Frequently Asked Questions - Marketplace
Can a cosigner and borrower use the same email address?
Yes, if necessary a cosigner and borrower may use the same address, but it is recommended that separate e-mail addresses be used. If the same email address is used, the borrower and cosigner may have access to each other's information.
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If I wanted to cancel my loan in Marketplace, who is responsible for cancelling the loan?
The student or college must contact the lender. Marketplace is simply a vehicle to shop and compare loan terms and the lender is the loan holder.
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If an application for Marketplace is submitted and it is now with the cosigner, how can the requested amount be reduced if necessary?
The student must contact the lender directly to request a reduction.
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If I am denied a loan through Marketplace, can I change the loan request and add cosigners?
No, at that point you need to complete a new personal information form, but the data will be pre-filled and a new PIF (personal information form) number will be assigned.
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If I borrowed loans for the current semester, are those loans included as part of my debt?
Yes, all loans will be included.
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Where can I find more information on the HESC Student Loan Marketplace?
You can find additional information at the following link: hescmarketplace.org.
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If I am applying for a loan using Marketplace and do not receive any loan products, does that mean that I am also not eligible for any other type of loan?
No, you may be eligible for alternative loans by applying to other lenders directly; but please remember that federal loans should always be used first by both students and parents. In addition, prior to applying for any alternative loans, you may want to review your credit reports to make sure that all information contained in them is correct.
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How will borrowers know which loans will have the lowest interest rates?
All loans within Marketplace, including NYHELPs, are displayed with the interest rate, APR and total cost, which will allow the user to sort and select criteria most important to them.
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If I am already approved for a loan through Marketplace, can I still apply for a NYHELPs loan if the interest rates are lower?
Yes, you may apply for a NYHELPs loan even if you have prior approval for a private loan through Marketplace. Please keep in mind there are specific NYHELPs eligibility requirements that you must meet, and the college you are attending must participate in the program.
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Are the loans made through Marketplace based on the borrower and cosigner credit score?
HESC does not determine the credit criteria for Marketplace loans; however, in most cases, loans are based upon borrower and cosigner credit scores, as well as other credit and program factors. In addition, the number of loans cosigned by the same individual will have an effect on that individual's credit score.
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What age must an individual be to be considered an eligible cosigner?
Cosigner policies vary by lender, but a cosigner must have good credit to cosign on behalf of a borrower. For the purposes of NYHELPs, the cosigner must meet specific eligibility requirements and be at least 18 years of age.
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Where can I find more information about NYHELPs?
You can find answers to many questions by
clicking here for NYHELPs.
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