There has been a great deal of media attention lately on the state of the lending industry in general and in particular about the availability of loan funds for students attending post-secondary school.
The Gordon College Student Financial Services staff is constantly evaluating the changes in light of how to ensure seamless service to our families. We are able to give a confident report to our families under current conditions that for Gordon the loan process should be stable and undisrupted.
Gordon has always worked with a variety of lenders both for the Federal Family Educational Loan Programs (Stafford and PLUS) and private educational alternative loan programs offered by companies such as SallieMae, Campus Door, and Massachusetts Educational Finance Authority (MEFA). Our relationships have been broad in the lending community, allowing for stability in the midst of change.
Historically, Gordon alumni have been responsible borrowers and have earned Gordon a low default rate.They are valued customers among the lending community.
Gordon College was recently included in a Boston Business Journal article as having the second-lowest loan-default rate of all colleges and universities in Massachusetts, of which there are over 100. Low loan-default rates suggest that students are securing jobs upon graduation and are able to begin their loan payments immediately.
Gordon families will also benefit from a bill that was just signed into law that was designed to help ensure access and availability of funds in the Federal Family Educational Loan Programs (FFELP).
This law provides the Department of Education--at no cost to taxpayers--the authority to implement a comprehensive solution to the credit crunch in the student loan capital markets. This law primarily gives the Secretary of Education the authority to purchase student loans from FFELP lenders.
We have been grateful that our families have been calling our Student Financial Services office to get clarification and accurate information as regards Gordon College and their particular situations.
For more information, please visit the Student Financial Services page.