Student Loan Lender Comparison Tool

Student Loan Lender Comparison Tool (U.S. System)

This tool helps you compare student loan offers you have researched from different U.S. lenders. Enter the details for each loan offer to see a side-by-side comparison. This tool does not provide loan offers or financial advice. Always verify terms with lenders and consult official sources like StudentAid.gov.

Loan Offer Comparison:

Key Considerations When Comparing Student Loans:

APR vs. Interest Rate: The Annual Percentage Rate (APR) includes interest and most fees, giving a more complete picture of the loan's cost than the interest rate alone.
Fixed vs. Variable Rates: Fixed rates remain the same throughout the loan term, providing predictable payments. Variable rates can fluctuate with market indexes, meaning payments could rise or fall.
Loan Term: A shorter term means higher monthly payments but less total interest paid. A longer term lowers monthly payments but increases total interest.
Fees: Look for origination fees, application fees, late payment fees, and prepayment penalties (though prepayment penalties are rare for student loans).
Repayment Options & Flexibility: Check for in-school deferment, grace periods, forbearance options, and (for federal loans) access to Income-Driven Repayment (IDR) plans.
Borrower Protections: Federal loans offer unique protections like loan forgiveness programs (e.g., PSLF), extensive deferment/forbearance, and discharge options (death, disability). Private loan protections vary significantly by lender.
Cosigner Release: If using a cosigner for a private loan, check if and when they can be released from the loan.
Lender Reputation & Service: Research lender reviews and customer service quality.
Tax Deductibility: Interest paid on qualified student loans (both federal and private) may be tax-deductible in the U.S., subject to IRS rules and income limitations.
Refinancing Federal Loans Privately: Be aware that refinancing federal student loans with a private lender means you lose access to all federal loan benefits and protections. This decision should be made with careful consideration.