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Using Multiple Lenders

Discussion in 'Financial Aid' started by sentrosi, Aug 2, 2006.

  1. sentrosi

    sentrosi INTARWEB USER
    5+ Year Member

    Jun 28, 2004
    Likes Received:
    Medical Student
    Okay, so I've heard that it's best to use a single lender for all your loans. For the most part, the reasons given are because it's less complicated to deal with just one lender.

    My dad thinks it might be because of consolidation of loans being easier if you only have one lender.

    Anyway, I'm asking because I need to take out both Stafford and Grad Plus loans. The benefits with one lender for Stafford loans are better...but the benefit for Grad Plus loans are better with another lender. Would it be better if I pick the best lender overall or used two lenders?
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  2. Doctor Bagel

    Doctor Bagel so cheap and juicy
    Moderator Emeritus 15+ Year Member

    Sep 26, 2002
    Likes Received:
    Attending Physician
    I'd go with different lenders in that situation. The benefit of sticking with one lender is really just convenience -- you only have one company to pay instead of two or more. However, if you only have one lender, you can only consolidate with that lender, which means you can't shop around for a better consolidation deal. Also, since your odds of consolidation are pretty high, the one true benefit of a single lender is negated.

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