NYU students who apply for financial aid in accordance with our deadlines are evaluated for financial aid and notified about the specific types and amounts of aid offered.
Students will be awarded their financial aid online via NYU Albert. An email with the appropriate link will be sent to you once your financial aid award package is available. Information about how to secure your aid will be provided in your financial aid award package and on your "To Do" list on Self-Service. All communication regarding your financial aid will be available to you via "self service" on NYU Albert.
New Freshmen: Early April
Returning Undergraduates: Beginning mid June
New Graduates: varies by school; generally April/May
All students are encouraged to apply every year for financial assistance. NYU requires the CSS/Financial Aid PROFILE application, the Free Application for Federal Student Aid (FAFSA), and, for residents of New York State, the New York State Tuition Assistance Program (TAP) application. For applicants to NYU Abu Dhabi, please visit NYU Abu Dhabi Financial Support. For applicants to NYU Shanghai, please see NYU Shanghai/Financial Aid.
Yes, you must apply every year by submitting the FAFSA to determine and renew your financial aid (including NYU scholarships).
Each year the U.S. Department of Education will send to you a renewal reminder containing important information about your Federal Student Aid PIN and the FAFSA application process. (If you included a valid e-mail address on your FAFSA last year, you will receive the reminder by e-mail. Otherwise it will be mailed to your permanent address.) You will need your Federal Student Aid PIN to access your pre-filled FAFSA on the Web application that contains much of your application data from last year.
Visit the PIN web site at www.pin.ed.gov to verify your existing PIN, to request a duplicate if you have forgotten your PIN, or to request a new PIN if you (and your parents, if applicable) don't have one. (You use the same PIN each year, so you probably have one already).
It is possible to submit the FAFSA online without a PIN, but you must provide answers to all questions on a new FAFSA and you must print, sign, and mail the signature page after you submit the application, which will slow the process.
After January 1 but not later than April 1, access your FAFSA on the FAFSA website and revise the information to reflect your income for the preceding year (and other information only if it has changed), then submit the application. Be sure that you specify NYU (federal school code 002785) as the recipient of your information. (NOTE: Students applying to the Polytechnic School of Engineering for spring 2014 should use the federal school code number 002796.)
You should receive your Student Aid Report (SAR) within a few weeks after submitting the FAFSA. Call (800) 4-FED-AID (433-3243) if you don't receive it. You may also view your SAR on the FAFSA website and make changes if necessary.
If you apply correctly and on time you can expect your NYU financial aid award notification by late May (for returning undergraduates), describing your aid package for the next academic year.
Remember that the FAFSA and all necessary signatures must be received and validated by the processor and released to NYU no later than April 1 (not postmarked April 1), or the department deadline specified by your NYU school, if different. If you delay, a loss of aid could result. If you have not filed your tax return by April 1, you should use best estimates on the FAFSA, but once you file you must return to www.fafsa.gov and make corrections. Remember, you must apply each year to renew your financial aid. April 1 is the priority deadline for most schools at NYU. Applying late could make you ineligible for certain types of aid, and funds become more limited. If you submitted a FAFSA last year and received an NYU scholarship, you should submit the FAFSA again each year by the NYU deadline to ensure normal processing.
If you are a New York resident and received a state TAP grant, you must renew your grant award for next year to ensure credit for TAP on your Bursar bill. Click here for more information about the TAP application process.
CSS/FINANCIAL AID PROFILE:
The CSS/Financial Aid PROFILE is NOT REQUIRED for U.S. citizen and eligible non-citizen returning undergraduate students, transfer students, and graduate students at NYU New York campus, or adult students applying to The Paul McGhee Division at the NYU School of Continuing and Professional Studies, New York campus.
The CSS/Financial Aid PROFILE is REQUIRED every year for international students at NYU New York campus.
The CSS/Financial Aid PROFILE is REQUIRED every year for all students at NYU Abu Dhabi. (NOTE: it is not required for Emirati nationals, who will be automatically evaluated for Exceptional Emirati Scholarship upon acceptance.)
