Not all student loans are the same
While for federal loans there is only one lender, the federal
government, if you are researching alternative loan sources or
obtained a loan prior to July 1, 2010, shop around, just like you
would for any major purchase. Do your own research to see who
offers the best product for the best price. Lenders differ in the
service provided, the borrower benefits, the cost of originating
the loan, and other factors.
Talk with the financial aid officer at your college for more
information about applying for student loans and visit the Consumer
Financial Protection Bureau to learn more about choosing a loan that's right for you.
Josh Stacey is a university student in Kansas.
He says he wasn't satisfied with the information provided by his
financial aid office, so he conducted his own research to figure
out where he could get the best rate. He discovered that he could
get a much better interest rate by having his parents co-sign a
"At first they didn't want to co-sign at all, but I showed them
several different options. It was the only way I could get money
myself that wasn't at a higher interest rate," he says.