2008-2009 Lender ListUpdated 8-1-2008VCOM does not promote or endorse any particular lender as a choice to handle your educational loans. The choice of a lender is completely up to you. VCOM publishes this Lender List to assist you in comparing lenders and their various borrower benefit plans. You may use any FFELP lender for your loans as long as they agree to process your application, even if they are not listed here. Borrower benefit plans may change due to legal revisions or changes in various market conditions. Borrower benefit plans are not part of the legal promissory note agreement for the loan and can therefore be changed by the lender at any time, even after the loan has been issued. The information presented on our Lender List is current as of the publication date. VCOM is not responsible for borrower benefit plan changes after the publication date. Additional information about our review process and the results is available from the Financial Aid Office. Our Lender List may be updated regularly as available lender information changes. We fully anticipate changes to occur, so we highly recommend that you watch your VCOM email and check our website regularly for new updates. One of the newest changes includes a plan by the Department of Education offering to buy-out Stafford and Graduate PLUS loans from lenders at the end of the 2008-2009 aid year. Lenders do not have to participate in this plan. Lenders may choose to hold their loans or sell them to another FFELP lender, just as in past years. If a lender chooses to sell your loan at the end of the 2008-2009 aid year, the servicing of bills and payments will also be taken over by Direct Loan Servicing. You will be notified by your lender if that occurs. For loans that are sold to the Department, origination and default fee payments already made on the borrowers' behalf will not be rescinded, but the only back-end borrower benefit that will be offered will be a 0.25% Interest Rate Reduction (IRR) for Auto-Debit payments. Any implied or promised benefits above that would be discontinued. After reviewing your Award Package and returning a signed copy of your Award Letter, you must complete a loan application with the lender of your choice if you intend to use loans to cover your costs. Additionally, if this is your first year using a particular lender, you must complete a Master Promissory Note with that lender. Both of these steps are typically completed on-line. For lenders on our Lender List, the links will go directly into their application systems. If you have any questions about the loan process, please feel free to contact us.
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