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Financial Aid

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Office of the Attorney General – General information about student lending
The above information and websites provided are meant to guide in choosing an alternative loan and are not presented as an exhaustive source. Binghamton University has no affiliation with any lender or website provided.
The Higher Education Opportunity Act of 2008 (HEOA) requires the student borrower to complete and submit a Self-Certification Form to the lender before funds can be disbursed.

Alternative (Private) Loans

Alternative (or private) loans are loans that students can borrow from outside lenders. These loans are designed to bridge the gap between costs and traditional funding sources, such as federal student and parent loans, grants and scholarships. It’s up to borrowers to do their own research and decide which loan(s) are best for them.  For a comprehensive list/chart of lenders and terms, click here.  Note:  you will need to scroll down on the webpage to get to the chart.  See additional information in the "Research on your own" section below.

The student is the borrower, however, a credit worthy co-signer is required. Repayment varies by lender; the student may have the choice of repaying the loan while in school, paying interest only, or deferring payments until they are out of school (interest accrues). Interest rates can vary with different lenders, as well as fees. Alternative loans can also be an option for international students (must have a U.S. Citizen as a co-signer); part-time students; and non-matriculated students. These loans are private loans specifically used for educational expenses and are limited to the cost of attendance minus other aid offered.

Due to fluid changes in the current lending market, Binghamton University does not have a preferred list of lenders. We recommend that students research lenders and loans to find the loan product that meets their individual needs (see “Research on your own” section below).

The following points are offered to assist you when making your decision to borrow an alternative loan:.

More on alternative loans

Research on your own

Before taking out an alternative loan, we recommend you explore the FinAid! site to view:

After selecting a loan product, it is strongly recommended that the lender be contacted so you can be sure the rates and terms are still current.

What to ask when you call


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Last Updated: 3/7/14