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Direct Loan Instructions

You must complete the following steps to secure your Direct Loan(s):


For a printout of the Federal Direct Loan Self-Checklist For Students and Parents please click here.

Student Borrowers

Undergraduate and Graduate students must maintain at least half-time enrollment in order to retain eligibility for all federal loans. Graduate students who are enrolled in less than six credits and have been approved by their advisor for full or part-time equivalency are eligible for federal loans.

Subsidized and Unsubsidized Loans

  • Accept the desired loan(s) on NYU Albert via the Accept/Decline Financial Aid link and follow the instructions given.
  • Students who are borrowing Subsidized and/or Unsubsidized for the first time as an NYU student must:

1. Log on to your student account at www.studentloans.gov using your own student FSA ID

2. Sign the Subsidized/Unsubsidized Master Promissory Note

3. Complete the online Undergraduate or Graduate Entrance Counseling

  • Students who have borrowed Subsidized and/or Unsubsidized Loans as an NYU student in previous years do not need to complete a new promissory note if their previous MPN is still active and will not have to complete a new Entrance Counseling session.

Graduate PLUS Loans

  • Accept the desired loan(s) on NYU Albert via the Accept/Decline Financial Aid link and follow the instructions given.
  • Students who are borrowing Graduate PLUS Loans for the first time as an NYU student must:

1. Log on to your student account at www.studentloans.gov using your own student FSA ID

2. Sign the Graduate PLUS Master Promissory Note

3. Complete the online Graduate Entrance Counseling

  • Students who have borrowed Graduate PLUS Loans as an NYU student in previous years do not need to complete a new promissory note if their previous MPN is still active and will not have to complete a new Entrance Counseling session.
  • If credit denied, please see the information below for your options.

Please note: If one or more of these steps are missing it will delay the processing of your loan(s). Please check your NYU Student Center ‘To Do’ list periodically to see what may be outstanding or missing.

 

Parent Borrowers

Undergraduate students must maintain at least half-time enrollment in order to retain eligibility for all federal loans including the Parent PLUS Loan.

Parent PLUS Loans – New Borrowers

  • The student will accept the desired loan(s) on NYU Albert (Accept/Decline Financial Aid link) and assign each loan to a parent borrower by providing the parent borrower’s email address. The email must belong to the parent, not the student. You, the parent, will immediately receive an email providing further instructions. Note: If the designated parent does not receive the email, please check the spam folder.
  • Create a parent FSA ID if one does not already exist.
  • Sign in to www.studentloans.gov using your parent FSA ID and:

1. Complete a PLUS Loan Request

2. Complete a Parent PLUS Master Promissory Note

  • If credit approved, within approximately five business days of completing the PLUS Loan Request and PLUS Master Promissory Note a PLUS Confirmation email (subject line “NYU PLUS Loan Confirmation Instructions”) will be sent to the designated parent. Please check your spam folder if you do not receive the email. Complete the PLUS Confirmation by clicking the link in the email and following the instructions.
  • If credit denied, please see the information below for your options.

Parent PLUS Loans – Existing Borrowers

  • The student will accept the desired loan(s) on NYU Albert (Accept/Decline Financial Aid link) and assign each loan to a parent borrower by selecting the existing borrower form the drop down box.
  • If credit approved, within approximately five business days of the student accepting the loan(s), a PLUS Confirmation email (subject line “NYU PLUS Loan Confirmation Instructions”) will be sent to the designated parent. Please check your spam folder if you do not receive the email. Complete the PLUS Confirmation by clicking the link in the email and following the instructions.
  • If credit denied, please see the information below for your options.

Please note: If one or more of these steps are missing or the student did not choose the correct parent borrower selection, this will delay the processing of the Parent PLUS Loan. Please have your student check their NYU Student Center ‘To Do’ list periodically to see what may be outstanding or missing.

 

Graduate or Parent PLUS Loan Credit Denials

The NYU Office of Financial Aid is not provided with the specific reason for the denial. If your PLUS Loan is credit denied there are four options:

  1. Appeal the credit decision with the lender, Direct Loans, by documenting extenuating circumstances at www.studentloans.gov.
  2. Have a qualified cosigner complete an Endorser Addendum at www.studentloans.gov.
  3. For parents who have been denied, the student may request additional Unsubsidized Loan in the student’s name from the NYU Office of Financial Aid. The additional loan will be $4,000-$5,000 depending on the student’s grade level. If at a later time during the academic year a parent becomes eligible or is approved with an endorser for a Parent PLUS loan, the additional Unsubsidized Stafford Loan will be cancelled.
  4. Pursue a private educational loan in the student’s name.

Graduate Students or Parents who are originally credit denied for a PLUS Loan, but have obtained approval by appeal or endorser are required to:

  • Complete an online PLUS Loan Counseling session. The federal Department of Education will contact the borrower in these cases and direct them to www.studentloans.gov to complete PLUS Loan Counseling. Your PLUS Loan cannot disburse to your Bursar bill until you have completed the PLUS Loan Counseling.
  • Complete a new PLUS Loan Master Promissory Note. Any PLUS Loan that has been approved with an endorser must have its own PLUS Loan Master Promissory Note. Direct Loans will not disburse your loan funds without this.

Accepting Your Direct Loans on StudentLoans.gov

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The PLUS Loan Application Process

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Direct Loan Student Loan Support Center:

Visit the FedLoan Servicing web site, where you can:

  • Make online payments
  • View account balances
  • Change billing options
  • Enroll in electronic services . . . and much more

Mailing Address:

FedLoan Servicing
P.O. Box 69184
Harrisburg, PA 17106-9184
Toll Free: 1-800-699-2908

 

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