It's that time of year again. You've submitted your Free Application for Federal Student Aid (FAFSA) and you're waiting to review your Student Aid Report (SAR). In just a few months, you'll receive your financial aid award for the 1998-99 school year. After applying for college financial aid once or twice, you probably can recite the process in your sleep.

While reapplying for financial aid is a pretty routine process, applying for a student loan isn't. Did you know that not all student loans are the same? The difference is in the repayment options your lender offers. It may seem a little early to think about repaying your loan, but the extra thought you put into choosing a lender now is worth the hundreds of dollars you'll save later.

“Many students don't realize the difference between student loan lenders,” said Steve Stocks, director of Financial Aid Services, Sallie Mae. “Choosing a lender that offers money-saving programs can save borrowers hundreds of dollars in repayment.”

When choosing your lender for the 1998-99 school year, be sure the financial institution offers borrower benefits that can reduce your repayment cost and help you manage your loans. Lenders that partner with Sallie Mae offer three money-saving programs:

The Great Rewards® Program reduces the interest rate on your federal Stafford loan by two full percentage points after you make the first 48 payments on time. A typical borrower with $10,000 in student loans would save $578 at current interest rates (8.25 percent) during a 10-year repayment term.

The Great Returns Program credits your account with Stafford loan origination fees paid in excess of $250. That would mean a savings of $97 to a student who borrows $10,000.

The Direct Repay Plan cuts your interest rate by 1/4 percent when you authorize Sallie Mae to automatically transfer your monthly loan payment from your checking or savings account. For the student who borrowed $10,000, Direct Repay would save a total of $242 in interest payments. Through the combination of Great Returns and Direct Repay, student borrowers can save a substantial amount of money. Borrowers with $10,000 in loans can save a total of more than $866 through these money-saving borrower programs.

Also be sure your lender offers flexible repayment alternatives and toll-free customer service with knowledgeable representatives who are available after regular business hours.

For more information, talk to your financial aid administrator or check out Sallie Mae's web site at www.salliemae.com. Students also may call Sallie Mae's toll-free financial aid hotline at 1-800-891-4599, Monday through Friday, from 9 a.m. to 9 p.m.