Lender implement the loan program for students "- how does he feel?
I got a note from my help desk Financial claiming they informed me that the lender I use for my federal Stafford loans (College Loan Corp.) withdrew from the student loan program and that I had to pick a new one by signing a new Master Note (MPN). The financial aid department me given three lenders to choose from. How can this effect me – what should I look for in selecting a lender, and how it is that they – My aid office – may reduce the choice of three? (Bank of America, PNC Bank; AMS Education Loan Trust). What should I choose and why? As I said, they said they sent me to sign the MPN at the end of last semester – they do not. No they give me an ultimatum if I do not get done at the end of the week, I do not get loans. What do you think of this? This seems fishy and weird for me – I can burn choosing a new lender – I mean, what is at stake beyond the fact that I get my Stafford loan stay at school for my year Senior
Nothing is in question. Just choose one of three (close your eyes and point) at random and to sign all documents. Federal loans are federally regulated and all terms, fees, conditions, everything is the same for each. It is good to have all your loans Federal, a lender, but not entirely necessary, because once you graduate (or even before) your loan will be sold to another entity, (Usually Sallie Mae) and you will never have relations with the lender you choose at all …. to keeping your information up to date.
