- (a) is enrolled in an eligible participating institution of higher education located in New York State;
- (b) is applying for either a subsidized or an unsubsidized Federal Stafford Loan; and
- (c) has applied to two separate lenders for such a loan and has been denied a loan by each one.
A student is eligible for a Lender of Last Resort (LLR) loan if he or she meets all of the eligibility requirements for either a subsidized or unsubsidized Federal Stafford Loan and: