Private education loans are sometimes referred to as alternative loans. This type of student loan is provided by a bank or lending institution (such as a credit union or student loan company) and must be repaid, with interest, just like car loans and mortgages. Loans are legal obligations so before you take out a student loan, we encourage you to think about the amount you’ll have to repay over the years. These loans cannot be canceled or discharged if you didn’t get a job in your field of study or if you are having financial difficulty.
We encourage students to utilize grants, scholarships and the Federal Direct Stafford Loan Program before borrowing a private education loan. However, if federal and state aid have not covered the cost of your education and you are looking for additional funds, some lenders provide private educational loans to students, usually with a credit-worthy cosigner, at rates that may differ from federal loans.
SUNY Cortland does not maintain a preferred lender list. We will certify any approved loan from any lender. To assist students and parents interested in private loans we provide some tips on how to research private loans and some factors to consider when comparing private education loans.
Things to look for when considering a private loan lender:
Choosing a private loan lender: