New York Student Loans: Federal & Private

New York student loans can make college tuition costs more manageable. These loans cover college tuition so you can focus on your studies, develop skills for your career, and enjoy campus life.

Many lenders offer student loans for New Yorkers, and you don’t need to go through the process alone. This guide will reveal several of the best New York student loan providers and discuss important details about getting a student loan in New York.

Lender	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5

Federal student loans in New York

You can choose federal or private student loans, but starting with federal loans is often better due to several benefits private lenders don’t provide, such as income-driven repayment plans, fixed interest rates, and student loan forgiveness programs.

The federal program has limits on how much you can borrow each year. This limit changes annually. The amount you can borrow with a federal loan also depends on your financial aid eligibility.

Subsidized vs. Unsubsidized Loans

It’s better to get a federal Subsidized Loan if you qualify. Interest won’t accumulate on the loan until the six-month grace period concludes. However, you must demonstrate financial need to qualify for a Subsidized Loan.

Regardless of your finances, you can still get a federal Unsubsidized Loan. The most significant difference is that Unsubsidized Loans accrue interest right away.

You don’t need to make payments until the six-month grace period concludes. However, making payments when you can while in school is a smart way to save money in the long run.

	Subsidized Loan	Unsubsidized Loan
Start of interest accumulation	After the grace period (usually 6 months after graduating)	Upon receiving the loan
Deadline for first payment	After the grace period (usually 6 months after graduating)	After the grace period (usually 6 months after graduating)
Eligibility	Must demonstrate financial need	Any student is eligible

Subsidized vs. Unsubsidized Student Loans

Private student loans in New York

The annual borrowing limits for federal student loans often require students to take out private student loans. To help you get a competitive rate and term, we compared several student lenders and discovered the top choices that offer private student loans in New York.

College Ave

Best overall

5.0 _/5

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Why it’s one of the best

Competitive interest rates
Flexible repayment terms
Simple online application process

College Ave is a top-rated student lender that offers loans for undergraduates, graduates, and parents. Its student loans are available for New York students pursuing specific careers, such as medical, dental, and law. Borrowers don’t pay origination fees and can choose a fixed or variable interest rate.

Getting a loan without a cosigner is possible, and the application process only takes three minutes. College Ave offers flexible repayment terms designed to fit your monthly budget and a six-month grace period.

Loan details

Rates (APR)	4.39% – 16.85%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 8, 10, or 15 years
In-school repayment plans	Full, interest-only, $25 flat, or deferred
Grace period	6 months, but can apply for up to 6 more months
States	All 50 states
Cosigner release	After making consecutive payments for half the loan’s term, passing a credit review, and earning an annual income more than twice the amount of the loan’s remaining balance

Sallie Mae

Best for cosigners

4.8 _/5

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Why it’s one of the best

Multiple repayment options
Cosigner release available
Competitive rates

Sallie Mae is a leading student lender that lets you apply for a loan before your financial aid package is finalized. The lender also connects students to scholarship opportunities and even offers a $2,000 scholarship you can apply for in two minutes.

Sallie Mae lets you get a loan without a cosigner, but it helps to have one. The lender does not have origination fees and lets you choose from three flexible repayment plans. Undergraduate, graduate, and career training student loans are available.

Loan details

Rates (APR)	4.50% – 15.70%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	10 – 15 years
In-school repayment plans	Full, interest-only, $25 flat, or deferred
Grace period	6 months
States	All 50 states
Cosigner release	Complete your education and be current on the loan with 12 consecutive on-time payments

Earnest

Best for no fees

4.6 _/5

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Why it’s one of the best

No origination fees
No late fees
No prepayment penalties

Earnest matches competitor rates and will give you a $100 Amazon gift card once the rate match is finalized. The lender offers loans for undergraduates, graduates, medical school students, and other professionals with nine-month grace periods.

The application process takes less than two minutes, and you can choose a fixed or variable interest rate. The lender provides a 0.25% autopay discount and has a program available for people who need help with monthly payments.

Loan details

Rates (APR)	4.39% – 16.85%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, 12, or 15 years
In-school repayment plans	Full, interest-only, $25 flat, or deferred
Grace period	9 months
States	All states except Nevada
Cosigner release	None

SoFi

Best member benefits

4.7 _/5

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Why it’s one of the best

Student loans for undergraduates, graduates, and parents
Cover the costs of fall, spring, and summer terms
No origination, application, or prepayment fees

SoFi has served more than 1 million students and offers competitive rates. The lender offers loans for students entering the fall, spring, and summer semesters. You’ll get a six-month grace period, a 0.25% discount with autopay, and no origination fees.

The financial technology company offers several payment options with terms ranging from five to 15 years. SoFi lets you check the interest rate you would get without affecting your credit score. Students with a 3.0 GPA or higher can earn a $250 cash bonus.

Loan details

Rates (APR)	4.19% – 15.86%
Loan amounts	$1,000 – 100% of certified costs
Repayment term	5, 7, 10, or 15 years
In-school repayment plans	Full, flat $25, interest-only, or deferred
Grace period	6 months
States	All 50 states
Cosigner release	After 24 consecutive on-time payments

ELFI

Best for personalized support

4.5 _/5

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Why it’s one of the best

Student loans for undergraduates, graduates, and parents
Choose between in-school repayment and deferred payments
Speak with a dedicated student loan advisor

ELFI lets you prequalify for student loans without any impact on your credit score. The lender doesn’t charge unnecessary fees and offers a fast and easy application process. You can choose fixed- or variable-rate loans.

