When you choose the "correct" Student Loans Lenders, you certainly can lower your monthly loan payment by up to 60%. Then, how to choose the right lenders for students? We should consider interest rates, loan amount, loan terms, payment fees for each term, easy approval and good service. By consolidating loans, we can save a lot of money. 1. Interest Rates Of course, we should choose the lowest interest rates for student. Compare more loans companies to find out which one provide the lowest interest rate for students. At the same time, we should notice interest rates may change. Education Loan Interest Rates on Federal education loans change on July 1, and are based on the 91- day rate from the last Treasury auction in May and the average one-year constant maturity Treasury yield (CMT) for the last calendar week ending on or before June 26th. 2. Loan Amount The total loan amount is a key factor in choosing the loans companies for students who want to apply a loan with large amount. If you want to borrow much, you need spend more time to find those lending companies who are willing to lend much money. You can borrow up to the total cost of your education. Students borrowing a Federal Direct Student Loan, including subsidized and/or unsubsidized, are subject to maximum allowable loan limits. It depends on which grade, freshman, sophomore, junior or senior, and graduate student. For example, one dependent freshman student can borrow $5,500, while one independent freshman student can borrow $9,500. 3. Loan Terms Some loans companies can take up to 15 years to repay, with a 6-month grace period, plus any periods of deferment or forbearance. You can choose lending companies which allow you pay interest while in school and there's never a penalty for paying early or prepaying. Sometimes, you earn a lot of money, you may need revision of loan terms so that to reduce your payment. 4.Payment Fees for Each Term We should choose the proper payment fees for each term. If you only need to borrow a little amount of money and you have the ability to pay off in short term, you can choose large payment fee for each term. Most of important, we should choose those lenders who can reduce our monthly loan payments. 5.Easy Approval and Good Service In the same conditions mentioned above, we should choose those loans lenders which support applying online, instant approval, minimum forms and quick decision. Their online application should be easy to fill out and they can let you know almost immediately if you are eligible for student loan consolidation. Some lenders can even answer in less than one hour. After approval, they should have convenient online account management and exceptional customer service through dedicated and highly-trained experts.