Below is a general step-by-step guide to help students and families navigate  the private loan application process.

Step Description Length of Time

# 1

File the FAFSA to determine federal aid eligibility first,  The FAFSA is not required but is strongly encouraged.  For students that do not file a FAFSA, they must also complete Alternative Loan Counseling. Approx. 5 days to submit the FAFSA until it is received by Buffalo State

# 2

If after reviewing your financial aid package, you determine you will not receive enough federal and state aid to cover your educational costs, compare private loan lenders.  You can access our preferred lenders using the ElmSelect list .  However, you are in no way limited to selecting a lender from this list and will suffer no penalty from selecting a lender not on our list. varies by student
# 3 Determine which lender you would like to use varies by student
# 4 Secure a co-signor (if needed) varies by student

# 5

Apply through the lender’s website or via telephone.  This process will require you to submit documentation and sign off on three  (3) different disclosures.  The length of this process varies depending on which lender you select and is often dictated by how quickly you supply the lender with the required documentation.  Students are encouraged to follow-up with their lender to ensure all required documents have been received. 2 weeks
# 6 Complete the Self-Certification Form which is typically provided by the lender.  If this form is not supplied by the lender, it can be downloaded here.  If you did not file a FAFSA, you must also complete the Alternative Loan Counseling. 1-2 business days
# 7 Buffalo State will receive notification electronically that your private loan was approved 1 business day from when it was approved
# 8 Buffalo State will certify the loan and add it to your award package which can be used as a deferment on your student bil. 1-3 business days
# 9 Your loan will disburse to Buffalo State, after the mandatory rescission period.  The mandatory rescission period is a at least 3-6 business days, though many lenders will not disburse funds for 5-10 business days.  Buffalo State does not disburse funds PRIOR to the start of a semester.
5-10 business days after certification