Yale's List of Comparative Lenders

Yale University provides a Comparative List of Lenders to students and parents who are interested in obtaining a private/alternative loan. Yale’s goal is to help students and parents evaluate the many available loan options, but you are by no means obligated to select one of the lenders on the Yale list. In keeping with Yale policy and federal requirements, we will process the documents required for you to obtain a loan from any eligible lender you select.

Yale hired an independent consulting firm to help compile the list of Federal and Private/Alternative Lenders. Together, Yale and the consultant developed a set of weighted criteria by which to judge lenders for inclusion on each list. The parameters are listed below.

Federal Lenders

Yale and the consultant prepared a Request for Information (RFI) with 80 questions covering seven categories. The RFI, which was sent to 19 lenders, was designed to collect comparison data; understand the lenders’ business models; identify potential risks; and set initial expectations for the lender-school relationship. Yale supplemented responses to the RFI with four separate research projects: anonymous test calls to the lenders’ customer service lines; a student borrower satisfaction survey; an evaluation of the lenders’ credit scores; and an analysis of the information and services provided on each lender’s website.

Criterion Weighting

Borrower Benefits and Loan Terms 5%

Customer Service 40%

Technology 15%

Lender Background 25%

Disclosure and Transparency 5%

Default Initiatives and Financial Literacy Programs 10%

Private/Alternative Lenders

Yale and the consultant prepared a Request for Information (RFI) with 85 questions covering these six criteria. The RFI, which was sent to 19 lenders, was designed to collect comparison data; understand the lenders’ business models; identify potential risks; and set initial expectations for the lender-school relationship. Yale supplemented responses to the RFI with four separate research projects: anonymous test calls to the lenders’ customer service lines; a student borrower satisfaction survey; an evaluation of the lenders’ credit scores; and an analysis of the information and services provided on each lender’s website.

Criterion Weighting

Loan Cost and Tiering Information 35%

Loan Approval Rates and Loan Terms 20%

Borrower Benefits 5%

Customer Service 10%

Technology 11%

Lender Background 10%

Disclosure and Transparency 5%

Default Initiatives and Financial Literacy Programs 4%

 

Students and parents are by no means obligated to select one of these lenders. In keeping with Yale policy and federal requirements, we will process the documents required for you to obtain a loan from any eligible lender you select.