If you have to apply for a private student loan one of the things you'll want to do is compare the different loan packages available. Pay special attention to packages that purport to offer discounts.

Some loan packages will offer you discounts that can be difficult to judge. For example, which is better, a discount of 1% at the time repayment begins or a 1% discount in the loan origination fees? The first option is worth three times as much as a comparable discount on fees.

When comparing discounts try to compare apples to apples. Make sure that you are comparing identical discounts, or learn to compute the actual value of the discounts.

And always ask this question. Do I lose my discount with a single late payment? If the answer is yes it may be time for you to look for another loan package.