Private College Student Loan

Best lender for student loans?

What is the best lender for my student loans and what criteria should I base my choice off of? These are the ones I have to choose from: national city bank chase keystone best citibank edamerica inc citizens bank of PA wachovia education finance suntrust education loans PNC bank thanks

Public Comments

1. You will find that the choice of lenders will continue to shrink due to the collapse of the student loan industry. Wachovia, for instance, is now Wells Fargo, so dont choose them. Several others on this list will drop out of the marketing soon, as well, in my opinion, I hate to tell you. Since there are no longer any borrower benefits for students or parents it is really a crap shoot, to be blunt. If the one you choose goes under or drops out you will still be ok, however.
2. If you are referring to taking out a "Stafford Student Loan" they must all follow the same repayment rules as set forth by the Department of Education so it really doesn't matter that much. Some lenders do offer, after you have entered repayment, some incentives to reduce your interest rate though, by doing automatic payments, etc. They must all follow the same rules for forebearance, deferments, etc. If you are talking about a private student loan, which are credit based you would need to ask what your interest rate and repayment options are for each lender. The repayment terms are set by your credit history, so each lender will vary. Ensure you have exhausted all of your government loans before applying for private loans!