String s = \"\"; for(i=0;i<....){ s = some Assignment; }
or
for(i=0;i<..){ String s = some Assignment; }
To add on a bit to @Esteban Araya's answer, they will both require the creation of a new string each time through the loop (as the return value of the some Assignment expression). Those strings need to be garbage collected either way.
some Assignment