The CSS/Financial Aid PROFILE is REQUIRED every year for all students at NYU Shanghai. (NOTE: it is not required for Chinese nationals who complete the Gaokao college entrance examination instead of the SAT college admission test).
Most student aid is based upon financial need, which is determined by the results of your FAFSA. The first step you should take is to ensure that the information you submitted on your FAFSA is correct. If your initial submission contained errors, you should correct your data on the FAFSA website at www.fafsa.gov. If your original data was correct when first submitted but your financial circumstances have changed since you filed the FAFSA, then, depending upon your situation, you may be eligible for review through a process called Professional Judgment. This process allows a financial aid administrator, under specific circumstances, to review your FAFSA eligibility based on new documentation, which will possibly change your eligibility for federal student aid. To determine if you are eligible, you should complete and submit the Professional Judgment Worksheet, available on our Applications and Forms menu. We will review your circumstances and notify you about opportunities for additional grants, federal loans, and alternative loans.
Change in Eligibility Increase
If you have enrolled for additional credit points and your tuition and/or fees have increased, if your housing status has changed (i.e. "off campus" vs. "on campus"), or if your grade level has changed, then your eligibility for federal loans (and possibly other types of student aid) may be reevaluated. Contact the Office of Financial Aid or send an e-mail message to explain your status change at NYU and to request that your aid be reviewed and/or your federal loan amount be increased if you are deemed eligible. If so, we will certify the additional amount(s) and send you a revised financial aid award notification. (Please note that annual and aggregate maximum borrowing limits apply to the Federal Stafford Loan.)
This change may also affect your eligibility for private student loans. Once you have maximized your federal loan eligibility then you may apply for additional private loan amounts to meet the cost of attendance. (See our information about Private Loans.) Once we have received approval from your lender, the Office of Financial Aid will certify the private loan and then notify you accordingly.
Individual Budget Appeal
If you find that your miscellaneous education-related expenses for the academic year (e.g. books and supplies, computer equipment, etc.) will exceed those projected in NYU's estimated budget for your total cost of attendance (see Tuition, Fees, and Expenses), please submit the Budget Appeal form, also available on our Applications and Forms menu.
General Scholarship Increase Request
Returning undergraduate students who have submitted their FAFSA and wish to increase or add scholarship funding to their financial aid package may do so via the annual appeal process. During appeal season, our online Appeal Form for Returning Undergraduates is available on the Applications and Forms menu. Students must meet the specified appeal deadline and include an explanation of why they are seeking additional funding. Appeal results are typically based on financial need and academic performance. The amount of appeal funds available varies each year, and individual NYU schools work closely with the Office of Financial Aid throughout the process to make the appeal determination.
NYU graduate students should consult with the admissions/financial aid representative in their school or program department (see "School Financial Aid Contacts" on our alphabetical list of References and Resources.
Regardless of your status, we strongly encourage all students to explore the many private scholarships available.
You also may find NYU Payment Plans to be helpful. Although they are not a form of financial aid, NYU Payment Plans provide a good way to budget and plan your payments for each semester.
Usually yes. To be considered for ANY type of financial aid in the summer you must submit the NYU Summer Financial Aid Application, which is available on our Applications and Forms menu beginning in February. A Summer Financial Aid Application is also available for visiting non-NYU students.
NYU New York undergraduates enrolling for January Term either in New York or at an NYU Study Away site will automatically be reviewed for additional scholarship eligibility. No application is needed. The review will be based upon financial need and the number of credits the student is enrolled for in January. The amount of scholarship awarded will be proportional to the amount of tuition the students' scholarship covered during an academic year semester. Students will be reviewed within a week after they register and will be notified via Albert accordingly. Students who do not have scholarship during the academic year are ineligible for January Term scholarship consideration.
