Do all lenders offer the same interest and terms on Stafford loans or do both private and Stafford loans vary?
Stafford Loans
- Thread starter Sangria
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The interest is the same for all because it is set by the govt. However, the origination and default fees vary. For example, Discover Loans doesn't have any fees while others charge 1% for each.
another question- can I start applying for loans even if I haven't received my financial aid package?
Also, I have a timing issue. How long does the whole loan application/MPN/disbursement process take? I will have about 2 weeks between when I come back from vacation and when my tuition is due. Is that enough time? I would prefer not to do loan applications from some shady internet cafe
Also, I have a timing issue. How long does the whole loan application/MPN/disbursement process take? I will have about 2 weeks between when I come back from vacation and when my tuition is due. Is that enough time? I would prefer not to do loan applications from some shady internet cafe
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First make sure you aren't on the direct loan program. IF that's the case, you don't choose a lender. As for how long it takes it varies. If your tuition is due and you haven't had your loan disbursement it's fine. They will wait until your disbursement to take the money and then you get the refund of the extra to you. Two weeks might be cutting it a bit tight though. This is something that takes very little time to do so when you get your package do the applications and MPN and get it out of the way. What's taking your school so long? Make sure you aren't missing any documents to turn in.
