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Choose a Lender

Students and parents can use any lender of their choice. Buffalo State provides a list of recommended lenders as a starting point to assist students and families in the private/alternative loan selection process.  Students and parents have the right to select a lender of their choice and will suffer no penalty for selecting a lender that is not on our list. Lenders on our list have been selected for the sole benefit of the students attending our institution and have demonstrated a commitment to providing competitive loan terms, a range of eligibility requirements, innovative technology, quick loan processing, flexible repayment options, and the absolute best in customer service.

We solicited a Request for Information (RFI) from numerous lending institutions and evaluated their responses based on the above criteria to make our selection. To review each lender's disclosure statements refer to the How Lenders Were Chosen page.

View and Compare Recommended Lenders

(students are not limited to this list)

 

Some Information on Applying for Private Alternative Loans:

  • Unless you have an established credit history you will likely need a cosigner to apply with you. It is in your best interest to secure a cosigner before completing a loan application. Multiple applications may result in multiple inquiries on your credit report.
  • If you need a private loan for both the fall and spring semesters it is strongly recommended that you only apply for the loan once and request enough for both terms. We can always decrease the loan for you if necessary. Applying separately for fall and spring may result in multiple inquiries on your credit report and the credit report of your cosigner.

Questions for Private Lenders

If you have already taken advantage of federal grants and loans and still find the need for funds, keep in mind the following tips and guidelines when selecting a lender. Always borrow conservatively and only borrow what you need. The choice of a lender is your personal decision. We strongly urge you to do your research and ask the following questions when selecting a lender:

  • What is the interest rate on the loan? Is it variable or fixed?
  • Will I need a co-signer?
  • What fees are associated with taking the loan (is there an origination or backend fee)?
  • Will funds be disbursed electronically or by a paper check that I will need to sign?
  • When does interest begin accruing and when does repayment begin?
  • What will my estimated monthly payment amount be?
  • What repayment options are available to me?
  • If I am having difficulty making payments, what options do I have?
  • How long has the lender been in business?
  • Does the lender service its loans or are they sold to another lender or servicer once the loan has been disbursed to me?
  • If applying at a credit union, do I have to be a member?

Additional Resources

Direct Loan Exit Counseling

Includes DL Stafford Subsidized / Unsubsidized and Graduate PLUS

Students that borrowed Stafford or Graduate PLUS loans under the Federal Direct Loan Program or Federal Family Education Loan Program (FFEL) are required to complete Exit Counseling when departing from Buffalo State. Exit counseling is required before students withdraw, graduate, or drop below half-time attendance (even if transferring to another school).

Students will be notified in writing at their permanent address when exit counseling is required. They will be directed to complete the session online at https://studentaid.gov (must log into website to access the counseling session). Students that do not complete it online will be mailed or emailed the materials to review and will then need to submit information back to the Financial Aid Office. 

Students are strongly encouraged to complete the online session as it uses students' actual loan indebtedness information.

  1.  Preferred Method: Online at https://studentaid.gov.

    Students must log into the website using their FSA ID and password.

    Once logged in, select "Complete Counseling" and then choose "Exit Counseling"

    The online method is preferred as it provides students with their actual loan indebtedness amount and associated interest rates.

    Buffalo State is notified by the federal government electronically when students complete the session online.
     
  2. Secondary Method: Via a paper or PDF copy of the counseling session.

    Students that do not complete the online session (above) within 30 days will be emailed a link to the PDF copy of the exit counseling. Students will be emailed at the address listed on their most recent FAFSA, provided it is not their campus address (per federal regulations).

    Students that do not have an email address reported will be mailed a hard copy to their permanent address.

    Students must complete pages 19, 21, and 22 of the hard copy and send to the Financial Aid Office. Students should remit the completed pages to:

    Financial Aid Office
    Moot Hall 230
    Buffalo State
    1300 Elmwood Avenue
    Buffalo, NY 14222

Alternatively, students may email the required information to finaid@buffalostate.edu. Emailed submissions must include the following 6 data elements. Students may copy and paste the following text into their emailed response and update the information accordingly.

