Submitted by the University of Massachusetts, Purchasing Department, Shrewsbury, Ma 01545

UNIVERSITY OF MASSACHUSETTS

Request for INFORMATION

University of Massachusetts

Private/Alternative Lenders for Student Loans

RFI # UP16-DF-0301

SUBMITTED BY THE UNIVERSITY OF MASSACHUSETTS, PURCHASING DEPARTMENT, SHREWSBURY, MA 01545

SPONSORED BY

THE UNIVERSITY OF MASSACHUSETTS

Boston, Dartmouth and Lowell Campuses

1.0 General Information

1.1 Summary

Campuses of the University of Massachusetts (UMass Boston, UMass Dartmouth, UMass Lowell, and described herein as “the University”) request responses from multiple lending institutions who can provide private/alternative loans for enrolled and qualified students of the University for the 2016-2017 processing year.

Loan applicants may include undergraduate and graduate students, Parents/Guardians, Non-degree students, and also loans which may apply to students enrolled in UMass On-Line. Loans may also be sought for Winter/Summer Sessions.

Multiple lending institutions will be awarded. Awarded lenders must be able to provide internet web links directly to their loan service and those links will be listed on campus websites and possibly on a single nationally used Service Agent Website (not yet selected) for the purpose of facilitating the University’s Financial Aid services. The Service Agent Website (SAW) may be similar to ELM SELECT: https://www.elmselect.com/oll/Agreement (named here only as an example or representative SAW). The links placed in the SAW and on campus websites must enable those who are seeking student loans to browse the lender's site, learn about their options, decide on a loan program, and complete and submit a loan application on-line. Additional customer services may be offered through the SAW.

Lenders will be 100% responsible for qualifying applications, notifying students of loan awards, fully administering and guaranteeing the loan terms, receiving loan payments, and making disbursements to the appropriate University Campus Bursar for payment. Lenders may be withdrawn from the SAW or campus list based adverse changes in its loan program, customer service or other factors which deem it to no longer be in the best interest of the University.

Via the SAW or the UMass campuses’ own web sites, the University will disclose the process for selecting the awarded lenders. However, the University will play no role in and is prohibited from recommending specific lenders. Lending institutions bear 100% responsibility for truth in lending information, administration of the loan application, loan approval, disbursements to the University, and loan payments from borrowers and all customer services. Awarded lenders will work with each UMass campus to define loan administration issues and procedures.

1.2 Campus Information

Boston Campus

With a growing reputation for innovative research addressing complex urban issues, the University of Massachusetts Boston, metropolitan Boston’s only public university, offers its diverse student population both an intimate learning environment and the rich experience of a great American city. UMass Boston’s eight colleges and graduate schools serve more than 15,000 students while engaging local, national, and international constituents through academic programs, research centers, and public service activities. To learn more about UMass Boston, visit www.umb.edu.

Dartmouth Campus

Distinguished by personalized teaching, innovative research, and full engagement in regional economic, social, and cultural development, UMass Dartmouth has an enrollment of more than 9,100 students in more than 53 undergraduate and 43 graduate programs, including 11 at the doctoral level and the Commonwealth’s only public law school. The University's commitment to the undergraduate educational experience is enhanced by the scholarly research and creative activities of faculty and graduate students. The main campus, designed by the renowned architect Paul Rudolph, is located on 710 acres in Dartmouth, Massachusetts. Other University sites include the School for Marine Science and Technology on the waterfront in New Bedford, the Advanced Technology and Manufacturing Center in Fall River, the Star Store arts campus in downtown New Bedford, Fairhaven-based centers focusing on marketing research and K-12 education practices, and online programs that reach throughout the state, region and nation. To learn more about UMass Dartmouth, visit www.umassd.edu.

Lowell Campus

UMass Lowell is a comprehensive nationally recognized doctoral-level research university. Located in the culturally rich city of Lowell, the campus offers its more than 14,000 students 20 doctoral, 32 master’s, and 120 bachelor’s degrees in fine arts, humanities, social and applied sciences, education, engineering, health, environment, and management. Campus life revolves around a state-of-the-art recreation center and sports arena, 130 vibrant student organizations, 50 musical ensembles, and 17 varsity sports, including Division I ice hockey. Experiential learning opportunities for students include internships, co-ops, and international exchanges. The campus engages with the community and partners with industry, other educational institutions and the non-profit sector to advance research, provide public service and enrich the student educational experience. Research expenditures in 2010 approached $60 million. To learn more about UMass Lowell, visit www.uml.edu.

Additional information about the UMass System is available through the University’s web site at http://www.massachusetts.edu/index.html.

