How does the financial aid office select preferred lenders?
Your school’s financial aid office may have a list of recommended or preferred lenders. It is a good idea to ask what criteria the school used to compile the list. You should also do your own research and comparison-shop to find the best loan for you. Remember, you have the right to the lender of your choice, even if that lender is not on your school’s preferred lender list. CREDIT CARDS Think twice before using a credit card to pay for school costs. Credit cards generally have a much higher interest rate than most student loans. If you use a credit card to pay for school costs and you can’t pay your credit card bill in full on the statement due date, you will end up paying even more interest on your credit card debt than you would with a student loan. Back to top A loan is a serious financial commitment: Students and families should carefully consider whether to borrow, how much to borrow, and what lender to borrow from. Student loans are a serious financial commitment that may affect
