- How many of your students are qualifying for the borrower benefits that you are advertising? How can borrowers be disqualified from receiving them? List the percentage rates from all lenders on your list.
- Describe your direct-to-consumer activities and how the financial aid office can be bypassed by certain companies
- Describe your customer service and ease of processing
- Describe your stability and life-of-loan servicing
With recent changes concerning lender lists, creating an insightful RFI and submitting it to lenders is the first step in creating useful lender lists that better educate students on their loan options. We’ve created a sample RFI to give you a starting point in figuring out which questions to ask a lender.
So what questions should you focus on when creating an RFI that will be helpful in evaluating lenders? Before any lender gets on your lender list, they should answer the list above.
A good RFI doesn’t end there. Tailor the questions to your school and your students. Go into detail and expect in-depth answers.
This article is the first in a series on guiding you through recent changes concerning lender lists. Next month, look for an article on creating a student-oriented lender list.