Lender Information

The recommended lenders listed here have been selected based on past experience and qualifications and they offer excellent service and benefits to their borrowers. In addition, these lenders (and many others) work with our main guarantor, Tennessee Student Assistance Corporation (TSAC) in the EFT (electronic fund transfer) process. You are free to choose ANY lender that participates in the FFEL program even if they are not on this list. If you select a non-TSAC lender, you may be required to submit a paper application which may be a slower process due to normal postal mailing times. However, these processes have been streamlined enough so the delay is not overwhelming. Neither the University of Tennessee nor the Office of Financial Aid & Scholarships benefits from YOUR choice of lender.

If you have borrowed previously, we suggest you consider remaining with that lender or another lender that works with your same servicer. If you do select a different lender or servicer, be aware of the advantages and disadvantages of your decision.

The Office of Financial Aid & Scholarships will strive to process your loan quickly and accurately regardless of the lender you choose. Your student loan is yours, be informed, ask questions of your lender or prospective lenders.

Click here for information on how UT selects Recommended Lenders

Lender Benefits 2008-09

Please click on the lender name below to electronically sign the master promissory note (MPN) for Stafford Student Loans.

Access

• 1% origination fee
• 0 default fee w/ TSAC
• .25% interest rate reduction for auto-debit
• Last 12 monthly payments for borrowers who extend repayment to 25 years

Bank of America

• 0 origination fee
• 0 default fee w/ TSAC
• .25% interest rate reduction for BofA Preferred Servicing Platform

Chase

• 1% origination fee
• 0 default fee w/ TSAC
• .25% interest rate reduction at repayment

Citibank

• 1% origination fee
• 0 default fee w/ TSAC
• .50% auto interest rate reduction at repayment
• Can regain w/ 24 months on time
• .25% interest rate reduction for auto-debit
• Last six months free

Edamerica

• 1% origination fee
• 0 default fee w/ TSAC
• .25% interest rate reduction for auto-debit

1st Tennessee

• 1% origination fee
• 0 default fee w/ TSAC

Key Bank

• 1% origination fee
• 0 default fee w/ TSAC
• .50% interest rate reduction for direct auto-debit

Regions

• 1% origination fee
• 0 default fee w/ TSAC
• .30% interest rate reduction for auto-debit

Sallie Mae

• 1% origination fee
• 0 default fee w/ TSAC
• 4% loan credits for monthly payment amount w/ 12 months on time

SunTrust

• 1% orgination fee
• 0 default fee w/ TSAC
• 1.5% principal reduction w/ 12 months on time
• .25% interest rate reduction for auto-debit

Wachovia

• .50% savings on origination fee
• 0 default fee w/ TSAC
• 1% principal reduction at disbursement, maintained w/ 12 months on time
• Can regain w/ 12 months on time
• .25% interest rate reduction for auto-debit