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# choosing a lender for stafford & gradplus loans

Author Message
Manager
Joined: 10 Sep 2006
Posts: 60

Kudos [?]: 1 [0], given: 0

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12 Jun 2007, 23:42
so i got my financial aid package from my school and they provide a list of preferred lenders to choose from for my loans... however, i don't think i am required to use one of the preferred lenders, i can pick any bank/lender i want...

each lender has slightly different perks (no origination fee, 1 point off the interest rate after X number of payments, etc)...

anyone else find a lender out there that is giving good deals? or is there a website somewhere that will summarize all the different banks?

Kudos [?]: 1 [0], given: 0

VP
Joined: 11 Dec 2006
Posts: 1430

Kudos [?]: 223 [0], given: 6

Location: New York, NY
Schools: NYU Stern 2009

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13 Jun 2007, 02:53
Don't underweight the prepayment fees they charge. Because of the borrowing you want a long term for the down-scenario, but the ability to be able to pay early without fees is probably worth a bit on the rate.

Generally, they all looked pretty similar when I was looking (but I couldn't use them anyway.

Kudos [?]: 223 [0], given: 6

Senior Manager
Joined: 03 Aug 2006
Posts: 442

Kudos [?]: 5 [0], given: 0

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13 Jun 2007, 08:29
I plugged in all different type of loans on my excel to see which provides the best deal. You should do the same thing (Mine was based on NC local lenders). However, most of loans were pretty much similar.

Kudos [?]: 5 [0], given: 0

13 Jun 2007, 08:29
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