Choosing a Lender

Deciding which lender you want to borrow from can be a daunting task. To help guide you, we have put together a list of preferred lenders. We encourage you to click on the lender's logo and research the funding opportunities that each offers. While you may choose any lender, our goal is to do the research for you, simplify the process, and propose lenders with the best products, technology, and pricing available. The lender you choose will be the lender for the life of the loan and will be assigned to you in subsequent years.

The University of Maryland uses a comprehensive process for developing its lender list. A survey is used to evaluate the best pricing, technology, and customer service provided by each lender. The survey responses are data entered into a quantitative matrix where points are awarded. Documented experiences with lenders during the academic year from both staff and students are also added as a qualitative component. After all data is collected, a committee meets to evaluate the data and to determine the preferred lender list. This data is then submitted to the Director of Student Financial Aid for review. Student choice of lender is never denied nor is the processing of a loan from a lender outside of our lender list delayed. If you have any questions about this process, please do not hesitate to contact the Director of Student Financial Aid, Sarah Bauder, at 301-314-8279.

The Federal Trade Commission and the Department of Education have created a nice 4-page brochure providing important information on how to spot and avoid deceptive loan practices and considerations for consolidating loans. This brochure can be found at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre43.pdf.

Undergraduate Students: Review the undergraduate student lender list here.

Graduate Students: Review the graduate student lender list here.