RFI /RFP Guidelines. Provided by CLFE CASFAA 2008, December 8, 2008 Anaheim , CA. Presented by, Thalassa Naylor, Sallie Mae. Why have a lender list? . For your students Competition encourages quality improvements and good service Choice – ability to pick the best lender for them
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Provided by CLFE
CASFAA2008, December 8, 2008
Anaheim , CA
Thalassa Naylor, Sallie Mae
Request for Information (RFI) Request made during the project planning phase where a buyer still may need to identify product requirements, specifications, and purchase options. RFIstypically indicate that award of a contract will not automatically follow. Often followed by RFP.
Request for Proposal(RFP) An invitation for providers of a product or service to bid on the right to supply that product or service to the individual or entity that issued the RFP.
To ensure fairness in lender selection and create an audit trail for federal compliance
To find lenders that use your school’s preferred process
To find lenders that offer the best quality products and services for your students
To ensure that you are providing your students with a list of committed and reputable lenders
Planning is bringing the future into the present so that you can do something about it now.
- Alan Lakein, time management expert
Begin with the end in mind.
- Stephen Covey
1/1 – 1/15 1/16 – 2/28 3/1 – 3/14 3/15
Lender Response Time
What factors will you use to select your lenders?
What is most important to the institution?
What is most important to the your students
Develop a scoring methodology
Creating a way to score the responses is important:
a numeric way to compare lender responses that is less likely to be subjective.
You can weight more heavily things that are of more importance
Clearly numbered response questions will ensure every response can be compared
Organization of questions by topic ensures focused responses and makes review easier
Online/electronic response vs. paper
Supplemental requested materials
General Lender Information
Borrower service experience
School service & support
Collateral and information
Financial Literacy and Education
Platform & Processing
Possible FFEL Topics
Debt management & default prevention
Other value added services
Loan Sales *
*may be irrelevant in current market
Possible Private Loan Topics
Program specific loans
Debt management & default prevention
Invitation to Respond/Communication
Getting invitations out to lenders:
ListServ (ie. CASFAA)
Personal invitations to lenders – hard copy or electronic (preferred)
Each response received should be run though your scoring and review model developed during planning.
Any follow up or clarification requests should be determined quickly so lenders can respond.
Select your final list of lenders!
Include at least three unaffiliated lenders (not same ownership).
Disclose that borrowers have the right to choose any lender, including lenders that are not on the lender list.
disclosing the criteria used to select the lenders on the lender list (this can be generically stated ie. Best customer service, met our institutions processing flow standards).
reviewing the lender list frequently
The following CLFE members indicate they provide support, tools or resources for developing an effective lender RFP.
http://www.tgslc.org/products/listassist/ or contact TG’s Lender Consultant team at email@example.com
or contact Lacey Carter at firstname.lastname@example.org
contact your USA Funds representative or Brent Dove at email@example.com
For the latest updated information, please go to our website at www.CLFE.org
This presentation and information compiled by the CLFE RFP Committee:
For more info and a more detailed document containing this information, please visit our website at www.CLFE.org