Admissions & Aid
Students with the following statuses (but not limited to just these) typically find use within the Alternative or Private Education Loan program:
Alternative loans are credit-based, private education loans facilitated by a non-federal third-party lender. Students interested in alternative loans may borrow up to the full cost of their education, minus all other aid. However, alternative loans generally carry a higher interest rate because they are based upon individual credit score. In accordance with the Higher Education Opportunity Act, sec 1021, Private Education Loan Disclosure and Limitations states that the borrower may:
To apply for federal Title IV grants and loans, complete the Free Application for Federal Student Aid (FAFSA).
Loans are funds borrowed now but must be paid back later. We advise all undergraduate and graduate students to consider borrowing alternatively, only after they have fully exhausted the use of Title IV grants and loan allowances. Financial planning is essential when determining how to pay for your education and can help to keep educational debt manageable.
We also acknowledge the right of a student to forego eligible Title IV aid in lieu of a loan from a non-federal source to solely finance all of their educational related expenses. However, if this situation applies to you, an Alternative Loan Release Form must be completed and submitted to the Office of Financial Aid – Alternative Loans department.
The City University of New York, of which Brooklyn College belongs, does not participate in preferred lender agreements. Students are free to select any lender of choice when deciding on an alternative loan lender, staying in line with the CUNY Financial Aid Model Code of Conduct (PDF). We can, however, offer you some guidance for the application process stated within the Higher Education Opportunity Act and the Truth in Lending Act.
In any application for a private education loan, or a solicitation for a private education loan with requiring an application, the private educational lender shall disclose to the borrower, clearly and conspicuously:
Once the student chooses a lender, the application is processed by the lender fully. Only after the application is processed and the lender and student has agreed to the requested loan amount does the lender contact Brooklyn College for certification. The student may be contacted by the Office of Financial Aid – Alternative Loans department to discuss Title IV aid eligibility. Funds are then applied to your student account. Any credit balance remaining will be refunded to you.
Certification approval is still required by the school, as this is still an educational loan and cannot exceed your annual educational budget.
Funds are sent to Brooklyn College via paper check. In most instances students must endorse the check before the funds can be applied to your student account. The Office of Student Payment Services will notify you when the check is ready to be endorsed.
Private loans lenders are required to provide new loan disclosures to borrowers. They are also required to collect additional information from you on a Private Education Loan Applicant Self-Certification Form, which includes the following:
The Self-Certification Form should not be submitted to the Office of Financial Aid. It is filled out by the student and submitted directly to the lender.