Student/Parent Alternative Loans
Merrimack College is pleased to recommend the following lenders for educational student Alternative loans for the 08-09 financial aid year:
J.P. Morgan Chase Bank
CitiBank
RBS, Citizens
Wachovia Educational Finance
Key Bank
Campus Door
Instructions for parents and students on the Stafford, PLUS and Alternative Loan application process, how to sign electronic promissory notes and information on student entrance counseling will be mailed to incoming and returning students the week of June 16th. Refer to the following brochure for a list of our recommended lenders and contact information for alternative loans.
Note: There is an update as of August 1, 2008 for the Student/Parent Alternative Loan Brochure. Wachovia is no longer able to offer Alternative Student/Parent Loans for 2008-2009.
2008-2009 Alternative Loan Options updated 8-1-08.pdf
Please note that you are not obligated to obtain an alternative student/parent loan through one of these lenders.
10/1/08
UPDATE TO MEFA PRIVATE UNDERGRADUATE AND GRADUATE LOANS
Effective immediately the Massachusetts Educational Financing Authority (MEFA) is accepting applications for private undergraduate and graduate loans for the 08-09 financial aid year. Refer to the link below to obtain details on the loan, how to apply and MEFA contact information.
NOTICE TO PREVIOUS MEFA LOAN BORROWERS FOR STAFFORD STUDENT AND PARENT PLUS LOANS
The Massachusetts Educational Financing Authority (MEFA), a non-profit lender has notified schools and previous borrowers that they will no longer be processing student Stafford and parent PLUS educational loans for the 2008-2009 academic year. To ensure that parents and students have access to available funding for the student Stafford and parent PLUS loan options, Merrimack College has identified well-known, reputable lenders to assist familes meet their educational expenses. Please review the lender list above (2008-2009 Student and Parent Loans.pdf) for comparison information. Families are not restricted to these lenders and may select any lender of their choice.
Students who had used MEFA in the past for their Stafford Loans and parents who used MEFA in the past for their PLUS loans must select a new lender and sign a new master promissory note for 2008-2009. All Stafford Loans will be originated in mid-August for students who have "accepted" their student loans on their Merrimack College Award Notification Letter and returned it the Office of Financial Aid. Detailed information on how to sign an electronic promissory note and how to select a lender was mailed with your award letter or can be found in the above links. Additional assistance regarding Stafford and PLUS loan processing should be made to American Student Assistance (ASA), the loan guarantor, at 1-800-999-9080 x 5015.