How do I choose a lender?

[Susan]

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I've heard both that is matters and it doesn't matter which lender I choose for the Stafford loan. I'm headed to NYCOM and they suggest Chase, Citibank, Key Bank, or Medifunds because they are compatible with their system. Are there differences between these banks? What should be considered when making this decision? All thoughts are greatly appreciated. Susan

 

[AMS-007]

Susan,

Glad to hear you're coming to NYCOM. I'm currently a third year NYCOM student. If you recently graduated from college and you had Stafford loan from lender, then I suggest that you stick with SAME lender. It makes life much more easier later on when it comes time to pay because you know that you will be dealing with just one lender. My friend borrowed money from NELLIE MAE when he was in college and he has continued to borrow money from NELLIE MAE in order to come to NYCOM.

STICK WITH THE SAME LENDER REGARDLESS OF WHO NYCOM RECOMMENDS. IF YOU RECEIVED GOOD SERVICE FROM THEM IN COLLEGE, YOU'LL GET GOOD SERVICE FROM THEM AT NYCOM. YOU'LL THANK YOURSELF LATER WHEN YOU HAVE TO PAY THESE PEOPLE OFF.

Amit
NYCOM, Class of 2002

 

[Susan]

Thanks for your reply, Amit. I don't have any other loans now. Sorting through all the possible lenders seems a bit overwhelming. Anyone have any directions to go in? I'm not sure but I think that NYCOM doesn't have the direct loan option. Susan