PRIVATE LENDER ARRANGEMENT POLICIES AND PROCEDURES Created By: Davis, Shana – shirkesx Updated: 04/06/2022 [email protected] /www/wwwroot/www.45doc.com/home/dochub/uploads/2022/04/21/1/11650476978718368575-.docx This document addresses the Office of Financial Aid and Scholarships’ Preferred Lender Arrangement Policies and Procedures; this information is applicable to institutionaffiliated offices. The Office of Financial Aid and Scholarships Vision Statement The Office of Financial Aid and Scholarships supports access to JMU by pursuing an innovative, student-centered approach: providing guidance, engaging with students, and empowering responsible academic and financial decisions. Mission Statement We will ASSIST with identifying and obtaining resources to finance higher education; DELIVER funds in a timely and equitable manner; and EDUCATE, so that informed financial decisions can be made. /www/wwwroot/www.45doc.com/home/dochub/uploads/2022/04/21/1/11650476978718368575-.docx Contents PREFERRED LENDER ARRANGEMENT................................................................................................................... 3 PREFERRED LENDER SELECTION.......................................................................................................................................3 CODE OF CONDUCT...................................................................................................................................................... 5 PRIVATE EDUCATION LOAN DISCLOSURES..........................................................................................................................6 LENDER SELECTION TOOL...............................................................................................................................................9 2021/22 PREFERRED LENDERS: MAIN BRANCH CODE -00................................................................................................10 2021/22 PREFERRED LENDERS: PROFESSIONAL AND CONTINUING EDUCATION -98...............................................................10 2021/22 RFI SURVEY......................................................................................................................................... 11 SURVEY DELIVERY AND SCORING...................................................................................................................................11 SCORING VARIABLES AND CRITERIA................................................................................................................................12 AVERAGE JMU APPROVAL...........................................................................................................................................12 CONSISTENCY IN CUSTOMER SERVICE.............................................................................................................................12 PREVENTING DELINQUENCY..........................................................................................................................................12 INTEREST RATES & FEES..............................................................................................................................................13 ELIGIBLE STUDENT POPULATIONS..................................................................................................................................14 ENROLLMENT REQUIREMENTS.......................................................................................................................................15 SATISFACTORY ACADEMIC PROGRESS.............................................................................................................................16 MAXIMUM LOAN ELIGIBILITY.........................................................................................................................................16 PAST DUE BALANCE LOAN OPTION(S).............................................................................................................................17 INCOME REQUIREMENT(S)...........................................................................................................................................17 CO-SIGNER RELEASE...................................................................................................................................................18 LOAN FORGIVENESS...................................................................................................................................