2808.01.04.04  MULTIPLE LOANS/TWO OR MORE SCHOOLS

References:  34 C.F.R. 674.33; NASFAA Encyclopedia 5.8.1.3-6.

"Multiple loans" also refers to loans with common and/or different interest 
rates and provisions if the loans were advanced by two or more institutions.  
Regardless of the number of institutions involved, the borrower is entitled to 
the minimum repayment rate (if specified in the promissory notes) on the 
total of all loans.  Institutions must cooperate in establishing repayment 
amounts to ensure that the borrower's rights are protected, even though 
proration of the minimum repayment may result in very small payments to 
one or more of the institutions.