• You are not required to use a lender from this list. It is provided for informational purposes only. UVM will process loans from any eligible lender, and choosing a non-preferred lender will not result in a penalty, delay, or denial of certification. 
• Compare your options carefully. Interest rates, fees, borrower benefits, and loan terms can vary widely. You may find a loan product that meets what you are looking for from lenders not included on this list.
• Credit-based approval. Private education loans are approved based on creditworthiness. Interest rates and eligibility depend on your credit history and income, or that of your cosigner. 
• Borrower conservatively. Only borrow what you need. Private education loans must be repaid with interest, and minimizing borrowing reduces long-term costs.
• Right to cancel. Federal law provides a 3 day right to cancel after you receive your final loan disclosure, which confirms your loan amount, interest rate, and loan terms.

(Listed in alphabetical order)

ABE Student Loans

Citizens Bank Student Loans

Education Loan Finance (ELFI)

Vermont Student Assistance Corporation (VSAC) 

Compare Loan Options Using ELM SELECT

For detailed and unbiased information about private education loan options, you can use ELM SELECT, an independent online comparison tool. 

ELM SELECT allows you to: 

• Compare private education loans from multiple lenders based on interest rates, repayment terms, and eligibility
• View real-time data uploaded directly by the lenders
• Browse anonymously. No registration or personal information is required 
• Apply directly with the lender you choose once you identify a loan that meets your needs

ELM SELECT

Lenders included on UVM's Preferred Lender List were selected through a formal Request for Information (RFI) process. The RFI was distributed through targeted outreach to encourage participation from both local and national lenders. 

Guided by UVM's Green, Gold, and Bold strategic plan, the evaluation focused on lenders who demonstrate a consistent commitment to supporting borrowers throughout the entire loan lifecycle - from application through repayment - aligning with UVM's mission to help students develop the tools to navigate life beyond UVM.

Evaluation Criteria

RFI responses were assessed using the following criteria:

• Customer Service & Borrower Experience
  Review of lender service models; timeliness of loan processing and customer response; practices for safeguarding borrower information; and support offered throughout repayment - all grounded in UVM's emphasis on student well-being and holistic support.
• Established Business Practices
  Consideration of the lender's years in business, length of time offering student loan products, and any history of regulatory or compliance actions.
• Repayment Options
  Availability of flexible or favorable repayment plans, including forbearance options, deferment terms, and consolidation opportunities.
• Interest Rates
  Reasonable, transparent rate structures and clarity around variable, fixed, or tiered rate offerings.
• Loan Program Features
  Benefits such as death or disability discharge, cosigner release policies, and borrower-friendly forgiveness or hardship programs.
• Credit Approval & Application Process
  Fair and clear credit evaluation practices and user-friendly application experience for students and cosigners.
• Administrative Efficiency
  Ease of certification and coordination with UVM systems to prevent delays and ensure accurate and timely processing.

Our Commitment
UVM reviews the Preferred Lender List annually to ensure included lenders continue to meet our standards, reflect UVM's values, and adapt to the evolving needs of our students. Through this process, we aim to empower students to borrow responsibly, understand their financial options, and receive consistent support throughout their academic journey - reflecting UVM's mission to help students develop the tools to navigate life beyond UVM.

To ensure transparency, integrity, and student-centered guidance, Student Financial Services staff adhere to the following principles:

• Provide Student-First Counseling 
  Staff must provide information that supports a student's best interest. Students must always be informed that they may select any lender of their choice, regardless of whether that lender appears on our PLL.
• Not Accept Lender Influence or Incentives 
  Staff may not accept gifts, compensation, benefits, or inducements of any kind/value from lenders, guaranty agencies, or loan servicers. This includes meals, travel, services, or anything of monetary value.
• Provide Neutral, Accurate, and Transparent PLL Information
  Information shared about lenders, loan products, or the PLL must be:
  • accurate, unbiased, and fact-based
  • consistent with UVM policy and federal requirements
  • clearly distinguishable from marketing materials or advertising
• Not Assign Borrowers to Lenders
  Staff may not assign, steer, or automatically refer students to a specific lender, nor may they intentionally delay certification based on non-preferred lender selection.
• Not Serve in Lender Advisory Roles
  Staff may not serve on lender advisory boards or participate in lender-sponsored committees related to loan product development. Having said that, as a general practice, UVM will continue to advocate to the general lender community for favorable loan programs to meet the needs of UVM students.
• Protect Student Information
  Student data may only be shared with lenders as permitted by FERPA, HEA, and UVM policy. Data may never be shared for marketing or recruitment purposes.
• Comply with Review & Disclosure Requirements
  Conduct annual unbiased review of the PLL and ensure that all PLL criteria and disclosures are transparent, publicly posted, and updated as regulations require.