Method and Criteria

used in

Selecting CalArts Lenders

 

 

1.      A “Request for Information” (RFI) was emailed to lenders who have demonstrated an interest in working with CalArts and our students.  These lenders are as follows:

 

Citibank                                         U.S. Bank                                Chase Bank

Wells Fargo                                    Access Group                          SallieMae

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2.      The RFI’s were completed and returned by the lenders.

 

3.      A committee was assembled to review the terms and conditions of each lender. The committee consisted of the Director of Financial Aid, Assistant Director of Financial Aid, Financial Aid administrative Assistant, Work-Study coordinator and a student.

 

4.      Lenders were ranked on the following criteria:

 

  1. Prior relationship
  2. Borrower benefits
  3. If they work through SallieMae’s Opennet as this is our primary loan processing system.
  4. How many times during the year the lenders representative is in communication with the Office of Financial Aid.
  5. Comments from each of the committee members.

 

5.      Notes and scores were made on each lender.  Each lender was ranked based upon their total score.

 

6.      The lenders on our list are not affiliated with each other in any way.

 

7.   As previously stated throughout our loan information, CalArts will certify a student oan through any lender participating in the Federal Educational Loan Programs.  It is the borrowers responsibility to provide our office with the lenders name, school code, address and phone number.