Help! Loans logistics...

[mc4435]

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When taking out Stafford and GradPLUS loans, do I have to have an account with the lender I choose? Or can I just apply/sign the MPN with a lender that I don't have a bank account with?

I ask because I want to use a credit union to manage my money but I will need to use a bank as my lender.

 

[lucky lady]

When taking out Stafford and GradPLUS loans, do I have to have an account with the lender I choose? Or can I just apply/sign the MPN with a lender that I don't have a bank account with?

I ask because I want to use a credit union to manage my money but I will need to use a bank as my lender.

you don't have to have a bank account with your loan bank, most stafford and grad plus send all monies to your school after the do the accounting the school gives you a check... per semester, if you have extra money.