Students needing additional financial aid for January Term will be able to seek out alternative loans, as additional federal loans are not available. Students seeking alternative loans are encouraged to relay to their potential lender the number of credits they will be taking, as some have minimum enrollment criteria. Private loan eligibility cannot exceed the cost of attendance for January term minus any other aid students may receive for the term. NYU cannot recommend or endorse any particular private lender. Students are encouraged to research their options carefully.
Students who change January Term enrollment or who do not attend in January will have their January award adjusted or cancelled.
NYU Graduate Students:
Generally, grants/scholarships are not available to NYU graduate students for the January Term, although graduate students should consult with their school's student services office or financial aid contact if they have questions.
Visiting non-NYU Students:
NYU grants/scholarships are not available to visiting non-NYU students for the January Term. However, visiting non-NYU students currently receiving federal financial aid at their home school may be able to apply a portion of it to their attendance at NYU by implementing a Consortium Agreement. Please consult with the financial aid office at your home school to determine if you can complete a Consortium Agreement for New York University.
In addition, visiting non-NYU students who are receiving institutional scholarship or grant funds from their home school while attending January Term at NYU must notify New York University.
Visiting non-NYU students will receive further information and instructions upon registration for January Term at NYU.
Most financial aid, such as Federal Direct Loans, Federal Direct PLUS Loans, TAP, Pell Grant, Perkins Loan, and NYU scholarship, is based on full academic year attendance, so if you are enrolled for one semester only, you will be awarded the appropriate portion for which you are eligible.
You might be eligible for more Federal Subsidized or Federal Unsubsidized Loans. Once your grades have been posted on the Student Information System after the fall semester, if your grade level has increased from a Freshman level to a Sophomore level (32 points earned), or has changed from the Sophomore level to a Junior level (64 points earned) you may be eligible for more Federal Subsidized Loan or Federal Unsubsidized Loan. If you would like your eligibility for a loan increase to be reviewed, send an e-mail message to the Office of Financial Aid from your NYU email account with your specific request. If you are eligible, the loan amount will be increased and you will receive a notice to log on the Student Center and accept that amount. A new loan application is not required. Funds will be disbursed to your Bursar account in accordance with federal disbursement schedules. Also, please note that the increase could affect your loan eligibility for the upcoming summer if you plan to attend and receive federal loans in the summer.
In most cases the amount of financial aid you receive will not be affected. If your total credit points, your housing status, and your financial aid application information is the same as it was for the fall semester, the amount of financial aid you receive should remain the same.
Departmental scholarships are not transferable to another school.
School of Continuing and Professional Studies (SCPS) students enrolled full-time in the General Studies Program, McGhee Division, the Hotel and Tourism Management Program, or the Recreation and Leisure Studies Program may transfer to another undergraduate school at NYU without affecting their financial aid.
See also NYU Albert to view your billing information record, including financial aid credits.
If some financial aid items are not listed on your bill, please make sure you do not have any ‘holds’ listed on your account and you are registered for the appropriate number of credits Financial Aid has anticipated for you. Also, please be sure you have accepted the item you wanted on Albert, completed all the necessary paperwork and allow 3-5 business days for this to reflect on your Bursar account.
If you are not initially approved for a Federal Graduate PLUS Loan, you will receive an endorser packet directly from the U.S. Department of Education. This packet explains that a PLUS Loan may still be acquired if someone else with an acceptable credit rating -- such as your spouse, a relative, or friend -- agrees to endorse or cosign the loan. Contact the Office of Financial Aid for further instructions.
Please note that if you receive the Federal Direct PLUS Loan based on a credit-worthy endorser, the PLUS Master Promissory Note (MPN) that you have completed will expire with that endorsed loan. A new PLUS MPN will be required for any subsequent PLUS Loan for which you apply.
The U.S. Department of Education does not inform the NYU Office of Financial Aid about the specific reason for the denial of a Federal PLUS Loan. If you feel that there are extenuating circumstances and you wish to appeal the credit denial, you must contact the Direct Loan Origination Center toll-free at 1-800-557-7394.
