Stafford Loan Lenders
Students can borrow from any lender that participates in the Stafford Loan program.
Does it make any difference which lender I choose?
To borrow Stafford loans you must choose a Stafford loan lender and sign a promissory note. Processing fees and repayment benefits vary from lender to lender but the interest rates are always the same. USU does not have a preferred lender list; however, most USU students choose lenders who partner with the nonprofit UHEAA (Utah Higher Education Assistance Authority) to provide Stafford loans.
UHEAA partner lenders include local credits unions and banks. UHEAA is also Stafford loan lender. Please note: Credit unions can only lend to students who open an account with them. UHEAA partner lenders currently offer the best deal we are aware of.
For further information on UHEAA’s partner lenders repayment benefits, visit www.uheaa.org or call call 1-877-336-7378.
Can I switch lenders?
Yes. If you use more than one lender during your years in school and both sell to the student loan servicer (such as UHEAA,) there will be little or no difference in how your loan is repaid. If they sell to different student loan servicers, you may end up making two sets of payments. This does not increase your total payments, but it will complicate things for you.
If you choose a UHEAA partner lender and stay with that lender, you may need to sign only one promissory note (called the Master Promissory Note) for your entire college career. This speeds up the processing time for your loan in future years. Changing lenders will still be possible but will require you to sign a new promissory note.
What about non-UHEAA lenders?
Students can borrow from any lender that participates in the Stafford Loan program. Some non-UHEAA lenders do not disburse their funds electronically to Utah State, so it may take longer to process and receive your loan if you use one of these lenders. Processing fees and repayment benefits vary from lender to lender but the interest rates are always the same. If you choose to use an out-of-state lender, you must contact the USU Financial Aid Office when you accept your Stafford loan on USU ACCESS.