Financial Aid Office

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.

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?

• General information such as repayment calculators and FAQ’s
• Review your federal loan history at StudentAid.gov

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.   

• 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

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.

• 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

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

• 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.

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.
 

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.

• Must have a valid FAFSA on file
• Must be a U.S. citizen or eligible noncitizen
• Accepted into a recognized Master’s Degree program (Graduate Pre-Majors are not eligible for Grad PLUS loan)
• Attend at least half-time (6 credit hours of required coursework)
• Maintain satisfactory academic progress toward a degree per the policies of the college
• Cannot be in default on any other federal loans
• Cannot owe a refund on a federal student grant or loan
• Must be credit approved if applying for Graduate PLUS loan

Definitions:

*Unsubsidized loans accrue interest while the student is in attendance. Students have the option to make interest only payments on the loan while they are in school or defer all payment until after they graduate or leave school for any reason. Interest that has accumulated while the student is in school will be capitalized and added onto the principal balance of the loan. 

*Grad PLUS Loans are offered to graduate and professional students, at participating and eligible post-secondary institutions. These loans are part of the Federal Direct Student Loan Program. 

Accepting Federal Direct Unsubsidized Loans in Banner

Unsubsidized loans are awarded to students in an offered status. Students should review their financial aid award and decide if they need or want the loans that have been offered to them. Loans will not be originated and disbursed unless the student has accepted the loan in their Banner account. Students can choose to accept their loan in full, reduce the amount of the loan, or decline the loans completely. For assistance in reviewing and accepting your loans in Banner, the following links may be very helpful:

How to accept financial aid (pdf)
How to view/resolve requirements (pdf)

Graduate PLUS loans for Summer 2022 are part of the 2021-22 academic year. Graduate students should select the academic period for 05/2022 to 08/2022 when applying for the loan at https://studentaid.gov. An application for a Graduate PLUS loan for summer should not be requested until the student has registered for a minimum of six credit hours over the course of the summer (this can be from a combination of different summer modules). 

Students who also intend to request a Graduate PLUS loan for the 2022-2023 academic year, will need to file a separate application for this loan period on or after JUNE 1, 2022.  

• Credit approval will be given to any student who does not have adverse credit; it is not based on low income, the amount of loan requested, the amount of debt a student has, or a students’s FICO score. Even students who do not have a credit history may be approved. A student will generally be approved for a PLUS loan as long as they do not have adverse credit as defined below.

The following criteria will determine when a Graduate PLUS Loan is denied due to adverse credit:

 A Graduate PLUS loan applicant has an adverse credit history if, in addition to other conditions (e.g., bankruptcy, foreclosure, tax lien, or a default determination) the applicant has one or more debts that:

• Are 90 or more days delinquent;
• Are in collection or have been charged off during the two years preceding the date of the applicant’s credit report; and
• The total combined outstanding balance of those debts is greater than $2,085

 The following options are available for students whose Graduate PLUS application is denied:

• Use a credit approved endorser
• Request an appeal of the credit decision based on extenuating circumstances
• Request reconsideration if it is offered to you
• Choose not to pursue the Graduate PLUS loan; no additional action will be taken on the credit decision and the school will be notified of the denial 

Students who are approved for a Graduate PLUS loan using an endorser, or who are approved following an appeal or reconsideration, must complete PLUS COUNSELING at https://studentaid.gov before the loan can be originated. PLUS Counseling is not the same as the Entrance Counseling requirement for first-time borrowers of a Graduate PLUS Loan.  PLUS Counseling would be required in addition to Entrance Counseling if the loan was approved with an endorser or through an appeal.

Students who are borrowing Direct Unsubsidized Loans for the first time will be required to complete an online Entrance Counseling Session and a Direct Loan Master Promissory Note (MPN) at https://studentaid.gov 

The Graduate PLUS MPN and Entrance Counseling are different than the MPN used for unsubsidized student loans and are also completed at Federal Student Aid website: https://studentaid.gov.

• Once your loan has been originated by our office, the Department of Education will assign your loan to a federal student aid loan servicer. The servicer assigned to your loan(s) will send you correspondence including disclosure statements that contain loan amounts, interest rates and disbursement dates, repayment information and options regarding loan consolidation. 
• Always notify your loan servicer with any changes to your personal information such as name, address, or phone number and feel free to contact them with any questions regarding your loan(s). 
• Contact information for your federal loan servicer can be found by reviewing your loan(s) at www.nslds.ed.gov.  

Students who borrow loans may be eligible for an in-school deferment as long as they are enrolled at least half-time or a minimum of six credit hours in required coursework. If a student drops below half-time, they will be contacted by their federal loan servicer regarding the first payment.

Helpful information:  including repayment plans and calculators, public service loan forgiveness, and postponing repayment.

Information on other topics related to Federal Direct Graduate PLUS loans including loan consolidation, repayment plans, loan forgiveness, and/or cancellation may be found online at the following websites:

• Federal Student Aid -  General information about federal student aid
• StudentAid.gov - Complete federal MPNs and entrance counseling
• Federal Student Loan Consolidation - Consolidate federal student loans
• National Student Loan Database System (NSLDS) - Review federal loan history