How to choose a lender for stafford loans?
Wednesday, January 20th, 2010 at
12:30 pm
stacies mom asked:
I am looking at my school’s list and the ones that are at the top are:
I am looking at my school’s list and the ones that are at the top are:
Wells Fargo
Bank of America
Salliemae
Chase/JP Morgan
Wachoiva
Citibank
How do I determine is the best lender? What numbers should I be looking at?
BTW, this is for a stafford loan of $5500.
Thanks in advance for the answers everyone!
I already bank with Bank of America, does that matter?
Tagged with: Bank Of America • Stafford Loan • Stafford Loans
Filed under: Student Loans
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All Stafford loans have the same terms, the same rates, the same everything. One isn’t any better than any other. Your loans will likely be sold to Sallie Mae upon your graduation anyway, so you’ll never actually deal with any bank you pick now.. unless you choose sallie mae now. My only advise is to pick one and stick with them for your entire college career… that way you can keep track of them and keep them all together.
If you bank at BOA now, then it’s okay to choose them. You won’t get preferential treatment or anything… but like I said, most are sold when you finish or drop out of school.
I was wondering the exact same thing as you…
By the way, you can probably guess this, but you should disregard all the other answers except the first one.
Good luck!