There are many different alternative student loan providers from which to choose. The Office of Financial Aid encourages you to carefully evaluate and research the terms offered by the lenders to ensure the best possible terms for you. Call the lenders, research their websites and ask questions. Do your homework so you can make an informed decision. We cannot make it for you. Consider the following when choosing a lender:
- Loan Interest Rates – Interest rates vary
- Origination fees
- Repayment fees
- Interest rate
- Variable interest rates
Borrower Based Benefits – Be aware that loan terms can change yearly and repayment benefits are dependent upon specific borrower behaviors. Therefore, in order to retain borrower behavior based benefits, such as reductions for paying by auto debit and/or reductions for specified number of on-time payments, you would need to specifically follow the loan terms in order to receive the benefit.
- Auto debit interest rate reduction at repayment
- Interest rate reductions with a certain number of on-time payments
- Principal reductions at origination and/or at repayment
- Ability to regain benefits if you lost them due to a missed payment or lack of funds (non sufficient funds)
Customer Service – When selecting a lender, it is important to consider the lender’s level of customer service.
- 24/7 toll-free 1-800 number
- Online account access
- Limited number of borrower complaints
- Electronic on-line application process and instant approval
- Flexible repayment options