Private Loan Process Timeline

Start by researching private loan options to find the lender that best suits your financial needs. Consider factors like interest rates, repayment terms, fees, and borrower benefits. We recommend comparing multiple lenders to make an informed decision.

Stony Brook University has teamed up with ELM to provide students a non-bias listing of some private loan options that students can review.  There are many lenders who participate in the educational loan process and students should carefully research their options and choose a lender that best meets their needs.  You may also choose lenders that are not listed on the ELM website.  Lenders listed on the ELM website is not a complete comprehensive list of all lenders and the university does not endorse any specific lender.

When using the tool we recommend that you use the Compare feature which allows you to view multiple loans for a side-by-side comparison.  Additionally you can use features such as the Filter to narrow your search.

ELM Alternative (Private) Educational Loan Search

Once you’ve chosen a lender, complete their loan application. This is typically done online and requires personal information, school details, and the amount you wish to borrow. A credit check will also be conducted. If applicable, you may need a cosigner to strengthen your application.

Estimated Timeline: Process may vary based on lender but expect 1-5 business days for initial approval by the lender

If approved, your lender will provide conditional approval. This may include terms of the loan and require you or your cosigner to submit additional documentation, such as proof of income or identification.

Estimated Timeline: 1-2 weeks for document review and final approval.  Process may vary based on lender.

After final approval from the lender, the lender will submit a school certification request to Stony Brook University.  This certification request will have information needed for our university to process your loan.  Information included will be the approved amount, Loan Periods,  and other information required for review.

The university will then notify the student of a received private loan with a "To Do Item" placed on the students checklist informing the student the university has received a private loan certification request. 

Once received our office will begin to review your loan application from the lender to ensure the student is eligible for the loan with the lender and the amount requested does not exceed your cost of attendance.

**Students should monitor their Solar Account and Stony Brook University Email if additional information is needed by the office to certify a students loan.

Estimated Timeline: 5-10 business days from loan being received by the lender to having a credit placed on student's account.

Certification Requirements:  In order for the university to certify a students private loan a student must be meeting any lender SAP requirements, Enrollment Requirements, Grade Level, Cost of Attendance.

After your loan is certified by Stony Brook University, the lender will schedule the release of your funds. Private loan funds are disbursed on set disbursement dates, which are aligned with the start of each semester. This ensures that your funds are available to cover tuition, fees, and other education-related expenses at the appropriate time.

10-Day Rescission Period:

Once your loan is certified, there is a 10-day rescission period required by lenders. During this period, you have the right to cancel or adjust your loan without penalty. This waiting period delays the disbursement of your funds and ensures you have time to review the loan terms and make any necessary changes.

How It Affects Disbursement: The 10-day rescission period begins once the loan is fully approved and certified by the university. Funds will not be released until this period has ended.

Important Note: To avoid delays, ensure you’ve finalized your loan decision before the start of the semester.

When Funds Are Released:

Once the rescission period ends, your loan funds will be disbursed according to the university’s schedule. Typically, the funds are sent directly to the university and applied toward your tuition, fees, and other outstanding charges. If there are any remaining funds after your charges are covered, they will be refunded to you for education-related expenses, such as books or housing.

Estimated Timeline: Loan funds are usually disbursed on the first day of the start of the semester, depending on when you completed your loan application and certification process.  If the semester has started prior to the loan certification the loan should be disbursed to the university after the rescission period.  Refunds will be processed once the semester begins and funds have been received to the university.