A lender is the bank that finances your federal loan. This makes the repayment of the loan much easier. The financial aid office has several lenders listed on the application. These are recommended lenders that participate in electronic funds transfer, which speeds up the loan process tremendously. If you select a lender that is not on this list, your loan funds will be delayed.
All lenders offer the same interest rate.
I have a high income. Unsubsidized Stafford Loan funds are not based on need. I have a poor credit history. Stafford Loan funds are not based on need credit, as long as you are not currently in default on a prior student loan. The U.S. Department of Education sends the Student Aid Report to us electronically.