<p>I'm in the process of confirming my financial aid stuff right now and my school (UCSD) requires me to choose a lender for my staffard loan. Which would be the best lender to choose??</p>
<p>[UCSD Preferred Lenders]
1). ALL Student Loan
2). College Loan Corporation
3). Wachovia Education Finance</p>
<p>[Other Approved Lenders]
4). AMS, a Sallie Mae Company
5). Bank of America
6). Citibank
7). Northstar/T.H.E.
8). Student Capital Corporation
9). Wells Fargo</p>
<p>Stay away from the following companies -- ALL Student Loan, CLC, Student Capital, AMS -- or any Sallie Mae Company.</p>
<p>Wachovia, Citi, Wells and BofA all good. But your best choice would be Northstar/THE.</p>
<p>Here's why -- zero up-front fees (other lenders may charge up to 2% of your loan. And the repayment benefit (the THE Bonus) can be up to 20% of your loan balance. But the best incentive is you never lose the benefits (unless you consolidate or are more than 60 days late on a payment. But once your account is current the benefit is reinstated. Not true with other lenders. If you miss any of your first 36 or 48 payments you lose any repayment incentives. Some lenders even take them away if you miss a payment after receiving the benefit.</p>
<p>According to finaid.org -- most students miss a payment within the first 12 months. The payment most likely to be missed --- the first one.</p>
<p>I actually work in the industry, but not for any of these lenders. Northstar/THE has a really strong program -- I tell all my friends to consider Northstar when applying for a student loan.</p>
<p>I hope this helps. Good luck in the fall.</p>