There are basic requirements a student must meet to be considered an independent student (see The Guide to Federal Student Aid for criteria). If you do not meet these requirements but you still believe you are truly independent of your parents, you may appeal for a "dependency override" with our office. The example below describes the conditions of an acceptable override, but if your situation is different please bring it to our attention for review.
INVOLUNTARY DISSOLUTION OF FAMILY
To demonstrate the "involuntary dissolution" of your family you must present:
A letter written by you which states that you do not and cannot have contact with your parents and also explains what precipitated the dissolution of the family.
A letter from a third party (someone not related to you) stating that you do not and cannot have contact with your parents. The letter must be written by someone:
who is professional (preferably your social worker or case worker, a member of the clergy, or a lawyer who has been represented you in legal proceedings), and;
who has personal, first-hand knowledge of your familial situation.
A copy of your completed FAFSA, which must be submitted as if you were an independent student.
If you can provide the appropriate documentation, a dependency override will be considered for you and your financial aid award may be changed based upon an independent status. (Note that just because a student is considered "independent" does not necessarily mean a student's aid will increase.)
If no student aid of any kind has been deducted from your bill, chances are you did not submit the required financial aid applications, or, if you did, you may have applied later than NYU's priority deadline (see sidebar above right), which may have affected your aid eligibility. If you have already applied and received your Student Aid Report (SAR) from the federal processors, in most cases you should have received a notice from us to view your financial aid award on NYU Albert. Verify on NYU Albert that your FAFSA data has been "received" by us (it will be listed in your "To Do" list as received if it is truly received by NYU).
If your FAFSA information was received by NYU more than 3 weeks ago and you have not received a financial aid award, you should first refer to NYU Albert to see if there are any "holds" on your account. A hold on your account may delay your financial aid awards. If there is a hold, please rectify that situation. The delay could be caused by circumstances concerning your aid eligibility. For example, you may not be meeting the satisfactory academic progress standards required to maintain student aid, or further documents may be required from you before we are able to process your award. If there are no holds, and if your award still seems delayed, then contact the Office of Financial Aid. Our counselors can discuss details with you and estimate when you can expect an award.
There is no interim aid. Students often ask if they can take out private, non-federal loans while they wait for their financial aid application to be processed and their federal loans to be disbursed. Students are discouraged from pursuing this because it also takes a few weeks to receive alternative loans, and if you take out alternative loans in advance of your federal loans, you may inadvertently take out too much private loan, which you would then have to return. This can be costly. Or, if you didn't want to return the private loan funds your federal aid eligibility could be adversely affected. The best strategy is to apply for financial aid as soon as possible, and, in the interim, work out a payment plan with the Bursar. If you're eligible for financial aid and you've already made a payment to the Bursar, you will be refunded the amount of overpayment.
Loan refunds are administered through the NYU Office of the Bursar, and there are important elements to consider if you are anticipating a credit balance. For example, because your loans can not be released to NYU before your designated disbursement date, and because once they are disbursed certain basic enrollment criteria must first be verified (e.g. you normally must be enrolled for at least 6 points) before the loan amount is applied to your account balance, a refund resulting from your student loan will usually not be confirmed and processed until a few days after your disbursement date.
Contact the Office of Financial Aid if any of the conditions of your initial award has changed. Depending on the changes, your aid may or may not be affected, but it is always better to inform the Office of Financial Aid of your plans so adjustments can be made, if necessary, early in the semester. If you fail to inform the Office of Financial Aid, then any discrepancies that exist between your anticipated and actual registered credit points will appear during enrollment audit and adjustments will be made at that time. It is the obligation of the Office of Financial Aid to adjust aid according to University policy and federal regulations.
Students may be required to verify their U.S. citizenship status to confirm eligibility for some federal grant programs, and non-citizens are subject to different regulations which may require supporting documentation, depending upon the type of financial aid sought.
