<p>I have a sallie mae loan but it looks like I can be approved for a slightly smaller interest rate with a different lender. I plan on borrowing the money at a later time because I still haven't met my full cost of tuition, but is it a bad idea to use different lenders for private loans?</p>
<p>Yes, it is. Would you qualify for both loans in succession?</p>
<p>I’m not sure. But if I use the sallie mae one for this year I’m hoping I could use the other lender for the following year.</p>
<p>That is different. Borrowing from different lenders each year is fine.</p>