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Learn About Your Lender
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Learn About Your Lender
To compare the services of several lenders we work with on a regular basis, we have prepared a streamlined lender list. Warner Southern College has coordinated with various lenders in an effort to expedite the processing and delivery of federal student loans. Arrangements with these streamlined lenders allow for direct disbursement of your loan funds to Warner Southern College via electronic funds transfer (EFT). The EFT loan process enables your loan disbursements to be credited to your student billing account and eliminates time-consuming paper processing. These lenders are known for making quality service available to both the students and universities they serve. Keep in mind, the relationship you initiate in the processing of your first loan application could last 14 years while you are a student and up to 10 years while in repayment. In addition, once you select a lender, we strongly recommend that you continue to borrow from that lender for all your education loans.
Picking the right lender for your student loan is an important decision. The streamlined lenders below have helped thousands of students achieve their education goals. So when you choose a streamlined lender, you're working with experts who understand your needs.
Q: Can choosing the right lender save you money?
A: Absolutely. You can save hundreds of dollars by choosing a lender with the lowest up-front fees and repayment benefits that are not contingent on making a certain number of on-time payments before the repayment benefits go into effect. Note: All Warner Southern streamlined lenders have 0% upfront fees.
Q: Do all lenders charge the same interest rate?
A: Yes. All lenders are required by federal law to charge the same interest rate. Loans made on or after July 1, 2006 will have a fixed rate of 6.80%.
Q: What is a servicer and how does it affect me?
A: Servicers are companies that manage payments, address updates, deferments, and forbearance for borrowers.
Q: Does customer service matter?
A: Yes. When you call a servicer or a lender, you can speak to a real person, not just a voice system. The customer service staff can answer all your questions about education financing.
Q: What else should I know before I choose a lender?
A: Never borrow more than is absolutely necessary. Remember: The more money you borrow now, the more you'll spend paying it back. You can view tips on limiting your level of borrowing in the general Stafford Loan section of our website.
Interest on the Stafford Loan for the 2007-2008 Academic Year
On February 8, 2006 President Bush signed the Deficit Reduction Act that set the interest rates for the Federal Stafford and Federal PLUS loan programs. Interest rates for Stafford loans disbursed on or after July 1, 2006 will be at a fixed interest rate:
6.80 percent fixed rate
For Stafford loans disbursed July 1, 1998 through June 30, 2006 the interest rate is variable. This rate is based on the final auction of 90-day Treasury Bills held prior to June1.
Stafford Loan Streamlined Process
Warner Southern, in conjunction with our streamlined lenders, offers a streamlined loan application process. Through this process, when a student applies for a Federal Stafford Loan via https://asadirect.amsa.com/ewp/login/conditions.asp?i=warner the Warner Southern Financial aid office will check the students eligibility and certify the loan accordingly. This process is a 24-hour turnaround when all requirements and pre-requisites are in place. Any missing required information could result in a delayed processing.
Click here to review a list of our Streamlined Lenders for a Stafford Loan
Click here to review a list of our Streamlined Lenders for a Plus Loan
Entrance Interview
As mandated by the federal government, students must complete an Entrance Interview before Stafford loan funds can credit to their account. The Financial Aid Office schedules Entrance Interviews at the beginning of each semester for first-time Stafford loan borrowers. During the Entrance Interview, counselors review the terms of the loan, borrower rights and responsibilities, and the consequence of default. Students can attend the session during Fall Orientation or complete the Entrance Interview.
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Click on the logo below to apply for the Free Application for Federal Student Aid (FAFSA).
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