Financial Aid queston!! Please help!!!?

Question

Okay i just signed my master promissary note online....how long does it take to process the loan at this point and for the funds to be dispersed?

Also does it really matter what lender i choose? Does it affect the amount i will receive in any way??

Thanks so much

Answer 1

Once the master promissory note(MPN) is completed, it is then up to the school's financial aid department to certify the loans for you. They will determine the disbursement dates. Also, it doesn't matter what lender you choose because they all have to abide by the Dept of Ed. rules which govern the fixed interest rates.

Answer 2

It does really matter because of the rate of interest charged.  It will cost more to repay the higher the rate.  This is something you should be taking very seriously. It sounds like you haven't done enough research.  Believe me, the worst thing is to have student loan payments 10 years after you graduate.