Loans allow you to postpone paying a portion of your education costs until you complete your education or leave school. Unlike other forms of aid, education loans require full repayment. Information about student loans including maximum annual and aggregate federal student loan amounts is provided in the Guide to Student Accounts and Financial Aid.
Students are encouraged to:
- File a Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal student aid.
- Understand the terms and conditions of any student loan included in your financial aid award.
- Limit borrowing as much as possible.
If additional funding is needed, additional federal PLUS (for parents of undergraduate students and graduate students) or alternative (private) loans may be sought.
- Alternative loan considerations:
- Utilize all federal aid eligibility before applying for an alternative loan.
- Terms and conditions of an alternative (private) loan may be less favorable than those of federal student loans.
Important Information about Lender Lists:
Click here to see how SPU selects lenders.
Students are not required to use a lender from the list.
Review lender lists and compare rates and benefits of the lenders online.
Lender Lists are provided for the sole benefit of students and their families to assist them in the selection of a lender for Federal Family Education Loan Program (FFELP) and alternative (private) student loans.
SPU will process loans from any lender selected by the borrower.
SPU has not entered into an agreement with lenders in exchange for being included on the 2009-10 list.
No lender on the SPU lender lists is affiliated with another lender on the list.
Each lender on the SPU lender list is present due to past performance of good to excellent student and parent service and good to excellent borrower benefits. Each is evaluated annually to ensure ongoing accurate and truth-in-practice borrower benefits and services.
Seattle Pacific University Code of Conduct for Student Loans
SPU officers, employees and agents of SPU who have loan-related responsibilities uphold the following items required by federal regulation:
SPU does not and will not assign lenders to first-time borrowers; borrowers have the right and ability to select any lender of their choice, regardless of whether they are included in the SPU lender list. Further, SPU will certify loans from any lender selected by the borrower.
SPU does not accept private loans conditioned upon using the lender for federal loans.
SPU does not and will not receive revenue or enter into revenue-sharing arrangements with lenders.
SPU employees do not and will not accept gifts of more than nominal value from lenders, guarantors and loan servicers.
SPU employees do not accept from a lender, or affiliate of any lender any fee, payment or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
Seattle Pacific University’s employees do not currently serve on any lending institution’s advisory board. When and if SFS staff does sit on an advisory board, they are prohibited from receiving anything of value for serving.
SPU does not participate in opportunity pools with lenders. (Opportunity pools are defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student.)
SPU does not and will not allow any lender to identify themselves as employees of SPU; SPU does not allow employees of lenders to work in or provide staffing for SFS.
SPU prohibits lenders from branding any loans with the identifying markings of SPU.
Last Updated: 8/14/2009 |
