please provide details.
Default

58.When does a borrower become in default on a private loan?
59. What is the current default rate on
private loans at your organization?
Direct to Consumer, Cross-Marketing, and Comments

60. If designated as a Private Loan Lender Partner at The University of Mississippi, will you agree not to use “Direct to Consumer” channel to solicit our student and parents?
61. Describe your company cross-marketing activities aimed at U of M borrowers.
62. Describe the “direct to consumer” student loan marketing activities in which your organization is engaged.
63. Comments, including your justification for being considered a private lender partner with The University of Missi
ssippi (250 words or less).

If you submit supplemental proposal or information, please provide five (5) copies.