NIGP 94960: Return of Loan Funds, Financial Aid Only

NIGP 94960 Return Of Loan Funds, Financial Aid Only, an Item code, encompasses the procurement of financial services and products that support institutional lending, loan management, and student financial aid administration within state and local education systems. Based on recent solicitations, state and local buyers use this code to solicit banking services, lending partnerships, and loan administration capabilities that directly support student financing needs and institutional cash management. The issuing-body mix includes higher education institutions and K–12 school districts, each procuring distinct but complementary financial services — universities seeking private educational loan lenders to supplement federal aid offerings, and school districts seeking comprehensive banking services including payroll processing, deposit management, and investment advisory support tied to educational loan and financial aid operations.

Recent activity spans multiple states, with documented opportunities from Texas and Georgia. The University of Texas at Austin posted an RFI (Solicitation 72126048, due April 27, 2026) to identify private educational loan lenders meeting specific borrower-protection criteria—no origination fees, interest rates of 7.99% or lower, deferment and forbearance options, and full electronic processing—for inclusion on a Public Lender List serving undergraduate, graduate, and professional students. The Bibb County School District in Georgia issued RFP 26-033 (due March 24, 2026) for banking services supporting a $400 million annual budget and 20,000-student district, requiring federally chartered banks qualified for public deposits in Georgia, located within five miles of the Central Office in Macon, and capable of managing deposit, cash, payroll, and investment services. Both opportunities reflect institutional reliance on third-party financial partners to expand financing options and ensure operational financial stability, with evaluation weighted toward service breadth, compliance capability, and institutional fit rather than low-cost provision alone.