You can get a term of five to 15 years while securing a rate as low as 4.50% APR. The company requires borrowers to make electronic payments. Your approved rate will reflect autopay, so you don’t need to do extra work to get the lowest possible rate.

Loan details

Rates (APR)	4.50% – 18.00%
Loan amounts	$1,000 – 100% of certified costs
Repayment term	5 – 15 years
In-school repayment plans	Full, interest-only, flat $25, or deferred
Grace period	6 months
States	All 50 states
Cosigner release	None

New York State financial aid options

New York does not offer state-specific student loans. However, several financial aid options within the state can make college more manageable.

Grants

Name of grant	Max award	Best gor
Tuition Assistance Program (TAP)	$5,665/yr	NYS residents in full-time, part-time, or non-degree credential programs
Aid for Part-Time Study	$2,000/yr	Students taking 3 – 11 credits per semester

The Tuition Assistance Program

The Tuition Assistance Program is for legal New York State residents who have lived in the state for at least 12 consecutive months or individuals who qualify under the NYS DREAM Act. Students in full-time, part-time, or non-degree credential programs can qualify.

This program is geared toward students who have lower incomes and may have a more difficult time paying the full tuition. Income cannot exceed $30,000 for independent single students or $125,000 for dependent students. Married students cannot earn an income above $60,000 to be eligible. The minimum reward is $1,000.

About 93,000 students benefit from the program, and you can apply on the NY Gov website or through the FAFSA. New York students in private and public colleges can apply for the Tuition Assistance Program.

Aid for Part-Time Study

This program is only available for students taking three to 11 credits per semester. You must apply for the program through your participating college every year and can get up to $2,000 per year. The NYS resident requirement is the same one for the Tuition Assistance Program.

Independent part-time students must have a net taxable household income below $34,250 to be eligible. The maximum net taxable household income for a dependent or independent student with children is $50,550. This reward cannot exceed a student’s college tuition.

Students who qualify must maintain a “C” average.

Scholarships

Scholarship	Max award	Best for
Excelsior Scholarship	$5,500	SUNY or CUNY students who earn less than $125,000 per year in household income
Enhanced Tuition Award	$6,000	SUNY or CUNY students who earn less than $125,000 per year in household income
Part-Time Scholarship	6 credits or $1,500, depending on which is less	Students taking 6 – 11 credits per semester
Scholarship for Academic Excellence	$1,500 per tax year	High-achieving students graduating from a NYS high school and attending college full-time in NYS
STEM Incentive Program	Full scholarship	NYS students in the top 10% of their class who pursue a STEM degree in a SUNY or CUNY college
NYS Math and Science Teaching Incentive Program	Full scholarship	NYS students who want to become math or science teachers in secondary education (7th – 12th grade)

Students applying for the Excelsior Scholarship or Enhanced Tuition Award must be enrolled full-time (at least 12 credits per term). Students must also live and work in New York State equal to how many years they receive the scholarship.

If you apply for the Part-Time Scholarship or the Scholarship for Academic Excellence, you must have been a New York resident for at least 12 consecutive months before enrolling. You can also qualify under the NYS DREAM Act.

What to know about student loans for college in New York

New York State has passed several laws protecting borrowers. Knowing these laws can help you detect suspicious activity and ensure you get transparent terms. The Student Loan Servicing Act requires that lenders treat borrowers with respect and professionalism.

That includes distributing additional loan payments in the way that benefits you the most. New York State also requires lenders to apply underpayments in a way that reduces late fees and negative impacts on your credit.

Your lender must also facilitate a seamless transfer if a new company services your loan. Loan providers must also respond promptly to any complaints from borrowers and cosigners. Late fees cannot exceed 6% of the loan’s balance.

Remember: Federal forgiveness programs can help you settle your loan balance. In addition to federal student loan forgiveness, you may be eligible for these New York loan forgiveness options:

District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program (DALF)
NYS Licensed Social Work Loan Forgiveness (LSWLF) Program
Young Farmers Loan Forgiveness Incentive Program
Get on Your Feet Loan Forgiveness Program
NYS Nursing Faculty Loan Forgiveness (NFLF) Incentive Program
NYS Child Welfare Worker Loan Forgiveness Incentive Program
NYS Teacher Loan Forgiveness Program

If you see a New York student loan forgiveness program that aligns with your career path, be sure to apply by the program deadline to increase your chances of securing loan forgiveness as part of your student loan repayment strategy.

FAQ

What is the cost of college in New York?

The cost of college in New York depends on various factors, such as whether you want to attend a public or a private college and whether you live in a dorm. The average tuition is $24,540 for New York State residents who live on campus. The average tuition drops to $13,510 for NYS students who live off campus.

Does New York offer state-specific loans?

No, New York does not offer state-specific loans. However, several grants and scholarships are available to New York State residents. Some of these programs offer full scholarships for qualifying students.

How do I apply for a New York student loan?

New York does not offer state student loans. You can apply for a federal student loan or a private student loan. You must fill out the FAFSA application to receive a federal student loan, while private lenders require that you fill out their online forms.

Can New York residents refinance their student loans?

Yes, New York residents can refinance their student loans. You can work with a private lender to refinance your loan.

How we selected the best New York student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of New York student loans

Lender	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5