Do I have to select a lender from the Preferred Lender List?
Absolutely not! The Higher Education Reauthorization Act ensures that you may select any lender that participates in the student loan program. The Student Records and Financial Services Office at Alfred State has and will continue to process your private alternative loan with the lender of your choice.
If you select a lender that is not on our list, please be sure to do your research. Make sure that their benefits, terms, and conditions mirror those of the banks on our list. For a side by side comparison of our Preferred Lender benefits, please go to Fast Choice.
You should also be aware that many credit unions, small banks, and “start up” lenders do not possess the technology to process their loans in an electronic format. If you submit a paper loan application, processing can take four to six weeks; compared to two to three days for an electronic loan application. They also may not have the capacity to send your loan proceeds via Electronic Funds Transfer (EFT) which will significantly delay receipt of your money.
It is the borrower’s responsibility to provide lender information to the Student Records and Financial Services Office in order to provide the appropriate certifications. Alfred State will certify all eligible loans regardless of lender. Lender information should be submitted on the Alternative Loan Financing Worksheet.
After reviewing all the information available, you should ultimately make the decision that is best for you and your family. Please be assured that you will suffer no penalty for choosing a lender that is not on our Preferred Lender List.
If you have any questions, please contact the Student Records and Financial Services Office toll free at 1-800-4-ALFRED, option 2, or by e-mail at firstname.lastname@example.org.