101 Financial aid overview Eligibility Applying for fin. Although the basic interest rate is the same from lender to lender, some lenders do offer cheaper loans. For example, lenders that work with Sallie Mae offer interest rate reductions to borrowers who pay electronically through direct debit or who have paid their loans on time for a specific period of time. Repayment may seem a long way off at the time you're taking out loans, but choosing cheaper loans now can mean big savings later.
Some lenders also offer superior service.
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