How to Choose a Lender
How to Choose a Lender
Choosing a lender can be one of the most important decisions you'll make when borrowing money to pay for school. Be sure to take into account the savings offered by each lender such as origination fee discounts, interest rate reductions, or rebates. To help you make the best possible choice, consider the following information.
Under federal guidelines, lenders are allowed by law to charge an origination fee of up to 1% of your gross loan amount. Some lenders offer you discounts on this fee, while others may offer special discounts or rebates for making a number of consecutive on-time payments. Loan costs change periodically, so you should contact the lender for the most current information.
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