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Citizens Top N.E. Student Lender
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Business New Haven
4/14/2003
By: BNH
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PROVIDENCE, R.I. - Citizens Bank has been named the top student loan provider in New England by the U.S. Department of Education for approving the most Family Education Loans in 2002. Citizens lent more than $221 million to more than 38,000 students through the Federal Family Education Loan Program (FFELP). More commonly known as Federal Stafford Student Loans, these financial instruments are provided by private lenders including banks, credit unions and savings and loan associations. They are guaranteed against default by the federal government. Federal Stafford Student loans allow dependent undergraduates to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year. Graduate students are eligible to borrow up to $18,500 per year in Stafford Loans.
"Citizens understands how pivotal college financing can be for students and their families, and we are proud to serve as the No. 1 student loan lender in the region," said Michael McFarlane, the bank's director of education finance.
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