Federal Parent Loans
Parents (including step parents and adoptive parents) of students have the right to choose any lender that participates in the federal education loan program and we will process your loan accordingly. The following are recommended lenders for Randolph Macon College and have been included after an extensive review of information provided by numerous lenders. Our review included the following criteria: borrower benefits, customer service; ease of processing and whether or not the lender sells its loans. Borrowers should carefully compare borrower benefits and determine the best loan for themselves even if a banking relationship does not already exist with the lender.
When you have decided on a lender, click on the name to proceed to the next step:
| Chase |
803000 |
Effective for loans with a guarantee date on or after June 1, 2008:
- 3% Origination Fee
- 0.25% interest rate reduction for borrowers in repayment who have enrolled in and make payments through an auto-debit/ACH repayment program.
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| Citibank |
826878 |
Effective for loans guaranteed or initially disbursed after January 1, 2008 and for the 2008-09 academic year:
- 0.50% Automatic Interest Rate Reduction at repayment for all parents who continue to make on-time monthly payment
- Unlimited opportunities to earn back the 0.50% interest rate reduction! If a parent loses their automatic interest rate reduction benefit due to a late payment, the benefit can be recovered unlimited times during the life of the loan. A parent may regain the benefit by subsequently making 24 consecutive on-time monthly payments.
- 0.25% Interest Rate Reduction for parents who have their loan payments automatically withdrawn through Citibank’s auto-debit payment program and agree to only receive electronic statements.
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| Edamerica |
831453 |
Effective for loans guaranteed on or after May 15, 2008:
- 0.25% interest rate reduction for auto-debit with continuous on-time payments
- Instant credit decision and easy application process online and by phone
- Parents may postpone payment while student is enrolled at least half time
- No pre-payment penalties
- One point of contact for life-of-loan servicing
- Non-profit funded company
- 20 years of experience concentrating solely on student loans
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| Key Bank |
811025 |
- Zero Default Fee
- 1.0% interest rate reduction for direct debit payments from any checking or savings account
- Interest is only capitalized one at the time of repayment
- Easy online application with e-Signature feature
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| SunTrust |
819873 |
Effective for loans disbursed on or after June 9, 2008:
- 0.25% interest rate reduction for borrowers who sign up for ACH
- Easy online application process and e-signature option
- Fixed Interest Rate - 8.25%
- Option to defer payments while in-school
- 24/7 Online account access
- No pre-payment penalties
- Flexible repayment options
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| Wachovia |
830005 |
Effective for all loans disbursed on or after July, 1 2008:
- 0.25% interest rate reduction for ACH
- Instant credit decisions and credit review when applicable
- No pre-payment penalties
- Parents can postpone repayment until six months after student leaves school
(student must be enrolled at least half time)
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The information in this list has been provided by each lender and is
subject to change at any time.
Accordingly, neither ECMC nor the school can verify the accuracy of the information or how current it may be.