2.0 Bidder Information

2.1 RFI Schedule

Event / Date and time
RFI Release Date / March 10, 2016
Questions Due / March 24, 2016, 4:00pm EST
Respond to Questions / April 4, 2016, by end of day
RFI Due Date / April 14, 2016, 2:00pm EST
RFI Award / May 27, 2016 (Approximate)

The University may change these dates at its sole discretion.

2.2 RFI Deadline

Responses must be received via email only to on or before 2:00 p.m. EST on

April 14, 2016. The email subject line must read: “UP16-DF-0301 RESPONSE” and must have attached files, which contains the bidder’s response.

2.3 Questions

Bidders may submit written questions via email to on or before 4 pm EST, on

March 24, 2016. The email subject line must read: “UP16-DF-0301 QUESTIONS”. The University will compile all questions and will respond in writing via email before end of day on April 4, 2016.

2.4 Contact Information

Except as may be noted otherwise herein, the issuing office and sole contact for the coordination and dissemination of all information regarding this RFI is:

Deborah Fisher, Procurement Services Manager

University of Massachusetts President’s Office

333 South Street, Suite 450

Shrewsbury, MA 01545

Email:

3.0 Evaluation Criteria

An “award” means that the lender has submitted the requirements below and that the Criteria for award have been met. A University committee of reviewers will make award recommendations based on the following criteria in order of priority:

1. The Lender’s Loan Program Requirements
2. The Lender’s background and history, including “market and brand recognition,”
3. Customer Services
4. The Lender’s Program Affiliations.

The University reserves the right to reject responses based on other information which may indicate that offers may not to be in the best interest of the University.

4.0 Bid Requirements

Please answer all question listed below.

4.1  General Information

Please attach your organization’s mission statement and history in the student loan field.

Lender Name:
Program/Product Name:
Corporate Identity:
Lender Address:
Telephone:
Fax:
Email:
URL:
Primary Marketing Contact:
Primary Operational Contact:

For Profit Non-Profit

4.2  Borrower Services

4.2.1  What are your customer service call center hours for origination issues?

4.2.2 Can borrowers fully access their account online? Yes No

4.2.3 Do you accept payments online? Yes No

4.3  School Services

4.3.1 Do you have designated account managers assigned to specific schools? Yes No

If yes, please list names and contact information.

4.3.2 What third party processing systems do you use (i.e. ELM, OpenNet, ASA Direct)?

4.3.3 With which guarantor(s) does your organization have a relationship?

4.3.4 Do you service your own loans? Yes No

If no, please attach a list of all contracted servicers and contact information.

4.3.5 Do you require any action from the borrower after school certification is complete? Yes No

If yes, please describe.

4.4  Eligible Borrowers

4.4.1 Student: Yes No

4.4.2 Parent: Yes No

4.4.3 Other: Yes No

4.4.4 International students: Yes No

4.4.5 Satisfactory Academic Progress required: Yes No

4.4.6 Students enrolled less than half-time: Yes No

4.4.7 Students NOT enrolled in degree program: Yes No

4.4.8 Students enrolled in a Certificate Program only: Yes No

4.4.9 Loans for past due balance: Yes No

If yes, how old can balance be? ______

4.4.10 Do you have a loan product that does NOT require school certification? Yes No

4.4.11 How long is a borrower’s initial credit decision valid? ______

Must the first disbursement of the loan happen prior to the credit expiration? Yes No

4.5  Loan Amount and Loan Changes

4.5.1  Minimum per year:

4.6  Front End Fees

4.6.1  Origination Fee:

4.6.2 Guarantee Fee:

4.7  Interest Rates

4.7.1 Variable Fixed Both

4.7.2 Do you have a tiered rate structure? Yes No

4.7.3 Interest rate with co-borrower:

4.7.4 Interest rate without co-borrower:

4.7.5 Provide your current approval/denial percentage rates for UMass families.

4.7.6 Must a student or applicable co-borrower have an established credit history to be eligible, or could a student and co-borrower be potentially credit-approved based on income alone? Yes No

4.8  Default Rates

4.8.1 Please provide the current default rate of your lender’s private loan portfolio:

·  National: ______%

·  If available, Massachusetts: ______%

·  If available, UMass: ______%

4.9  Repayment Terms

4.9.1 Deferment option available? Yes No

4.9.2 Interest-only option? Yes No

4.9.3 Cosigner release option? Yes No

If yes, number of payments before release of co-signer: ______

5.0 Bidder Information and Signature

Please complete the information below.

BIDDER NAME
ADDRESS 1
ADDRESS 2
CITY
STATE
ZIP
TELEPHONE
EMAIL

Authorized Signature: ______

END OF RFI UP16-DF-0301

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