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February 16


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If are you going to choose a lender, do not be afraid to ask about the offered services in the Financial Aid Office of the university. Besides, many of them have already a preferred lender list that they believe is the best for students. However, you are not obligated to choose a lender of this list, but more than 90% of the students do, for the simple reason that the university already got familiar with these lenders.

But if you want a different lender from the list, the most important factors to consider are:

     The Cost:
 Refers to the repayments incentives that some lenders offer such as discounts, borrower benefits, interest rate reductions, fee rebates, and balance reductions just for the use of direct debits or for doing the payments on time.

 This savings could be automatic and immediate, or some could require the first 12 until 48 monthly payments on time.

 Because of the lender earn much money more with the unconsolidated loans; they offer much better discounts that those for consolidation loans.

     The Flexibility:
 Even when Private Education Loans are the most expensive in fees and interest rates, they are less expensive than credit card debt.

 It is recommendable for you to apply for those types of loan that you can reach and of course, those with the most flexible repayment terms.

 However, some students prefer more expensive loans due to they offer more flexible repayments.

     The Customer Service:
 According to the lender, they could rather to sell their loans to a third market or agency, so you could start to make your repayments in other way, depending on their way to manage the processing of payments.

 If you have your loans paid on time, you might have paid off your old loans and start to replacing it with a combined loan from a single new lender. Or, other agencies offer life-of-loan servicing, it means that will be used the same servicer even if the loan is sold.

 In addition, there are considerations that the customer services include:

  -   Process the loan application online.
  -   Toll free (24hours x 7days x 365days)
  -   Account information online.
  -   Able to combine government and private education loans.
  -   Resolve problems and complaints.

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