Law School Discussion

Master Promissory Note

Master Promissory Note
« on: June 18, 2007, 03:29:59 PM »
Sallie Mae, Nellie Mae....does it matter? I'm just taking out $8500 in subsidized loans this year. Does it make sense to do a promissory note through a private company if only taking loans from the govt?

Re: Master Promissory Note
« Reply #1 on: June 18, 2007, 03:32:46 PM »


Re: Master Promissory Note
« Reply #2 on: June 18, 2007, 06:33:08 PM »
Sallie Mae, Nellie Mae....does it matter? I'm just taking out $8500 in subsidized loans this year. Does it make sense to do a promissory note through a private company if only taking loans from the govt?

Depends on your school- some are direct lenders while others will refer you to preferred private lenders from which you must choose one. Go check out your school's financial aid site to figure out what their process is.

Re: Master Promissory Note
« Reply #3 on: July 29, 2010, 02:01:59 AM »
Great informative. Many thanks.  8)

Re: Master Promissory Note
« Reply #4 on: July 29, 2010, 10:23:01 AM »
Check on the death effect of the loan.  Government loans generally expire upon your expiration, which amounts to free life insurance.  Private loans generally do not go away just because you do, which could leave your family with an unpleasant surprise.