You are strongly encouraged to apply for financial aid even if you missed the NYU priority deadline (see Financial Aid Deadlines in the column above right). You may not qualify for the same amounts or types of funds if you did not apply on time. However, there are still alternatives available. For example, you will likely be eligible for some form of federal loan, and possibly federal grants and Federal Work-Study.
To best serve as many students as possible, we do not ordinarily schedule individual appointments (although an appointment can be arranged in an emergency). To meet with a financial aid counselor, please visit us any time during office hours.
FALL AND SPRING SEMESTER
Monday: 9:00 a.m. to 5:00 p.m.
Tuesday: 9:00 a.m. to 5:00 p.m.
Wednesday: 9:00 a.m. to 6:00 p.m.
Thursday: 9:00 a.m. to 6:00 p.m.
Friday: 9:00 a.m. to 5:00 p.m.
SPRING RECESS AND SUMMER HOURS
Monday to Friday 9:00 a.m. to 5:00 p.m.
See our contact information for additional information, extended hours and special announcements.
If you are a New York State resident, submitted a FAFSA, and applied for TAP using either TAP on the Web or a printed Express TAP Application (ETA), you should have received a TAP award certificate from the New York State Higher Education Services Corporation (HESC). Contact HESC at 1-888-NYS-HESC (1-888-697-4372) if more than a few weeks have passed without notification after submitting the FAFSA.
HESC will also advise the NYU Office of the Bursar about your eligibility. If you have received your TAP award certificate but credit has not yet been applied to your bill, write a note on the bill and pay the appropriate remaining balance.
To be eligible for a Pell Grant you must be an undergraduate, have not earned a prior degree, and have an Estimated Family Contribution (as calculated by the government) of $5,273 or less. If you were eligible for Pell last year, you may not be eligible this year — it can vary depending upon your family and your resources. If you think you are Pell eligible and you subsequently received a request from NYU for documents to verify your FAFSA data, your Pell Grant may not be applied to your bill until the verification review is complete. Use NYU Albert to see if you have any outstanding document requests (please check the To Do list). Also, if you changed your Student Aid Report (SAR) to update any information the changes could have affected your Pell eligibility.
If you filed a FAFSA last year and received a scholarship, but didn't submit the FAFSA again this year, your scholarship amount could be affected. Most scholarships at NYU are based on a combination of need and merit. Review the letter that you received from our office when you were initially awarded. If you have not already submitted the FAFSA and you need to, do so right away. Depending on the availability of funding, late filers may not get their full scholarship.
If the federal processors received your FAFSAlater than the March 1 deadline (see sidebar above right), you may not have been offered a Perkins Loan. There is a limited amount of federal Perkins funding available to New York University and we must give priority to those who apply on time.
There are a few other reasons why your loan may not be on your bill. On Albert you need to accept your Perkins loan and wait 1 day. After 1 day has passed you must then e-sign your MPN, and print, sign, and mail your Perkins Rights and Responsibilities/Entrance Interview and you Truth-in-Lending in order to receive credit for this loan. Credit will be posted to your Bursar account 24 to 48 hours after you have completed all these steps and after we have received the printed documents.
Be sure that you have completed the acceptance process for the Federal Stafford Loan and/or the Federal PLUS Loan to ensure the proper disbursement of funds. If a Stafford and/or PLUS Loan amount was suggested on your financial aid award letter, follow the instructions to secure your loan(s) and then deduct the pending loan amount from your bill (minus the origination fee) and pay the remainder.
Your private loan must be approved by the lender and certified by NYU before you will be given credit for that loan. If it has been approved since the date of your bill, simply deduct the semester portion of the approved loan from your bill.
Federal Work-Study is not credited on your bill because it represents a potential amount yet to be earned in bi-weekly paychecks during the year. If suggested Work-Study is included in your financial aid package, it means you are eligible to participate in the Federal Work-Study Program. For help in finding a job to earn this money, contact The Wasserman Center for Career Development at 212-998-4730.
