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.
(students are not limited to this list)
Some Information on Applying for Private Alternative Loans:
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:
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.
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.
Subject line: DL Exit
Your Personal Information
-Last Name, First Name
-Banner ID
-Address
-Telephone number
-Email address
-Driver's License or State ID Number and State (optional)
Employer (optional if known)
-Expected Employer (after leaving school)
-Address
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
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
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.
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.
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)
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:
The following options are available for students whose Graduate PLUS application is denied:
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.
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: