Here are the preliminary results from the SLA Flash Survey on Private Loans, which closed this evening (more complete results will be available by Tuesday). Thanks to the 187 financial aid administrators who responded to this survey!
- 58% of financial aid adminstrators were either very concerned (14%) or somewhat concerned (44%) about private loan availability for their students.
- Aid administrators at 4-year private institutions were most concerned with 17% very concerned and 52% somewhat concerned.
- 56% of respondents indicated that they would be providing students with a lender list for the 2009-10 school year.
- In terms of the lender selection process:
- 35% of respondents indicated that they went through a formal RFI process
- 32% indicated that they would be using the same lenders (who were still lending) from their 2008-09 list
- 12% indicated that they would list all of the lenders used by their students over the past 3-5 years
- The number of lenders that schools expect to have on their lender lists for private loans are:
- 1 lender: 0%
- 2 to 3 lenders: 17%
- 4 to 5 lenders: 48%
- 5 to 7 lenders (poor survey design as figures overlap): 24%
- 8 lenders or more: 12%
- The top five strategies cited most frequently to assist students looking for gap financing were:
- Parent PLUS loan (78%)
- Recommend use of cosigner (73%)
- Tuition repayment plan (54%)
- Individualized counseling (51%)
- State Alternative Loan programs (25%)
Look for a complete summary with charts next Tuesday.
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