Student Loan Information
Get off to a smart start!
The CU Student HELP Smart Option Student Loan® gives you a great way to pay for college expenses not covered by scholarships and federal loans.
With the Smart Option Student Loan, you can
- Get the money you need
- Pay now or later
- Earn rewards for paying on-time
- Lower your interest rate
- Get a quick credit result
- NEW! Tuition Insurance Benefit
- You can save more with a cosigner
IMPORTANT Changes to the Federal Student Lending ProcesSThe 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 CU Student HELP Smart Option Student Loan.
For Information on Existing Loans
For questions or service related to an existing Federal Family Educational Loan secured through our credit union, contact Great Lakes (our chosen servicer) at 1-800-236-4300 or access your account information online at www.mygreatlakes.com.
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
Beginning July 1, 2010 all new federal student loans will be 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.
You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program.
To view consolidation loan detail, visit the Department of Education Consolidation Loan website.
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 CU Student HELP Smart Option Student Loan and these additional resources to assist you through the Direct Loan process.