Step 1: Browse and apply for an alternative loan
Begin by reviewing various alternative lenders on ELM Select tool and compare Interest rates, fees, and eligibility criteria. Once you find a lender that best suits your needs then you will apply for a loan directly on their website.
Note: Students can request an alternative loan for a prior academic year balance. However, the loan disbursement date cannot be more than 365 days after the end of the loan period. For example, if a student is looking to request an alternative loan for spring 2024 the loan must be disbursed prior to 5/22/2025.
Step 2 – Review Your COST OF ATTENDANCE (Financial Aid Budget)
Your Cost of Attendance (which includes direct and indirect costs of your education) is used to determine the maximum amount of financial aid (grants, federal work-study, scholarships and loans) you may receive during an academic year. It is important to review your cost of attendance before borrowing so that you understand the borrowing limitations. You cannot borrow or receive aid that is in excess of your Cost of Attendance.
Note: If the borrower initially requests an alternative loan amount greater than their cost of attendance, they will receive an email to their BC email account outlining the maximum amount they can request and whether we can proceed with the new amount.
View your Cost of Attendance:
- Access the Financial Aid tile in your CUNYfirst Student Center.
- Confirm the appropriate aid year in the top left of the page (use the Change button if the current aid year is not the default). Note: the screenshot example below shows costs for the 2021-2022 year.
- Under the “Financial Aid Summary menu” on the sidebar select “Cost of Attendance”.
Step 3: Approval
Once you have been approved then a certification request will be sent to Brooklyn College. Please keep in mind that although the lender has approved your loan, the school must certify it before any funds can be disbursed.
Step 4: Alternative Loan Release Form
After Brooklyn College receives your alternative loan request, the borrower will get an email to their BC email account with instructions to complete an Alternative Loan Release Form on Dynamic Forms. This form allows the borrower to specify the loan period, indicate whether they are receiving any Federal Student Financial Aid during the loan period or just alternative loans, and choose whether to reduce or cancel their loan.
Without an alternative loan release form, we will be unable to proceed with certifying your loan.
Note: Students requesting an alternative loan for a prior academic year need to complete an Alternative Loan Release Form for that specific year. For example, a student requesting an alternative loan for Fall 2023 would need to complete the 2023-2024 release form. Alternative loan release forms for prior years can be located at https://students.brooklyn.edu/knowledge-base/loan-resources-and-forms/
Step 5: Certification
Once a borrower has completed their alternative loan release form, the loan certification officer at Brooklyn College will certify their loan directly with the lender and post the approved loan amount on CUNYFirst as anticipated aid.
Step 6: Disbursement
Alternative loans disbursement occurs every Thursday. However, disbursements are scheduled to take place two weeks from the certification date. For example, if your loan is certified on [date], the disbursement will be made on the following Thursday, two weeks later. For borrowers expecting a refund, it may take 5-7 business days after disbursement to receive a refund. For more information about refunds please contact the Office of Bursar.