We have now decided where our daughter will go to college. The loans are Fed. Perkins Loan, Fed sub Stafford Loan and Fed. Plus Loan. We have just received this info. Tried to phone college today to find out what next but no reply, may be too late, office closed. Just wondering can anyone tell us do we go through the college or do we have to find the lenders ourselves. Thanks for any info. Feel sort of stupid to ask this but!!!
2006-06-26 12:38:57 · 4 answers · asked by killowen05 4 in Education & Reference ➔ Financial Aid
Got in touch with college today. They were great. Daughter is off on vacation in europe, lucky child! We were worried about the loans as the interest rate increases as of July 1 but they told us as we had already info. sent to the college we were ok. Daughter doesn't know yet that she is going to her college of choice. Will tell her Thursday.
2006-06-27 16:31:08 · update #1
It's not a stupid question. In fact, your daughter's school is probably getting a constant stream of similar questions, which may be why they couldn't answer your call (it may be summer for the students, but it's quite busy for us).
The school that offered you the loans will probably already have a process in place that they want you to follow. Feel free to do some research, but don't go contacting lenders just yet. Most schools wil have a list of several "preferred" lenders that they work with (some schools, in fact, work exclusively with one lender). Generally, by forming relationships with these lenders, schools are able to negotiate top-notch borrower benefits (interest rate breaks, reduced/eliminated fees, repayment incentives, etc.) *and* arrange faster processing for themselves so that you get your money on schedule. So, unless you have a really good reason for wanting to work with another company, stick to the school's list.
Did your daughter sign her award letter to let the school know she wanted the loans? At many schools, loan processes are school-initiated, meaning that once the student accepts the loan, the school will "originate" the loan (transmitting your information to a loan servicer or guarantor and informing them of your loan amount). This will take care most of the process and only require that you (a) select a lender and (b) sign a Master Promissory Note.
Truth be told, if your daughter is starting in September, it is a bit early in the season for loan processing. Your school will probably notify you (in the coming month or so) when they need you to complete paperwork.
2006-06-26 14:50:09 · answer #1 · answered by FinAidGrrl 5 · 0⤊ 0⤋
the college
2006-06-26 12:40:31 · answer #2 · answered by nastaany1 7 · 0⤊ 0⤋
maybe your daughter should be doing this footwork?
2006-06-26 12:41:15 · answer #3 · answered by Dan H 2 · 0⤊ 0⤋
http://www.nslds.ed.gov/nslds_SA/
2006-06-26 12:45:03 · answer #4 · answered by Migity696 3 · 0⤊ 0⤋