Using Multiple Lenders

sentrosi

INTARWEB USER
10+ Year Member
5+ Year Member
Jun 28, 2004
290
1
TEH INTARWEB
  1. 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?
     

    Doctor Bagel

    so cheap and juicy
    Moderator Emeritus
    15+ Year Member
    Sep 26, 2002
    10,910
    1,150
    from the ministry of information
    1. 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.
       
      About the Ads
      This thread is more than 15 years old.

      Your message may be considered spam for the following reasons:

      1. Your new thread title is very short, and likely is unhelpful.
      2. Your reply is very short and likely does not add anything to the thread.
      3. Your reply is very long and likely does not add anything to the thread.
      4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
      5. Your message is mostly quotes or spoilers.
      6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
      7. This thread is locked.