April 10, 2009
Many of you participated in the recent webinars hosted by OGSLP to introduce our partnership with SimpleTuition. This partnership allows us to offer our school customers a lender comparison tool – a potential resource for students and borrowers as they make important decisions about their lender selection for a FFELP loan.
As presented in the webinars, schools can choose from two options: a customized list that contains lenders chosen by the school or a master list that contains many lenders that have signed up to participate with the SimpleTuition product.
At this time, we're pleased to unveil the Master Lender List option presented by OGSLP and SimpleTuition. When students are directed to the Find Loans screen, they are welcomed to the product and given helpful tips and information. You, as a school or lender, can view all the lenders currently listed by completing the fields requested and clicking on 'view loans'. Be sure to click on all buttons to see the total borrower experience.
Wondering why a school would utilize the Master Lender List option? Schools that don’t choose to use the SimpleTuition custom list option (or their own customized list) can refer students to the master list when asked about available lenders. The master list doesn’t have active links that allow the student to apply for a loan; instead, the master list directs the student or borrower back to the financial aid office. This approach ensures the student follows the processing method established by the financial aid office at his or her school of choice.
Wondering how the Custom Lender List option will work for you? If your school uses a preferred lender list, you may want to consider the Custom Lender List option. This option allows schools to provide a customized list of preferred lenders and rationale text to support their selection. The customized option also allows borrowers to complete the application process online, which can include completion of a master promissory note. Several schools have already chosen this method to implement for the 2009-2010 award year.
If you have questions, suggestions or comments, contact your School or Lender Representative today!