Why does Oswego have suggested lenders?

SUNY Oswego is strongly committed providing the very best financial aid package, service and information to our students and families.

There are numerous lenders who provide student loans. However not all lenders are the same. Lenders vary by:

• The benefits they offer on federal Stafford and Parent (PLUS) Loans
• The types of alternative (non-federal) student loans they offer to students
• Willingness to have SUNY Oswego determine the student’s need for the alternative loan based on their educational expenses
• Willingness to work with SUNY Oswego to provide an effective and timely student loan process
• Direct marketing and solicitation they provide to students
• Service they provide to students and families both before and after receiving the loan
• Whether or not they keep the loan for the entire life of the loan or they sell it to another company
• Integrity related to providing information and service to our students and families
• How long they have been in business

We are often asked which lender a student or family should use. While we do not like to pressure anyone into a certain selection, we do want to make sure we have adequate information available to help those students and families who truly want information on lenders who have high standards of service, integrity and products.

We have developed our suggested list to help families who are looking for sound financial advice. 

SUNY Oswego in no way receives any special benefit from these lenders if you choose one of them. 

The lenders on our suggested list meet these criteria:

• They offer competitive benefits.
• They do not direct market other products to our students.
• They do not sell their loans.
• They provide excellent service.
• They have SUNY Oswego determine the student’s financial need for all loan products.
• They work very closely with us to assure the financial aid process is as effective for students and families as possible.
• They have an excellent reputation in the student loan industry related to business standards and ethical practices.
• They have been in business for more than five years.

Any lender who fails to maintain the ideals and standards noted above will not be a lender we will suggest to our families. Please contact us if you have concerns with any lender.

What if I want to use someone else?

No problem at all.

You are always free to choose any lender who provides student loans. When you receive instructions from us on how to complete your electronic Master Promissory Note (eMPN) for your Stafford or PLUS Loan, you will be given the opportunity to chose one of our suggested lenders or review a list of all other lenders. The choice is yours.