Borrower, Be Wary

摘要

Shopping for a student loan should be a snap. After all, the U.S. government caps the interest rates and fees on federally backed college loans, which account for the vast majority of borrowings. "What complicates the process is that lenders try to lure borrowers with an array of interest-rate discounts and rebates on fees and principal, all of which make apples-to-apples comparisons nearly impossible for parents, let alone college kids. "Only a banker has the expertise to calculate the best financing option," says Nancy Hoover, director of financial aid at Denison University in Granville, Ohio.