Flickr user Alan Light
When you take a loan, at some point you will have to pay it back with interest. Picking the wrong loan could leave you struggling with overwhelming debt after you graduate. To avoid getting into this situation, it is absolutely crucial that you take some time to choose the right loan for you.
The best way to make the right choice is by comparing different student loan packages. Here are a two of the most important things you need to take into consideration when deciding which loan to pick.
Interest Rates
Most times federal loans offer much lower interest rates as compared to private loans and should always be your first option, unless you have found a loan with a lower interest rate. If you need any more, try scoring Perkins or PLUS loans first. Turn to private loans only as a last resort.
The Fine Print
Very often, students just compare loan amounts and interest rates, completely ignoring the fine print, which often contains those nasty hidden fees. Origination, administrative, default and disbursement fees vary from one lender to another and they can add up, increasing the total amount substantially. Add the interest and all fees when calculating the total amount you will have to pay back, before you sign any agreement.
Use College Raptor to discover personalized college matches, cost estimates, acceptance odds, and potential financial aid for schools around the US—for FREE!
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
 |
4.63% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
 |
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
