If you're a high school senior and completely on top of your financial aid planning, you've probably already sent in your FAFSA  (Free Application for Federal Student Aid). In fact, you might have already received your Student Aid Report  (SAR).

Your SAR includes the information you provided on the FAFSA and your Expected Family Contribution (EFC), which is the amount the Department of Education has determined you and your family can collectively contribute toward your college education.

Your SAR will be sent to the colleges you selected when you sent in your FAFSA, and the schools will use it to determine your award package. Your award package lists all the financial aid you're eligible for at that school, including grants, scholarships, work-study  and student loans.

Once you receive your award packages, compare them carefully—schools use different formats and different terminology.

After you settle on a school and know how much (if any) that you need to borrow, it's time to choose your student loan lender and apply for your student loan(s).

When selecting a lender, your school may offer a list of lenders for you to choose from. If possible, you should stay with the same lender while you're in school, so make your selection carefully. Following are some questions to consider when choosing a lender:

• On federal loans, does the lender pay any of the fees (like the origination fee or federal default fee )?
  
  
• Does the lender reward responsible borrowing by offering principal or interest rate reductions for making on-time payments?
  
  
• Will the lender sell your loan, or will the lender you borrow from continue to service your loan through repayment?
  
  
• If you're considering a private loan, what are the interest rates and terms?
  
  
• If you'll be taking out a private loan, does the lender offer combined billing for federal and private loans?
  
  
• Does the lender offer other services you'll need while in college, such as checking and savings accounts?

When it comes to choosing your student loan lender, what features are most important to you?