Why does
The Financial Advisement Office takes the word “advisement” very seriously. While there are dozens of student loan lenders offering hundreds of different products, features, benefits and incentives; we know that the average student/parent borrower does not have the time or resources to research all of the available options. We also know that the promotional material (including web sites) that lenders employ are “advertising”, and as such are not designed to give the full picture or provide side-by-side comparisons. We have found some of that advertising to be rather vague on important details like rates and costs, and some of the products offered can be outrageously expensive for the unsuspecting consumer.
SUNY Cortland closely monitors the performance of all of our student loan lenders to ensure the highest quality of service for our students and their families. Our “suggested” lenders have demonstrated a commitment to providing the very best in customer service, technology and quick loan processing. They have worked collaboratively with the higher education community to continuously improve and expand the services they provide to students and families, and to keep borrowing costs as low as possible. They provide us detailed information about their products and services so we can give you a side-by-side comparison of interest rates, fees, features and benefits. They have agreed to a strict set of ethical standards and business practices and want to compete fairly and honestly for your business. Mostly, they have worked together with
Am I obligated to use one of the “suggested lenders”?
Of course not! You are always free to choose among the hundreds of lenders who provide student loans. Please be aware that some smaller banks, credit unions, and “start up” lenders do not participate in the electronic processes used at SUNY Cortland. Selection of one of these “paper process” lenders will significantly slow the processing of your student loans throughout your time at
Also, if you have existing student loans, we strongly encourage you to stay with the same lender (or service provider) for future student loans. This will prevent the receipt of multiple bills every month. If you have an existing banking relationship (checking, savings, etc.), you should compare your bank’s student loan offerings to those of the suggested lenders and make the choice that is best for you. Remember that most banks use third-party servicers to collect payments after graduation, so you will probably not be able to make monthly payments at your local bank branch.
How does
We judge the performance of our lenders on numerous factors each academic year. This is why the list changes slightly from year-to-year as new lenders are judged to be superior by our experienced team of Advisors. If our lenders are not performing, our students make sure we know about it! There are many lenders that provide good services without making our suggested list, but you can be sure that the lenders who make the list have earned the designation through superior performance in serving you - our students and families.
All of our suggested lenders:
1. Have long-standing track records of great customer service in dealing with our students and parents. This includes offering a variety of payment options (auto-debit, web payment, etc.), while maintaining trained staff to answer questions via a toll-free telephone number (including evenings and weekends). We want to ensure that you get the same great service from your student loan lender that you get from us!
2. Are divisions/affiliates of federally-insured banks, federally-insured savings banks, federal credit unions, or other established financial services companies that have been actively engaged in the student loan industry for at least five years. This helps to ensure that the lender you choose will still be there for you when you need a loan in future years, or for graduate school.
3. Offer good value across the board in the loan services they offer. “Value” isn’t always just about price, although our list usually contains several of the lowest-cost providers. Value might include added services like incentives for on-time payments, opportunities to defer payments until graduation, or even a free checking account. We give you this pricing information as part of our “suggested lenders” lists, so you can determine which combination of discounts/benefits is best for your situation. Also, we won’t recommend lenders that engage in the “bait and switch” approach of offering a low price on some loan types to lure you into other types of loans that are disproportionately expensive.
4. Believe that it is important to adhere to a set of business and ethical standards in their interactions with our students and families. All of our suggested lenders have agreed to our Suggested Lender Ethical Standards and Business Practices. These standards actually exceed the "Code of Conduct" requirements for student loan lenders in New York State. This is your assurance that you are dealing with trustworthy loan providers who value a long-term relationship with their customers.
5. Often provide “value added” services to our students. This includes providing useful websites to educate students on financial issues, offering debt management tools and programs, and offering credit management/credit card education programs. Responsible lenders want to help our students become responsible, credit-worthy consumers in the future.
We hope that our list of “suggested lenders” will be useful to you in making a good lender choice. As always, we are here to help if you have questions or need more information. Give us a call at 607-753-4717 or e-mail at finaid@cortland.edu.
Sincerely,
Your Financial Advisement Team