Student loan debt is stressful enough. The last thing you need is to be stuck with the wrong lender who only damages your financial situation even more. Here are 5 signs to watch for when it comes to finding and determining whether or not a certain student loan lender is the right lender for you.
They Work with You
A good lender, whether for a student loan, car loan, or personal loan, should always be willing to work with you, rather than against you. They should be willing to explain terms, conditions, interest rates, and any questions you may have, and not get irritated with your questions. Are you uncomfortable with asking questions because of the lender’s attitude? At that point, it is better to walk away and look for the money elsewhere. There are several lenders who offer student loans. Many of them will go out of their way to help you. You don’t have to commit to a lender that makes you feel uncomfortable or is unwilling to help you.
They Try to Help Find an Interest Rate that Will Work for You
Interest rates change often, but a good lender tries finding the right rate that works for you—either variable or fixed. They will also offer assistance when needed with the paperwork. This is in case there is anything you don’t understand before you sign off on your loan.
If You Are Struggling with Repayment, They Will Help
The perfect lender will want to know if you are struggling financially. They will also work with you until you can financially get back on your feet. It won’t be a “pass” to slack off financially, but they’ll do everything they can within legal means to make sure you don’t have to default on your loans. You need to let them know when you are struggling, though. Don’t let it come as a surprise to the lender. If you help them, they will help you. Communicate with your lender, and don’t hide anything from them. Leaving out details hurts both of you.
They Will Investigate All Your Repayment Options
Did you know there may be some private student loans that you don’t have to repay until you have graduated and are working? There are also a few student loan lenders who might be able to help you get some of your debt forgiven if you work in certain fields. A good lender will be willing to discuss numerous repayment options with you. There’s no one size fits all repayment option, so talk over what your options are so you can pick the one you’re most comfortable with.
They Believe That A Happy Client Is The Best Client
Lenders want to make sure their loan customers are happy. They are not only potential student loan customers, but customers for other types of loans as well. Lenders also know that when a borrower is happy, they tell friends and family members about their great service. That means more loan clients for them.