  1. Subject line: DL Exit

  2. Your Personal Information

    -Last Name, First Name
    -Banner ID
    -Address
    -Telephone number
    -Email address
    -Driver's License or State ID Number and State (optional)

  3. Employer (optional if known)
    -Expected Employer (after leaving school)
    -Address

  4. Next of Kin: Enter your next of kin (family member) with a U.S. address different from yours, who will know your whereabouts for at least 3 years.

    -Last Name, First Name
    -Address
    -Telephone number

  5. References: You must list 2 persons with different U.S. addresses, who will know your whereabouts for at least 3 years.

    Reference #1
    Last Name, First Name
    Address
    Telephone number

    Reference #2
    Last Name, First Name
    Address
    Telephone number

  6. Certification Statement
    By sending this email, I certify that I have received exit counseling materials for Direct Loan borrowers. I have read and I understand my rights and responsibilities as a borrower. I understand that I have a loan from the federal government that must be repaid.   

Exit Counseling Guide

Federal Eligibility Requirements

  • Must have a valid FAFSA on file
  • Must be a U.S. citizen or eligible noncitizen
  • Accepted as a regular student working toward a degree or eligible certificate program (undergraduate or graduate level)
  • Must demonstrate financial need using the student's cost of attendance minus their EFC and other financial aid
  • Attending at least half-time (6.0 credit hours per semester)
  • Maintain satisfactory progress toward a degree per the policies of the college
  • Cannot be in default on any other federal loan
  • Cannot owe a refund on a federal student grant or loan

How Perkins Loan Funds are Awarded

Undergraduate Students

  • EFC below $8,001
  • FAFSA Priority Filing Deadline: March 1st of each year
  • $2,000 annually ($1,000/semester) for in-state students who reside on-campus (e.g.: room charges exist on the student's bill; this is internally verified after add/drop week of each semester).
  • $4,000 annually ($2,000/semester) for out-of-state  students regardless of where they reside
  • Awarded after the student's full subsidized and unsubsidized loan eligibility has been offered.

Graduate Students

  • EFC below $8,001
  • FAFSA Priority Filing Deadline: March 1st of each year
  • $2,000 annually ($1,000/semester) regardless of where they reside
  • To be eligible for a Perkins Loan during the 2016-17 academic year, a graduate student must have previously received a Perkins Loan at Buffalo State while in the same program of study.

Accepting the Perkins Loan and Completing the Master Promissory Note

  • Student must accept the loan in Banner after accepting the Terms and Conditions of Federal Aid.
  • Completion of an electronic Perkins Promissory Note and Entrance Counseling if awarded a loan

Perkins Lifetime Borrowing Limits (at all schools)

  • Undergraduate Limit: $27,500
  • Graduate Limit: $60,000

How the Perkins Loan Is Disbursed

  • Perkins loan funds are disbursed directly to the student's account to apply to tuition, fees, room and board and any other school charges
  • If any loan funds remain after all school charges are paid for, the student will receive a refund for the excess amount to help the student with other educational expenses.

Repayment

Students enter repayment on Perkins Loans nine (9) months after they cease half-time enrollment or graduate, whichever happens sooner.  Students can monitor their federal student loan debt (Perkins and Direct Loans) by using the National Student Loan Database System (NSLDS). Students log in using the same credentials used for the FAFSA.
 

Exit Counseling

Students that borrowed Perkins Loans funds at Buffalo State must complete exit counseling when they depart from the college or drop-below half-time attendance (six credit hours). Students will be contacted by SUNY Student Loan Service Center (SLSC) instructing them how to complete the online Perkins exit counseling. Students may contact SLSC at (518) 525-2626 or slsc@albany.edu with any questions.

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