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Federal Stafford and PLUS borrowers may choose any participating lender in the Federal Family Education Loan Program (FFELP).

For the 2008/2009 academic year, Bloomfield College expanded the number of recommended lenders who utilized our preferred method for servicing loans. To assist a borrower in the selection of a lender, Bloomfield College developed a list of five lenders we believe will provide our families the pricing and servicing required to receive the loan funds in a timely and accurate manner.

Bloomfield College’s Office of Financial Aid selected lenders based on the following criteria:

  • Process and Technology
  • Competitive Rates and Benefits
  • Position in the loan industry

Students have the right to select any lender that participates in the FFEL Program. If the lender you choose does not participate in an automated certification or EFT (Electronic Funds Transfer) process, the Master Promissory Note (MPN) – loan can be certified manually.
Please ask your lender to fax the certification request to Bloomfield College at (973) 748-9735.

Our list of recommended lenders is updated every year based on the criteria listed above and any changes Bloomfield College may make in the processing of FFELP loans.

The basic terms and conditions of FFELP loans (interest rates, annual and aggregate borrowing levels, deferment options) are set by the federal government and can not differ from one lender to the next. Many lenders offer some additional benefits directly to borrowers. We encourage you to carefully review the different benefits offered by lenders, both on our recommended list and others, and see which ones best suit your financial and personal circumstances.

You will choose the lender you wish to use for your FFELP loan at the time you electronically sign the Master Promissory Note (MPN) or come in to our office for the manual process. The MPN is only signed when you first are awarded federal loan funds. There will be no need to sign a new MPN for every subsequent loan nor will you be required to choose a new lender.

Bloomfield College does not share in the profits from student loans nor do we have any specific arrangements with lenders to receive funds or compensation based on loan volume. Bloomfield College’s office of financial aid follow the New Jersey Conflicts of Interest Law and Uniform Ethics Code.