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Students find reading "Choosing
a Lender" helpful
before making a lender selection. Students continually request
that Cooley Law School provide them with a list of lenders.
Our office recommends you pursue the Federal Stafford loans and Federal Grad PLUS loans before you begin to look at private lenders. When selecting a private lender, we encourage you to compare as many lenders as you are comfortable
with so that you can make a choice that best fits your individual
needs.
It is important
to remember that you have the right to choose the lender
that best suits your needs.
Cooley's list includes links that will display lender
options that a student may choose from. Bar loans are important in financing and passing the Bar, therefore our department choose to list only the private lenders that, as of May 1, 2011, offer Bar loans.
Other factors to consider in choosing a lender are: service, compatibility, and competitive benefits.
- Service is the most important factor to be considered
for both the student and school. Service is
important to ensure a timely delivery of funds, appropriate
debt counseling information, and quick resolution of problems.
Service can be difficult to measure, however,
through problem resolution we receive feedback that helps
in determining which lenders should be retained on the
list.
- Compatibility, or how well
the lender works with our internal systems, is another
important factor. There are several loan delivery systems
available to schools and lenders to choose from. Some systems
work better than others. The lenders listed work
well with Cooley's internal processing systems.
- Finally, competitive benefits are considered when creating
a lender list. It is important to understand two
factors with regards to competitive benefits. First
is that a particular benefit for one student may
not meet the financial needs of another student. Second,
in determining who is listed, Cooley does not guarantee
that the lenders listed offer the lowest rates because
there are several hundred lenders to choose from.
It is important that every student be able to pass the Bar, therefore Cooley's Financial Aid Department has only selected private lenders that offer a Bar loan. Remember, you have the right to choose any lender that best suits your needs. |
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