Federal law provides student loan borrowers the option to utilize one of more than 3,000 FFELP lenders who work with over 35 different federal guaranty agencies. Thus, while the University of Miami School of Law Miami provides a preferred lender list, it should in no way be inferred that student borrowers are restricted to these preferred lenders. The list is intended to be a guide for students in making a lender selection that serves their best interest.

The U.S. Department of Education has issued guidance regarding how student loan borrowers should choose and evaluate FFELP lenders. Student loan borrowers can choose from a school's preferred list of lenders or another lender of choice. Borrowers will want to compare the following aspects of lender services when deciding which lender to choose:

• Ability of lender to service all your loans.
• Interest rates and terms: Although these are very similar for the federal loan programs, some lenders do offer better terms or discounts.
• Repayment plans: some are simple, others complex.
• Benefits for borrowers who pay on time or make loan payments electronically.
• Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?

For more information about how to choose a FFELP lender visit www.finaid.org/loans/choosing.phtml.