How to Make Sure You're Getting the Best Rates on your Student Loans | Haak Blog

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You know you need to take out a loan to cover school costs. Fine. With so many lenders out there, how do you know you're getting the best deal? Is there an easy, reliable way to compare interest rates? Let’s find out.

Loan Shopping Basics

No matter what, you want to shop around when looking for a student loan. Interest rates, terms, and benefits can vary significantly from lender to lender. In the past, you had to do all the information gathering yourself. Now, online resources give you multiple lender profiles all in one place. This makes it much easier to choose since you have data to compare, such as:

     Minimum loan amount - The minimum you must borrow.
     Maximum loan amount - The most you can borrow.
     Interest rate - How much you get charged to borrow.
     Terms - How long you have to pay back your loan.
     Eligibility - Determines if you can apply for a loan.
     Benefits/Features - Might be an interest rate reduction if you sign up for automated loan payment.

Still, the most important aspect of picking a lender is the interest rate, right? How can you be certain you get the lowest rate possible?

Get Prequalified Rates

Even with excellent information resources, there’s an even better way to get the best student loan interest rate. It’s called the online multi-lender marketplace. These platforms have contacts with many lenders at once who compete for your business. The result of this healthy competition is that interest rates go down.

The advantage of these platforms is evident at several levels. First of all, they are easy to use. You just answer a few brief questions about yourself online - no paper forms to fill out. Next, they’re very fast. Within minutes you get prequalified quotes from several lenders. Finally, they make choosing easy. Everything is presented in an easy to understand layout that makes picking the best rate a snap.

Be Certain

The beauty of the online marketplace is that the rates you see are tailored to your personal situation. These aren’t rate ranges or teaser rates. Other than going directly to each lender - which could take weeks - the multi-lender platform is the best way to get this kind of information.

Plus, when you see a rate you like, you get in contact with the lender right away. Everything happens in the same place. Currently, this is the fastest, most secure way to make sure you get the best rate on a student loan.

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