08.27.08 | Your loan, your choice
I recently conduced a survey to find out if students knew they could choose their own lender for their Stafford loan when attending a FFELP school. The results I got back were quite alarming. Only 34% of students got the answer correct and I even provided a helpful link which makes me wonder if that number may have been even lower otherwise.
I guess my earlier lesson bears repeating. You may select the lender of YOUR CHOICE when it comes to Federal loans at FFELP schools (provided your lender disburses federal loans of course). The school will be held liable and subject to fines and other sanctions if they block you or do not certify your loan.
Flex some muscle. Don’t let the FAO tell you otherwise.
