Loans

Student Loan

The Health Care and Education Affordability Reconciliation Act of 2010 (H.R. 4872) eliminated the Federal Family Educational Loan (FFEL) Program on July 1, 2010. Private lenders, such as Buffalo Metropolitan, no longer have a role in originating or funding federal Stafford, PLUS, or Consolidation loans.

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 institution.

Students can contact their school's financial aid office for more information on securing federal student loans.

Information on an Existing Student Loan.

For questions related to an existing FFEL Stafford Student Loan secured through Buffalo Metropolitan, contact Great Lakes (our servicer) at 800.236.4300 or access your account information online at mygreatlakes.org.

Use a Home Equity to Fund a College Education.

Although Buffalo Metropolitan will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can.

If you are a homeowner, you may have sufficient equity in your home to take out a home equity loan or line of credit. A home equity can be a valuable part of your college funding strategy.

A home equity loan and line of credit can be used for any number of purposes, with education financing being one of the most popular. And remember, the interest you pay on a home equity loan or line of credit may be tax deductible (consult your tax advisor regarding the deductibility of interest).

For flexibility, a home equity line of credit allows you to tap into it as needed to pay for tuition as well as other expenses, and only pay interest on the amounts advanced.

Apply for a home equity line-of-credit · Rates for a home equity line-of-credit