Each loan type (undergraduate/graduate Federal Direct Loan, Federal Direct Parent PLUS Loan and Graduate PLUS Loan) requires its own Master Promissory Note, or MPN, and Entrance Counseling (except Parent PLUS). So, if your increase is to an existing loan type you do NOT need to complete the MPN and Entrance Counseling again. However, you will still need to accept your increase on NYU Albert. If your increase or additional loan is a loan type you were not previously awarded, you WILL need to complete the MPN and Entrance Counseling (except Parent PLUS) in addition to accepting it on NYU Albert.
Once you accept your loans on NYU Albert,
sign your MPN, and complete Entrance Counseling, credit is then posted
to your account. The credit is provisional and does not change to real
credit until 10 days before the start of the loan period.
Within 120 Days of Disbursement: You have the right to
cancel all or part of any disbursement of a Federal Direct Loan without
being charged interest and other loan fees as long as the cancellation
is processed within 120 days of the original disbursement date. The
disbursement date is the date the funds were applied to your NYU Bursar
bill during any given semester.
To request a cancellation, you must make your request through the NYU Bursar’s Office by completing a Request to Return Loan Funds Form and submitting it to the Bursar as instructed on the form.
More Than 120 Days After Disbursement: If
you wish to cancel all or part of any disbursement of your loan more
than 120 days after it was disbursed, you are actually repaying part of
your loan and you must pay any accrued interest and/or fees. You cannot
cancel your loan, but you can make a payment directly to your federal
loan servicer. Borrowers are assigned to one of the five servicers,
which include ACS, Great Lakes, NelNet, PHEAA, and Sallie Mae. If you
are not sure which of the five centers is your assigned servicer, visit
and log into the federal government’s National Student Loan Data System to determine your servicer. You may also call 1-800-4-FED-AID to locate your servicer.
Loan refunds are administered through the Office of the Bursar,
and there are important elements to consider if you are anticipating a
credit balance. For example, because your loans can not be released to
NYU before your designated disbursement date, and because once they are
disbursed certain basic enrollment criteria must first be verified (e.g.
you normally must be enrolled for at least 6 points) before the loan
amount is applied to your account balance, a refund resulting from your
student loan will usually not be confirmed and processed until a few
days after your disbursement date.
IMPORTANT for Summer students:
Please note that if you are eligible for loans in the summer, those
loans do not disburse until July 1, and for those eligible for a refund,
you should not rely on those funds until at least one week after
If the parent borrower is not initially approved for a Federal PLUS Loan, they will receive an endorser packet directly from the U.S. Department of Education. This packet explains that a PLUS Loan may still be acquired if someone else with an acceptable credit rating -- such as the parent applicant's spouse, a relative, or friend -- agrees to endorse or cosign the loan. Contact Direct Loans Applicant Services at 1-800-557-7394 for additional instructions for endorsers.
Parents also have the option to appeal the Department of Education’s PLUS denial. For instructions on how to appeal, please contact the Department of Education’s Applicant Services at 1-800-557-7394.
Please note that if the parent borrower receives the Federal PLUS Loan based on a credit-worthy endorser, the PLUS Master Promissory Note (MPN) that the parent completed will expire with that endorsed loan. A new PLUS MPN will be required for any subsequent PLUS Loan for which the parent applies.
The U.S. Department of Education does not inform the NYU Office of Financial Aid about the specific reason for the denial of a Federal PLUS Loan. To appeal for reconsideration, contact the Direct Loan Origination Center toll-free at 1-800-557-7394.
In the event a denial is final, the student may contact the Office of Financial Aid to request consideration for an additional Federal Direct Unsubsidized Loan. Freshman and Sophomores may be eligible for a maximum of $4,000 in additional funds, and Juniors and Seniors may be eligible for a maximum of $5,000 in additional funds. Please note: if at a later time during the academic year a parent becomes eligible or is approved with a co-signor for a Parent PLUS loan, the additional Unsubsidized Loan will be canceled.
