Who's your lender? Why does it matter?
Jul 09, 2012 by Joel Laos | 0 Comments
If you have had any involvement with student loans over the past 2-3 years you have most-likely felt the effects of President Obama's move to discontinue the Stafford Loan Program. Some of you had to complete a new Master Promissory Note (MPN) for a new lender in 2009 when many popular private lenders saw the writing on the wall and left the student loan market early. All of you had to complete a new MPN in 2010 when the Stafford Loan Program (multiple private lenders) was terminated and the Direct Loan Program (one federal lender) became the only federal option available for students. And as a result of all the changes some of you are now graduating with 2, 3, and sometimes even 4 different loan servicers all asking you for money! (if that's you, consider consolidating!)
Now, presidential candidate Mitt Romney is considering reintroducing private lenders back into the federal student loan market. Regardless of the fact that the shift would require more adjustments, Romney obviously has some reasons why he thinks it would be a good idea. What do you think? Good idea or bad idea? Read the article and give us your thoughts: