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Types of Aid
How to Choose and Evaluate Lenders
If you make good choices about lenders right from the start, the whole process will go more smoothly, from application to that final payment. You'll want to compare the following aspects of lender services when deciding which lender to choose:
- Ability of lender to service all your loans
- Interest rates and terms: Although for the federal loan programs, they are very similar, some lenders do offer better terms or discounts. As for private programs, rates and terms vary significantly.
- Loan application processes: Can you apply online? Is instant loan approval offered?
- Repayment plans: some are simple, others complex.
- Benefits for borrowers who pay on time or make loan payments electronically
- Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?