Usually, this occurs when the subsidized and/or unsubsidized loans have not yet originated. Origination means that your loan data is being sent to the Department of Education for processing. The checklist item for the MPN will not update to a received status until the loan(s) successfully originate.
No, your completed Undergraduate Entrance Counseling session can be used for your loans at NYU. However, you must contact NYU’s Office of Financial Aid to let us know. Otherwise, we would not know that you ever completed one in the past and your Entrance Counseling checklist item on your Albert To Do list would stay in a requested status. Once we confirm that a counseling session was completed previously we will update your NYU records.
You, the student, must start the process by accepting the offered Federal Direct Parent PLUS Loan on your Albert account. You can do so by logging in to Albert and then clicking on the Accept/Decline Financial Aid link and following the instructions.
Your parent borrower will be asked to complete the Federal Direct PLUS Loan Request and Master Promissory Note by visiting the Direct Loan Web site at www.studentloans.gov. They must sign in using the same PIN number that was assigned to them to access your FAFSA. If they do not remember their PIN, they may request a duplicate from the Official PIN site.
The U.S. Department of Education will conduct a credit check that is valid for only 90 days. Your parent borrower should not apply more than 90 days before the start of fall semester to avoid credit expiration.
Shortly after the PLUS Loan originates to the Department of Education, an email from the NYU Office of Financial Aid will be sent to the parent borrower (only if the PLUS Loan was credit approved). The approved parent must complete the PLUS Loan process by logging in to the NYU Student System as instructed in this email and by providing the dollar amount of the Parent PLUS Loan that is desired and the parent must actively accept the PLUS Loan on the same page.
Federal regulations require a parent borrower to actively accept each Parent PLUS Loan and indicate the final amount they wish to accept for each loan. The email with instructions on completing the final PLUS Loan verification is sent to the parent borrower after the loan has been originated and we are in receipt of the approved credit decision. This is your parent borrower’s opportunity to accept the loan for the amount that was originated or reduce the amount if they do not need the entire loan.
For subsequent PLUS Loans in your undergraduate career, your parent borrower may not be required to complete a new PLUS Loan Request on www.studentloans.gov, but they will be required to complete the final PLUS Loan verification process through our site.
No, if your parent borrower has already completed a PLUS Loan MPN for any school (without an endorser) they do not have to complete a new one.
. . . they already did one for my PLUS loan from last year?
No, if your parent borrower was credit approved on their own for a Federal Direct PLUS Loan in a previous semester or year they do not have to complete a new one.
. . . their previous PLUS Loan was approved with an endorser (co-signer)?
Yes, if their previous PLUS Loan required an endorser for credit approval they must complete a new Master Promissory Note for the next PLUS Loan. This is because each endorsed (co-signed) Parent PLUS Loan must have its own MPN – the MPN for an endorsed loan cannot be used for any subsequent loan.
Yes. Parent borrowers have the right to cancel all or part of any disbursement of a federal Parent PLUS Loan without being charged interest and other loan fees as long as the cancellation is processed within 120 days of the original disbursement date. The disbursement date is the date the funds were applied to your NYU Bursar bill during any given semester.
To request a cancellation, they must make the request through the NYU Bursar’s Office by completing a Request to Return Loan Funds Form and submitting it to the Bursar as instructed on the form.
If they wish to cancel all or part of any disbursement of their loan more than 120 days after it was disbursed, they are actually repaying part of their loan and they must pay any accrued interest and/or fees. They cannot cancel their loan, but they can make a payment directly to your federal loan servicer. Borrowers are assigned to one of the five servicers, which include ACS, Great Lakes, NelNet, PHEAA, and Sallie Mae. If they are not sure which of the five centers is their assigned servicer, visit and log into the federal government’s National Student Loan Data System to determine their servicer. They may also call 1-800-4-FED-AID to locate your servicer.