Using One Lender
"Using One Lender" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 25th July 2011
Why does using one lender for all your loans make sense? Consider this: how many lenders do you want to have contact with and make payments to when you graduate? Doesn't it seem logical that your life would be much easier if you only had to deal with one place? Here are some things to think about:
- Even the Federal Government recognizes the ease of using one lender. The implementation of the Master Promissory Note allows you to complete and sign one promissory note to use year-to-year. If you use one lender and stay in one school, you only have one loan application to complete.
- One lender means all of your loans are at one place when you start repayment -- that means one payment, one place. If you have more than one lender, you will have a payment plan for each lender and have to make a payment to each one. Every time you move or need help with something, you will need to contact every lender you have. Your life will be much easier with one lender.