Ferris State University is committed to assisting students and their families in finding the best private loan option to cover educational expenses. In order to assist borrowers a private (alternative) loan page has been established to provide guidance as families research funding options. The information on the private loan page is intended to help promote well-informed decisions and demonstrate common industry standards, it is not an endorsement of any particular lender. Ferris State University has no affiliation with, and receives no incentive or benefit from any lender, and will certify a loan with ANY lender chosen by the borrower. As it is within a borrowers rights to select the lender they prefer Ferris State University is not liable if the borrower is dissatisfied with the service or products provided by a lender of their choosing.
The ElmSelect platform is used to display top lenders (by loan volume) processed over the past three years at Ferris. This list is not all-inclusive of private lending options and borrowers have the right to select the education loan provider of their choice. There is no penalty for choosing a lender that is not represented through ElmSelect. In addition, recommendations for selecting a reputable lender are also published and loan applicants are encouraged to research lenders on their own.
Students are encouraged to utilize federal student loan options before private loans.
Lenders displayed via ElmSelect are held to a standard of excellence in lending as described by the criteria below and in accordance with HEA regulations as defined by the University Conflict of Interest and Code of Conduct Policy for Private Lenders. Lenders are expected to:
- Offer a competitive set of products and rates with no hidden fees.
- Provide excellent service and toll free customer service numbers.
- Respond quickly and efficiently to the needs of FSU students and families.
- Participate in full electronic processing of loans including electronic transfer of funds and offer guaranteed loans prior to requests for school certification.
- Provide an annual statistical review of borrower interest rates on approved loans
- Maintain and update loan options to meet industry standards, university expectations, and remain competitive with other listed private lenders.
- Have representatives available that FSU staff can contact directly to resolve any issues quickly.
- Comply with minimum disclosure regulations published by the Department of Education.
- Comply fully with the published FSU Private Loan Lender Code of Conduct.
If a private lender fails to meet any criteria outlined in this policy or the Conflict of Interest and Code of Conduct Policy, the University will work directly with a lender representative to ensure compliance and processing that will result in the best option(s) for borrowers. If necessary, a lender may be removed from the lender list if they fail to meet the standards described in this policy.
Review Date: 03/21/19