Welcome, SUNY Upstate Medical University Students
Choosing a Stafford Loan Lender: You must select a lender from whom you wish to borrow. Because Stafford loans are federal loans, the basic terms on these loans are the same for all lenders. However, there are differences in quality of customer service, loan processing, loan fees, technology, and repayment benefits and incentives.
The lenders listed on the next page provide a consistently high level of service to student borrowers and offer a full range of student loan products. Preferred lenders meet all of the Financial Aid Office’s standards for student lending offering benefits for a good repayment record and superior loan processing.
Selecting a lender is very much like selecting a personal physician. You want to feel comfortable that you are dealing with a highly competent professional who has your best interests in mind. Some ways to do this are to compare lenders by reviewing their websites and calling their 800 service numbers to ask questions. You may even want to call more than once, to see if you receive similar service from different customer service representatives.
All the lenders listed offer benefits. On your behalf some lenders may pay the origination fees and guarantors may pay part of the default fee, also known as the ‘upfront fees’, at the time that you borrow the funds. This saves you money now. Each of the lenders however do offer benefits at graduation or during repayment.
The sequence of the listed lenders are in descending order based on the estimated amount of the ‘Benefits Savings’. These savings were calculated on a borrowing amount of $10,000, subsidized funds (no interest during in-school and grace periods), at a 6.8% fixed interest rate and 10- year repayment term. The quoted savings are estimates based on borrower’s payment habits.
In order to qualify for any of the benefits you must follow the criteria that lenders provide, such as signing up for automatic debit or making payments on-time. Please be aware if you consolidate your loans after graduation that these repayment benefits will change.
Benefit programs can be modified and discontinued at any time without notice. However, lenders usually honor the stated benefits for those loans that have been borrowed up to the point of the program change. We suggest that you review each lender’s website for further information and any disclaimers.
To begin the application process, click the ‘apply now’ button if you choose a lender on the following page.
We suggest that you choose one of the listed lenders to ensure the best service. However, you are NOT REQUIRED to choose one of these lenders and there is no penalty for choosing a lender that is not on the list. If you do choose a lender that is not on the list, you may be requested to become actively involved in the origination and disbursement of your loan. You may be required to contact our office to inform us of the lender, the lender code, the guarantor code, and the application process.