<p>D's college has just come out with their new list of suggested lenders. All things being equal, I would like to go with a lender on their list. Has anyone had problems by going with a lender other than one on their institutions "suggested" list? We will be needing a combination of Stafford loans (subsidized and unsubsidized) and Parent Plus loan.</p>
<p>Does it matter if I use the same lender for Stafford and Plus?
What questions should I ask a lender?</p>
<p>Does anyone have experience with these lenders, good or bad? Feel free to PM me if it is something you would rather not post in public.
Access Group
Chase
Edamerica
THE (Total Higher Education)
Wells Fargo</p>
<p>Any advice gratefully accepted :)</p>
<p>I haven’t had many problems with Edamerica on the student side. On the FA side I haven’t had any problems with either Edamerica or Wells Fargo. </p>
<p>One thing to know, that isn’t necessarily common knowledge right now…a lot of good lenders are selling their loans to the Department of Education as part of the The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA). Therefore, the lender you select today may not have ties to the loan in the future. Also, there is a movement in Congress right now to require all Stafford and PLUS loans be handled through the Direct Lending Program…so the lender you choose this year may be out of business next year.</p>
<p>are we supposed to select lenders now? is there a deadline or something?</p>
<p>I believe the only deadline is to have payment in place for when tuition is due. I am probably on the early end of the curve. This is just the last big piece of the puzzle for me. Origination fees, capitalization of interest, etc. can have a huge impact on amounts. I don’t want any hidden surprises.</p>
<p>It shouldn’t matter if you go outside the suggested list, but ask your FA office if it will take longer to process. I’d go with the loan that offers the best deal, from a reputable company. I’ve often heard Discover recommended by students/parents. I’ve posted this link before, but this site gives tons of info about loans and a comparison chart of FFEL lenders and the incentives they offer here (but check with the lenders for updates):</p>
<p>[FinAid</a> | Loans | Stafford Loan Discounts](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/loans/staffordloandiscounts.phtml)</p>
<p>There’s also a Plus loan chart, if you look for it. Good luck and please let us know what you find out, as many are weighing these options!</p>
<p>NikkiL-Does that mean you use Edamerica for Stafford Loan and Wells Fargo for Plus? Do you have any issues working with two lenders? Or perhaps is this for two different children?</p>
<p>Thanks Sk8rmom! I will check out some of those lenders. There definitely been some changes though. The MHELSA was suspended a year ago, sure wish I still had that available 
I have seen several threads about Discover and they are high on my list. FA office did say other lenders may take a bit longer. That is one reason I am trying to get started early. If I find any gems I’ll be sure to share!</p>
<p>I have posted numerous times about Discover. In fact, since we used them last year, I have already received an email about them about this years upcoming loan. highly recommended and they do more than just student loans so I don’t feel that this company will not exist a year from now (whether the govt takes over the loan business is a totally different issue)</p>
<p>From discover’s email:
Apply now for your 2009–2010 Federal Stafford Loan:
Zero fees—just like last year
No need to sign documents—your existing Master Promissory Note
covers your current and new Federal Stafford Loans
APPLY FOR YOUR NEW STAFFORD LOAN TODAY!
Student Loans for College & Graduate School | Discover</p>
<p>Consider these options to cover up to 100% of your school expenses:
Federal PLUS Loans with zero default fees
Certified Private Loans with zero fees and a 2% Graduation Reward
Questions? Click here to learn more, or call us at 1-877-728-3030.</p>
<p>What is your experience with an offer of 0.25% interest rate reduction, 1.5% interest rate reduction…2.0% interest rate reduction? Is this real? Thanks.</p>
<p>mom,</p>
<p>On the personal side I have only dealt with EdAmerica and Sallie Mae (would NEVER recommend Sallie Mae to anyone ever). I am also a Financial Aid Administrator and have used EdAmerica and Wells Fargo as lenders for my students. My students haven’t had any complaints from either of those lenders. I have no experience with any of the other lenders in any fashion.</p>
<p>It wouldn’t be any problem using one lender for Stafford Loans and a different one for PLUS, especially since the loans are in two different names with two different sets of regulations.</p>
<p>Thanks so much Nikkii 
Someone in your position obviously has way more experience on dealing with a variety of lenders. Loyola does state one of their criteria is customer service. It seems justified for at least these two. I have just read such horror stories about loans and lenders I am a bit skittish.</p>
<p>There are many nightmarish stories about loans and lenders and it is extremley important to review each lender before making your decision. It is also vital to borrow wisely and ensure you either make the payments timely or contact your lender any time payments cannot be made. Typically, this is the primary cause for horror stories.</p>
<p>I am trying to do all my research up front so we can avoid any unexpected surprises. As D also plans grad school, making sure loans are managable is key. I have already tried to project total loan balances, investigated repayment options, and plan to make interest payments while she is in school.<br>
I am hoping that by doing my “homework” now, I can avoid any nasty surprises for us later.</p>
<p>You are definately on the right track!</p>
<p>My D’s Stafford loan from Edamerica was sold to the Department of Ed so we deal with them now. Her school is now only dealing with the Direct Lending Program.</p>
<p>Edamerica has sold some loans to the Department of Education, but many other lenders have as well. Give it a year and, if Obama gets his way, every school will be a Direct Lending school.</p>
<p>I want to add a note here: Please keep all of your loan paperwork! Please be sure to make sure you know how much you owe! Both schools and lenders can make mistakes. If a loan doesn’t appear on your NSLDS loan information ([National</a> Student Loan Data System for Students](<a href=“http://www.nslds.ed.gov%5DNational”>http://www.nslds.ed.gov)) now or in the future, you still owe it … so you need to figure out what is going on. And if you have a loan listed that is NOT one you borrowed, you need to figure out what is going on. These mistakes are not common by any means, but I have heard stories of such mistakes. Please know what you have borrowed!!</p>
<p>That’s true even with payments.My son has a Sallie Mae loan (stafford) that I pay the interest on and I like that I can see the payments, how the interest/principal payments are applied, I’m able to pick dates to pay, etc. I also have a small loan with NJClass that has slightly lower rates (plus loan) than others, but I have to pay by mail or direct debit and they dont’ have an online site. I like the discount but you have to keep very good records. I was told on the phone you are responsible for keeping track of any principal payments you send in. I have been, but I admit, I like the easy access to an online site.</p>