MOHAWK VALLEY COMMUNITY COLLEGE

We recommend these lenders based on the quality of products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so. You can find alternative lenders by clicking the Search For Other Lenders link below or searching on your own.
 
This is a list of Federal Stafford loan lenders.
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Benefits

  • Free Campusedge Checking
  • Easy Savings with Keep the Change
  • Free Online Banking Service

Services

  • Mobile Banking for students on the go
  • To set up a checking or savings account please visit https://www.bankofamerica.com/index.jsp
  • Free bill pay with a Bank of America checking or savings account
  

Benefits

  • Fixed interest rate of 6.00% for the Subsidized Portion and 6.80% for the Unsubsidized Portion.
  • 0.25% interest rate reduction if payments are automatically deducted from any bank account.
  • Payments are not required until 6 months after graduation or separation date.
  • 10 year standard repayment term.
  • An extended repayment term is available for up to 25 years for students who qualify.
  • Graduated and income sensitive repayment options.

Services

  • Online account management tools available to borrowers.
  • Offers students free checking with online banking capability. Visit www.citizensbank.com/studentbanking for more information. Please note that students do not need to have their student loans at Citizens Bank in order to take advantage of our banking products
  

Benefits

  • 0% - 1% default fees based on guarantors
  • Life-of-loan servicing with Edfinancial, therefore one stop shop and combined billing
  • No direct to consumer marketing
  • 20 years experience concentrating solely on student loans
  • 0.25% interest rate reduction with auto-debit
 

Benefits

  • Automatic 1% principal reduction at disbursement. The benefit is retained when the 1st 12 payments are made on time.
  • Benefit rehabilitation – a borrower who misses one of the first 12 payments can re-earn the principal reduction benefit by completing a financial literacy tutorial and making the remainder of the 1st 12 payments on time.
  • .25% interest rate reduction with auto debit payments.
  • No time requirement for auto debit enrollment to receive the benefit.
  • Instant .5% savings on origination fee
  
This is a list of Parent PLUS loan lenders.
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Benefits

  • 1% interest rate reduction when the 1st 36 payments are made using auto debit. Borrowers must enroll in auto debit by the end of the third month to qualify.
  • Benefit rehabilitation – a borrower who misses one of the first 36 payments can re-earn the benefit by completing a financial literacy tutorial and making the remainder of the 1st 36 payments on time.
  • The option is available to defer payments up to four years while student is in school
  

Benefits

  • Free Campusedge Checking
  • Easy Savings with Keep the Change
  • Free Online Banking Service

Services

  • Mobile Banking for students on the go
  • To set up a checking or savings account please visit https://www.bankofamerica.com/index.jsp
  • Free bill pay with a Bank of America checking or savings account
  

Benefits

  • 0% - 1% default fees based on guarantor
  • Option to postpone payments while in school 
  • If denied, a “second look” can be requested
  • Life-of-loan servicing
  • 0.25% interest rate reduction for auto-debit with continuous on-time payments
 

Benefits

  • Fixed interest rate of 8.50%, prior to any benefit reductions.
  • 0.25% interest rate reduction if payments are automatically deducted from any bank account. 
  • Delay Repay Option: Postpone payment for at least 48 months.
  • 10 year standard repayment term.
  • An extended repayment term is available for up to 25 years for students who qualify.
  • Graduated and income sensitive repayment options.

Services

  • Online account management tools available to borrowers.
  
This is a list of Consolidation loan lenders.
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Benefits

    • Reduce your new fixed interest rate by up to 1.25%
    • Pre-Approval in minutes
    • Flexible repayment options
    • No penalty for paying this loan back early
 

Benefits

    • Low fixed interest rate with flexible repayment plans
    • No origination fees
    • No prepayment penalties or hidden charges
    • 0.25% interest rate reduction for automatic payments
    • 1.0% interest rate reduction after you make 36 consecutive on-time payments
    • A separate loan consolidation program is also available for non-government loans. Call 866-789-1212 for details.
  
This is a list of Private loan lenders.
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Benefits

  • Interest Rate range: LIBOR plus 5.25% - LIBOR plus 10.50%
  • Co-borrower release option available after the first 24 consecutive, on-time payments of principal and interest 
  • No payments required while in school 
  • No income requirement
  • Flexible repayment options

Services

  • Online account management tools available to borrowers.
  • Offers students free checking with online banking capability. Visit www.citizensbank.com/studentbanking for more information. Please note that students do not need to have their student loans at Citizens Bank in order to take advantage of our banking products.
 
Additional Resources
 

ELMSelect is hosted and maintained by ELM Resources to provide student and parent borrowers with information supporting their ability to choose the educational lender of their choice.

Information on this site regarding educational loans has been provided exclusively through institutions of higher education (“schools”) that have elected to post their preferred lender lists on this site. ELM Resources is not involved in any way with the endorsement of lenders or specific loan products of educational institutions and does not receive compensation as a result of a lender being placed on a preferred lender list or a school using ELMSelect as a means of providing loan information to students.

ELM Resources is not responsible for the accuracy of the information available through ELMSelect. Students and parents are encouraged to contact lenders to confirm the accuracy of the loan terms posted on the site. Students and parents are also reminded of the right of borrowers seeking loans through the Federal Family Education Loan Program to choose their lender and that the choice of a lender is not in any way limited to the lenders on a school’s preferred lender list. Additionally, if a borrower chooses another lender, they will suffer no penalty for selecting their lender of choice.

ELM Resources notes that additional information on student loans is available from the U.S. Department of Education on a variety of sites including www.studentaid.ed.gov and www.mymoney.gov. Useful information on financial literacy may be found at http://www.mymoney.gov/, a website maintained by the U.S. Financial Literacy and Education Commission. For New York schools, additional information can be found at http://www.oag.state.ny.us/family/student_lending/information.html.

ELM Resources welcomes comments on ELMSelect. Comments may be sent to: info@elmresources.com.