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The Value of Private Lender Lists and Keeping It Simple. Julie Moreno Rehder – ELM Resources Michael McFarlane – Charter One. Agenda. Regulatory Background & Preferred Lender Arrangements (PLA ) The Value of a Lender List The Value of Private Loans
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Julie Moreno Rehder – ELM Resources
Michael McFarlane – Charter One
“… a preferred lender list can be an effective tool to help families…”
“…by providing this information, schools may help students and their parents navigate the increasingly complex student loan landscape.”
“…a borrower’s choice of lender may be better informed by preferred lender lists and other consumer information...
…which play a useful role in assisting financial aid administrators in dealing with the large volume of requests for information and assistance, and in informing borrower choice.”
Reference: DCL GEN-08-06 posted May 8, 2008
Subject: School Use of a Preferred Lender List in the FFEL Program
A Preferred Lender Arrangement exists if:
No formal agreement required to trigger definition, Applies to the entire institution and all staff
Quality of Lender Customer Service & Support
Reference: Federal Register: October 28, 2009 (Volume 74, Number 207) –Final Rule
This information is based on Discover’s review and interpretation of regulations. This document should not be construed to be legal advice. Please consult with your own compliance and legal counsel to ensure that you are in full compliance with the preferred lender arrangement requirements applicable to your school.
The information contained in this presentation is not comprehensive, is subject to change based on additional guidance or directives from the U.S. Department of Education (ED). It serves only as general, background information for further investigation and study related to the subject matter. Nothing in this presentation constitutes or is designed to constitute legal advice.
Please consult your own counsel to ensure that you are in full compliance with requirements applicable to your institution.