<p>I need a lender for my Stafford loans, I know very little about taking out loans and was wondering who has had a good "experience" with either of the lenders listed above and which one I should pick.</p>
<p>I’m also new at student loans, but I’ve had plenty of experience with other kinds of loans. What I’d suggest is do a little homework. Ask about interest rates primarily, I’d think. I believe that most of the rest (repayment terms) is regulated, so they’d be the same at all lenders. Wells Fargo holds my mortgage, and I’ve had no problems with them – they send a statement every month, I send a check back.</p>
<p>There are plenty of folks here who know alot more about it than I do, though. Just giving you a bump. :)</p>
<p>The interest rate will be 6.8% for all unsub Staffords…it’s set by the feds, not the bank. But banks do offer discounts/reductions on origination fees or interest for auto-pay, graduation, on time payment, etc. I’ve often heard Discover recommended by students and think sueinphilly is happy with them for her S, maybe she’ll respond here or you can PM her if you have questions. There’s a chart comparing FFEL lenders here (double check with lenders, not sure if thie is updated regularly):</p>
<p>[FinAid</a> | Loans | Stafford Loan Discounts](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/loans/staffordloandiscounts.phtml)</p>
<p>Your starting point should be with the school. Review the lenders on their recommended lender list. If they are using good lenders, it is best to choose one from their list as they will have a working relationship with the lender and the process usually goes faster. If you do not like any of their recommended lenders, you can chose someone else, but please be aware that it typically slows down the process some.</p>
<p>you should also look at US Bank, they have a loan program directed to college students, and Bank of America aswell.</p>
<p>How long does the process take typically?</p>
<p>sk8rmom – Thanks for setting me straight!</p>
<p>It can take a relatively short amount of time to many weeks. However, the money cannot be disbursed to the school until their decided time. My school disburses near the add/drop date for traditional students and usually within a week of the first day for non-term students. Other schools disburse within a few days of the semester starting.</p>
<p>So I know that our first payment to the school is due at the end of July; school starts at the end of August. Should I start loan-shopping now? Or wait till, say, mid-June?</p>
<p>Also, I know you can’t give me firm timelines, but are we talking a week? A month? Two months?</p>
<p>If school starts at the end of August, then I would believe that the money would be received sometime during September if you choose one of their recommended lenders and October if you choose someone else.</p>
<p>You can start looking at the lenders now but most likely the benefits offered by the lenders will change as of July 1. Some have already posted their upcoming benefits, others are still pending final legislation by Congress before they decide.</p>
<p>So funds are disbursed to the school by the lenders after school starts?</p>
<p>Yes they are.</p>
<p>fyi, since the lender we used was not on the ‘suggested list’ the loan was sent to the school in my son’s name and he had to go to the bursars office to endorse it. No biggie, but an extra step (that I felt was worth the $90 I saved in fees by using a no-fee lender)</p>
<p>I’ll be getting a bill from the school mid-July. I assume it will look something like this?</p>
<p>Tuition, housing, fees<br>
Minus scholarship
Minus loans (which have not yet been disbursed to the school
Equals the check I need to send to the school by their due date (July 31)</p>
<p>My D chose our federal credit union as her loan provider. No issues.</p>
<p>LasMa - you have it correct. You will owe the billed amount (tuition/fees/room/board) - scholarships/grants - anticipated loans.</p>
<p>Gotcha. Thanks, Sue.</p>
<p>What about lenders for regular (non-Stafford) student loans, to cover the gap between financial aid and cost of attendance…are there any lenders anyone here recommends checking out?</p>
<p>Bump! =D</p>
<p>Also would like to know if any recommended lenders out there for non-federal loans. (The amount “left over” from tuition cost minus financial aid.</p>
<p>Do people usually borrow from the same lender as they did for their Stafford loans?</p>