If the school of your choice participates in the FFEL Program, you can choose from the school's preferred list of lenders or a lender of your choice. You'll want to compare the following aspects of lender services when deciding which lender to choose:

·         Ability of lender to service all your loans.

·         Interest rates and terms: Although these are very similar for the federal loan programs, some lenders do offer better terms or discounts.

·         Loan application processes: Can you apply online? Is instant loan approval offered?

·         Repayment plans: some are simple, others complex.

·         Benefits for borrowers who pay on time or make loan payments electronically.

·         Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?