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CHOOSING A STUDENT LOAN LENDER

There are several student loan lenders from which you can choose.  Taking the time to review, question, and interview a potential lender is important.  Talking with a prospective lender is the best and most accurate method to know and understand the terms and conditions a lender offers. The Student Financial Aid Office cannot select or recommend a lender to students.  Potential student borrowers and/or parents are advised to research each loan product thoroughly before making a selection.  What is best for one student may not be the best for others.

Gathering Information:

  1. Read lender brochures and other printed materials.  Do they give you the information you want in a clear, straightforward manner or do they seem to be mostly a slick sales pitch?
  2. Go to the lender’s web page.  Can you find what you want?  Do you have to apply for a loan before you get detailed information? Caution:  Students should not provide personal information in order to obtain student loan information.
  3. Call the lender several times and ask questions.   

Factors To Consider When Evaluating a Lender:

    • How long has the lender been in the student loan industry?
    • Evaluate the lender’s customer service:  Can you reach a live operator quickly to check on the status of your loan during hours convenient for you? Are you able to speak to a person who is well-informed and courteous?  Does the person hesitate when you ask specific questions?  Do you spend a long time on hold each time you call? Can you access information over the internet?
    • Does your lender use a servicer? Does the lender sell their loans to the secondary lender market? If so, when?
    • Is extra effort put forth to help students avoid default?
    • What benefits are offered?  Can the benefits change? How? When?  Are the benefits in writing? If so, where can you find them?
    • Is loan interest capitalized? If so, when? How often?

Using a Lender List
LSU Health Sciences Center-Shreveport does not provide students with a preferred lender list.  However, students are able to view a list of lenders that students at LSUHSC-Shreveport borrowed from during the past 3 academic years.  The lender list, available on the Student Financial Aid website, can be used as a starting point in your search for a student loan lender. Student borrowers at LSUHSC-S are not limited to the list and have the right to select a lender not listed. If a lender not listed is selected, the student must provide the Student Financial Aid Office with the lender’s name, lender code, and contact information.

Click here to view the list of lenders

 
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