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Lender Lists, RFIs & RFPs ILASFAA April 17, 2008

Lender Lists, RFIs & RFPs ILASFAA April 17, 2008. Questions. Why have lender lists? What are the legal and compliance issues surrounding a lender list? Difference between ann RFI and RFP and why issue one? What categories are critical to include in an RFI?

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Lender Lists, RFIs & RFPs ILASFAA April 17, 2008

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  1. Lender Lists, RFIs & RFPsILASFAAApril 17, 2008

  2. Questions • Why have lender lists? • What are the legal and compliance issues surrounding a lender list? • Difference between ann RFI and RFP and why issue one? • What categories are critical to include in an RFI? • What are new issues that have surfaced recently that should be included in the RFI? • What is the best way to analyze the responses offered by lenders? • What are the challenges in evaluating alternative lenders and how can they be overcome?

  3. Background • DeVry issued RFP • NY AG Code of Conduct • RFP v. RFI? • Who to issue to? • Evaluation Team • Evaluation Process

  4. Lender Lists • Why have them? • Financial Aid Advisor: application processor or student finance counselor?

  5. Compliance Requirements • Department of Education guidance • Codes of Conduct • Pending Legislation

  6. Common Compliance Requirements • FFELP Preferred lender lists must be developed with best interests of students • List must include minimum of 3 non-affiliated lenders • List must clearly and fully disclose basis for school selection of lender • Schools must advise students of right to choose any lender

  7. Components of an RFI • Student Interest must be standard of measure for all components • Lender viability • Forward sales agreements and affiliation agreements • Electronic standards and delivery network options • Borrower Benefits • PLUS and Private Loan approval rates • Default rates • Recommended guarantor and process • Guarantor services • Lender products and services

  8. Response Analysis • Determine minimum thresholds or qualifications • Annual Loan volume • Life of loan ownership or servicing • Product Line • Process for lender questions and responses • Establish evaluation process • Quantitative v. qualitative assessments • Preliminary cuts • Interviews • Establish timeline

  9. Implementing the Decision • Communication of decision • Respondents • School personnel • Students • Paper v. Web Lists • Selection basis • Option for students to select alternative lender

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