As you're looking at the questions below, you may be thinking "What do perks have to do with anything?" Well, it's been reported on the news that financial aid officers have been given perks for referring their students to specific lenders. As a result, a student may be suggested a lender that offers high interest rates simply because the financial aid officer was given a free lunch or other perks by the lending company.
Because of this you're going to have to ask your financial aid officer some tough questions and you may even be forced to do some outside research on your own. After all, when it comes to your financial future the only person looking out for you is YOU! Therefore, use the questions below as a guide and as you do further research on lenders, you may even come up with a few more good questions to add to the ones below.
The Questions
- Has anyone at this University ever received gifts, perks, benefits, etc. from the lender that you are suggesting?
- What influence, if any, do perks offered by lenders have on financial aid officers?
- Can you show my some of the hard data you used to pick your preferred lenders?
- Do you have any information to substantiate your claim(s) that this lender offers excellent rates?
- How long has this lender been on your preferred list?
- Is there a list of other lenders besides the ones on your preferred list?
- How did you pick your preferred lender?
- How often are lenders rotated on or off the preferred list?
