Choosing A Lender

When applying for a Stafford Loan, a student must choose a Lender. The Lender is the institution to which you will repay your loan. Borrowers have the “right and ability” to select a lender of their choice and are not required to use any Lender on Polytechnic Institute of NYU’s Preferred Lender list and will “suffer no penalty” for not selecting a Lender on the list.

Although Polytechnic Institute of NYU has a preferred lender list, it does not mean that the particular lenders are the best ones for you to you. You should shop around for loans with the best terms.

Poly’s Preferred Lenders are: Chase, Citibank and Wachovia.

The “method and criteria” used for selecting and updating our preferred lenders list is:

(1) Quality of customer service provided by the lender.
(2) Review of the preferred lender list every year by a committee of financial aid staff and students.

Although this type of preferred lender list is available to students, students are not required to choose from the preferred lender list – they may choose any lender. Polytechnic Institute of NYU’s Office of Student Financial Services continues to work with students to offer a wide array of financing options and a high level of customer service to their students.