How YSM Selects Recommended Lenders

Any lender listed on any written material for the Yale School of Medicine has been selected in accordance with the Yale Code of Conduct for Student–Lender Relationships. Listed below are the guidelines for how we select lenders to appear in our literature.

We start by sending an annual survey requesting information on loan terms and conditions to all lenders we are interested in or who have demonstrated that their services should be reviewed. We also factor in the personal experiences of students and the staff of the Financial Aid Office.

Information we ask on our lender survey includes:

• Are they a full service lender, meaning you provide all loan types, including Stafford, Grad Plus, private lender loans and medical residency and relocation loans?
• Do they lend to international students?
• Do they look at the origination or default fees for Stafford Loans?
• Do their borrower benefits reduce the cost of the loan?
• Are there deferment and/or forbearance on the loans for medical residency?
• What is their interest capitalized policy? (We look for lenders who don’t capitalize the loan until the student goes into repayment.)
• What special benefits or borrower benefits do they offer? How do they aid the student?
• How easy is their application process — Can a student apply on line?  Is the application easy to find? How simple or complicated is it to fill out?
• How quickly will the student receives his/her funds?
• How long does it take to get the loan approved?
• How long does the credit check take?
• How easy is it for the school to certify and receive the funds on loans taken by the students?
• Does the school have to process paper certifications?
• Once the loan has been processed, how long does it take for the funds to be sent to the school? 
• Do they participate in Electronic Funds Transfer?
• Do they sell their loans to other services or lenders who change the terms and conditions of the loans?

Once a lender has been selected for inclusion on a lender list, does Yale continue to monitor the lender’s performance?

• All lenders are monitored during the year for performance and availability.

Who is the person in charge of monitoring lender performance?

The director of the Office of Financial Aid is responsible for monitoring lenders’ performances. The director receives feedback from staff members on any problems or exceptionally positive interactions they’ve had with lenders.

NOTE:  We feel confident recommending the lenders on our list, but you, as the borrower, will have an ongoing relationship with the lender and should choose the one that makes you most comfortable. We will process any loan for any lender you choose.