Student Loan Information

The First New York Smart Option Student Loan® by Sallie Mae®

For borrowers attending degree-granting institutions

Now you can pay for college the smart way with three great repayment options and competitive interest rates! This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans.

  • We offer a choice of competitive fixed and variable interest rates providing even more choice and flexibility
  • No origination fees and no prepayment penalty
  • Multiple in-school repayment options available
  • Borrower benefits available – like rewards and interest rate reductions
  • Rates that reward creditworthy borrowers
  • Applying with a creditworthy co-signer may help you qualify and/or receive a lower rate
  • 24/7 online account management
  • To learn more or to apply, please get started here.

We are compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

IMPORTANT Changes to the Federal Student Lending Process

The Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872) initiated a restructure of the Federal Family Educational Loan (FFEL) Program. In doing so, private lenders, such as First New York Federal Credit Union, no longer have a role in originating or funding federal Stafford, PLUS, or Consolidation loans. First New York does, however, offer the Smart Option Student Loan by Salle Mae.

For Information on Existing Loans

  • For questions or service related to an existing Federal Family Educational Loan secured through First New York, contact Great Lakes (our chosen servicer) at 1-800-236-4300 or access your account information online at
  • For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database which is a Department of Education central database for student aid.

Federal Direct Student Loans

All new federal student loans are issued via the William D. Ford Direct Loan Program. The lender for your federal loans will be the U.S. Department of Education rather than your credit union or other financial institutions.

Stafford and PLUS Loans:

  • Visit the Department of Education website for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.

Consolidation Loans:

Direct Lending Borrower Aids:

  • Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can. We offer the Smart Option Student Loan by Sallie Mae and these additional resources to assist you through the Direct Loan process. CU Student HELP Smart Option Student Loan information