guarantor used by your school?

[PlAnEjaNe]

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I have been researching for a lender and on their websites there is a note talking about the federal default fee of 1.0%, but that this fee may be waived by the guarantor of my loan. how do i find out who the guarantor of my loan is and if they in fact waive this default fee?

-pj

 

[TMP-SMX]

Depends on your State and school. Chances are highly unlikely the fee will be waived though. Discover is the only lender (as far as I know) that has no fees.

 

[PlAnEjaNe]

Depends on your State and school. Chances are highly unlikely the fee will be waived though. Discover is the only lender (as far as I know) that has no fees.

I have looked into using Discover as my lender, only thing is that it is not listed on my school's list of preferred lenders, does this make a difference? the school says i don't have to go with the lenders on the preferred list and that i can choose whomever i want, but is there a benefit to going with one of their preferred lenders? fyi their preferred lenders are chase, sallie mae, and access group. thanks for all your help.

-pj

 

[TMP-SMX]

Occasionally your disbursement will come in faster if they have some electronic agreement with the lender and sometimes you get a better deal with the lender in terms of fees. Since there doesn't seem to be any benefit for you fees-wise I'd say don't worry about it. Often times the Preferred-Lender lists are shady anyway and has been in the news in the last couple of years. Though student lending isn't the profit-maker it once was for lenders.