Some Thoughts on Selecting Student Loan Lenders

There are countless lenders providing student loans in today's marketplace. The options may seem overwhelming. To make this process a bit easier, we have provided you with some information about lenders that have worked well for Penn State Dickinson students over the last several years. These are, of course, only suggestions. You may use any student loan provider that you choose.

Following are some things you may wish to consider when selecting a lender:

Does the lender offer discount pricing or borrower benefits for on-time payment?

Most lenders offer some type of discount for on-time payment. You should investigate what options are available to you and how much you can save by taking advantage of this. Try this calculator designed to compare lender discounts.

Can you apply for the loan online or by telephone?

Many lenders make the application process easier and quicker by providing Internet and telephone options.

Does the lender have a smooth electronic process in place with your school?

If your school has an electronic process in place with your lender your loans can be certified electronically by the school and funds will be disbursed by electronic funds transfer (EFT) rather than paper check. This speeds the process and gets your money in place more quickly.

Does the lender offer high quality customer care?

Your relationship with your loan servicer does not end when you finish law school. You will likely be utilizing their customer service for a number of years following graduation. You should feel confident that you are receiving good quality care.

Can you have all of your different student loans serviced by only one loan servicer to facilitate ease of repayment?

Many students will borrow three or more different types of student loans during their time in law school. It is not unusual for student to have Stafford Loans, Grad PLUS Loans and bar study loans by the time they complete their legal education. You may wish to consider choosing a lender that will allow you to have all of these different types of loans serviced by a single organization to ease the repayment process.

Stafford Loan Lenders

The following Stafford lenders have worked well for DSL students. They all offer 0% origination and insurance fees, deliver their funds quickly by electronic funds transfer, and offer excellent on-time repayment incentives. Please keep in mind that these are only a few of many options. We will happily process a Stafford Loan from any lender that you choose.

Please note that the loan terms listed below are for the 2007-08 year.  Loan terms for 2008-09 will be made available at a later time. Terms offered by individual lenders are subject to change. Please check directly with the lender to verify these details.

All of the lenders which we have suggested for you live up to the standards listed above.