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QUESTIONS TO ASK BEFORE
SELECTING A LENDER
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Interest Rates and Fees:
Look for loans that offer fixed interest rates and no loan fees.
Many loans’ interest rates are tied to your (and/or your
cosigner’s) credit score.
- Loan
Cosigners: Many lenders offer a better deal to
students who apply with a cosigner.
- Loan
Limits: Many lenders require minimum loan amounts
or have maximum loan caps.
- Lender
Availability and Customer Service: Some lenders
offer online applications, e-sign capability, and access to your
data via their website, along with form downloads and the ability
to IM or email with questions. Others offer call centers with
extended hours and a knowledgeable phone staff. Whichever you
prefer, you should make sure you can access your data from the
point you apply through repayment.
- Questions
to Ask: You can find a list of questions to ask
when shopping for private loans at the Project
on Student Debt.
- Check
your sources! If you decide to use a lender comparison
website, be sure that you know who provides the data. Many of
these sites are owned by lenders or only display lenders who pay
for a spot on the page.
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