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Office of Student Financial Services

Private Student Loans

Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs. Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status.
Our office recommends that you exhaust your federal options before applying for a private loan. If you are a US citizen or eligible non-citizen, you may be eligible for grants/scholarships, federal work study and loans with more favorable terms and conditions than private loans.

To borrow from the private loan program, you must select a lender. Our office will process your loan with whichever lender you choose. Once you have selected your lender, please contact them to start the application process.

Amount You Can Request: Borrowers can request up to the cost of attendance (minus any financial aid received).

Application process for private loan:

  • Select a lender and then contact them directly. Our office will process your loan with whichever lender you choose. For a list of institutions that have made private loans to MCNY students in the past three academic years see the chart below.
  • The lender will provide you with application instructions and all necessary paperwork. The MCNY's code for loans is 009769.
  • Once your lender receives your completed MPN, they will contact MCNY to certify your enrollment and confirm your eligibility. Lenders may process loans differently, so please confirm your lender's application process.
  • Download and complete the Student Self-Certification Form. These forms are to be completed by the student and submitted upon request to the lender of choice.
  • Funds will be disbursed directly to MCNY, and you will be notified when these funds have been applied to your account.

Interest: Variable. Unlike federal loans, there are no interest-rate maximums on these loans.

Fees: Fees vary from lender to lender and sometimes depend on the credit history of the borrower or co-borrower. Read carefully all terms and conditions of the loan you choose.

Repayment: Repayment usually begins after you fall below half-time status, but terms vary from lender to lender. The most important thing to remember is to keep in touch with your lender if you move or if your enrollment status changes in any way.

Important Note: MCNY recommends that you exhaust your federal options before applying for a private loan. If you are a U.S. Citizen or eligible non-citizen, you may be eligible for grants/scholarships, federal work study, and loans with more favorable terms and conditions than private loans.

The list of lenders of private loan products borrowed by MCNY students. MCNY does not recommend, promote, or endorse the education loan products of the lenders listed. This list is provided solely to assist you in researching possible loan products.

Lender Name Lender Code Phone Number   Web Address
Discover Student Loans 831312 1-877-728-3030 www.discoverstudentloans.com/
New Jersey Class 812345 1-800-792-8670 www.hesaa.org
Sallie Mae 900905 1-888-272-5543 www.salliemae.com
Wells Fargo 807176 1-800-378-5526   www.wellsfargo.com/student

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Mailing Address MCNY (431 Canal Street New York, NY 10013 · 529 Courtlandt Avenue Bronx, New York 10451)
Phone Number  (800) 33 THINK | 212 343 1234