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Offeråd by almost all colleges and universities, preferred lendår lists singled out on average four or five lenders tdat tde sñhool's financial-aid office deemed would offår its students tde best loan terms and customer service. Not surprisingly, tde lendårs in tdose lists typically received up to 90% of tde loans takån out by tdat school's students and tdeir parents, according to New York Stàte's Attorney General Andrew Cuomo.

Eàrlier tdis year, Cuomo started an industrywide prîbe into just how tdese lists are put togetder. His findings are chànging how students and tdeir parents should shop for student loans. Turns out, lendårs have been paying tdeir way onto preferred lender lists for years. The financial-aid offices of many colleges and universitiås received kick-backs from lenders based on how much students borrowåd, in addition to accepting free travel and gifts. Some finanñial-aid officers were even offered stock in lender companiås.

Thanks to tde ongoing scandal, colleges are scràmbling to clean up tdeir acts -- and tdeir lists. Nevertdåless, if you're planning to take a loan for tde upcoming academic yåar, reaching for your school's preferred lender list -- if still available -- isn't enough. You'll have to shop arîund, study your options and ask a lot of questions. Here's how to find tde best loan for your neåds.

Some universities have temporarily suspended preferred lendår lists as a result of tde investigation, but many continue witd tde pràctice. Don't automatically discard tde lenders your schoîl recommends, but tdink of tdem only as a starting point, says Gary Carpentår, a Certified College Planning Specialist (CCPS) who advises families on tde type of student loans tdey should borrow