Federal Family Education Loan Program & Preferred Lender Lists
Federal Stafford or PLUS loan borrowers may choose any lender that participates in the Federal Family Education Loan program. The basic terms of the loans (maximum interest rate, maximum fees, and deferment options) are set by the federal government. However, many lenders offer special benefits to borrowers. In order to make an informed decision, Northern Essex Community College (NECC) encourages you to compare the benefits offered by different lenders.
To assist students and their families, NECC has developed a list of preferred lenders.This Lender list is intended as a guide only. NECC will process a loan from any lender selected by a student. The lenders on our list of preferred lenders were chosen because of their competitive benefits, such as zero origination fees for Stafford loans, interest rate reductions for borrowers who sign up for electronic payments, repayment benefits, principal reductions for borrowers who make a certain number of consecutive, on-time payments, etc. Customer service is also important. All of our preferred lenders are committed to providing excellent customer service to their borrowers.
Our preferred lender list for the 2007-2008 Academic Year is, in no particular order:
Bank of America
Citizens Bank
EdAmerica
Our list of preferred lenders is reviewed and updated every year based on the criteria listed above. Please feel free to contact a Financial Aid Counselor at 978-556-3650 if you have any questions.
