1

Complete FAFSA

File the FAFSA to determine federal aid eligibility first. The FAFSA is not required but is strongly encouraged.

If the FAFSA is not completed, the student must complete an Alternative Loan Counseling for the academic year in which they are applying for a private loan:

2

Review Aid Package

Review your financial aid package to determine whether you will or will not receive enough federal and state aid to cover your educational costs. If you do not have enough to cover your costs, determine is a private loan is the best option for you.

 

3

Select Lender and Secure Cosigner

Compare private loan lenders. You can access our preferred lenders using the ElmSelect list. Please note that you are in no way limited to selecting a lender from this list and will suffer no penalty for selecting a lender not on our list.

 

Determine which lender you would like to use, and secure a cosigner (if needed).

4

Apply for the Loan

Apply through the lender’s website. This process will require you to submit documentation and sign disclosures. The length of this process varies depending on which lender you select and is often dictated by how quickly you supply the lender with the required documentation. Students are encouraged to follow up with their lender to ensure all required documents have been received.

  • Length of Time: Approximately 2 weeks
5

Buffalo State Certifies Loan

Buffalo State will receive notification electronically that your private loan was approved. We will certify the loan and add it to your award package. The loan will be used as a deferment on your student bill.

  • Length of Time: Approximately 1-3 business days.
6

Loan Disbursement

Your loan will be disbursed to Buffalo State after the mandatory rescission period. The mandatory rescission period is at least 8 business days, though some lenders will not disburse funds for up to 10 business days. Buffalo State does not disburse funds before the start of a semester.