National Application Center :: pay for college
Plan, explore, and apply to college using these great tools.
Types of Aid
Using One Lender
You can save yourself a lot of time, trouble, and even expense if you use one lender for all your student loans.
Suppose you use three different lenders for loans. You'll have three repayment checks to write each month, three lenders to update if your address or other circumstances change, three payment coupon booklets to keep under control.
It's much simpler with one lender. The Master Promissory Note (MPN) should enable you to have a single note covering all your federal Stafford loans if you stay with the same lender and at the same college.
You'll also stand a better chance of keeping your loans consolidated throughout the repayment process. Your lender is more likely to service your loans as a group, sell them to a secondary lender as a group, or arrange for a servicer to service them as a group.
With all you'll have to keep track of during college and beyond, why not keep this part simple if you can?