Financial Aid and Scholarships
113 Bray Hall
1 Forestry Drive
Syracuse, NY 13210
(315) 470-4734 (Fax)
SUNY-ESF Federal School Code: 002851
SUNY-ESF TAP Codes:
Alternative student loans are private loans offered to students to assist with educational expenses. SUNY ESF does not recommend these loans as funding options, but will provide as much support as possible to interested students. In most cases, it is more beneficial to the student and family to use a Parents Loan for Undergraduate Students (PLUS).
As alternative loans are privately funded, the associated terms and conditions will vary based on the chosen lender. Students are highly encouraged to carefully review the details for any private loan for which they would like to apply.
Eligibility for an alternative student loan is initially determined by the lender chosen by the student. In many cases, students with either no or bad credit ratings will need to apply with a co-signer or co-borrower in order to be approved. Once the loan is approved by the lender, SUNY ESF will also need to certify the loan amount. This process will usually start automatically following credit approval.
The amount available in alternative student loan funding will vary for each student. The amount of each loan is determined by the chosen lender in consultation with the SUNY ESF Office of Financial Aid and Scholarships. The process of approval and certification can vary by lender, but the process will generally work as follows:
In most cases, the maximum allowed for an alternative student loan is the same amount offered in PLUS loan funding on the student's initial Financial Aid Award Notification Letter. In any case, the certified loan amount can not exceed the student's Cost of Attendance Budget minus any other financial aid received. If the amount approved by the lender is higher than the allowable maximum, it will be reduced by the school.
Alternative student loan interest rates are not federally regulated, and are therefore set by each individual lender.
Fees are also determined by the loan provider.
Most alternative loan products will offer three different payment options:
Students should contact the lender of their choice for
instructions. SUNY ESF advises that students pursue all other
sources of funding before applying for an alternative student loan, and
does not recommend the use of any specific lender. However,
following lenders are those that have been chosen by our students in
the past. Please be sure to carefully review all terms and
conditions before completing an application.
The following list represents
lenders commonly used by SUNY ESF students for alternative student
loans. If you choose to apply for such a loan you must apply
a lender. The Office of Financial Aid and Scholarships does
initiate the application process. We recommend that you
investigate more than one lender as the loan terms and conditions will
vary. Please note that the lenders included in this list are not
in alphabetical order. Following a
evaluation process, SUNY ESF has determined that the products and
services offered by these lenders are all comparable.
the list does not indicate SUNY ESF's rating of any lender in relation
to the others.
The lenders below are listed for comparison purposes through the Elm Select service. Clicking on the lender name will direct you to this service. Once on the Elm Select page, you will be able to review all of the terms, conditions, and services available with each lender and compare them side-by-side. You will also be able to access online applications for each of these lenders from the site. If you would like to visit lender web pages directly, you can use the "Lender Website" links in each box below.
TruFit Student Loan
Student Funding Group, LLC
Fargo Education Finance Services
|Discover Student Loans
Discover Undergraduate Loan
Union Federal Private Student Loan
PNC Solution Loan
|Empower Federal Credit Union
Student Choice Private Education Line of Credit
Smart Option Student Loan
Last updated on July 3, 2012