This time of year many families are asking "Which is the best private student lender? Where can I get the best private student loan rate?"
The simple answer is the best loan/lender is the one that gives you the lowest interest rate or whose loan costs you the least!
SHOP AROUND!
Just like with any other big purchase in life, it's important to shop, gather information, and compare your options.
The best way to gather your information is to apply to several lenders and then compare.
The other frequent question we get when we recommend applying to multiple lenders is - "Won't that hurt my credit score?"
The reality is, you can apply to multiple lenders within 30 days and it looks like one application to the credit bureaus so it does not hurt your credit score to apply to more than one lender.
There are a few student loan marketplaces (Credible is popular with many families). These are good sites to check out but understand that not ALL lenders participate in these marketplaces, so you may be missing out on potentially better rates if you don't apply directly to some lenders.
It's worth your time to get all the information you need to make a smart decision.
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