Before a student can secure federal loans, they must complete a FAFSA form so their federal eligibility can be determined. Once the FAFSA is received and processed by NYU, the Office of Financial Aid will suggest federal loans that families may use to cover their NYU costs. The student is notified via Albert to review the awards, accept the items they wish to use, and to read the steps needed to secure the loans. Students and parents must complete all steps indicated on their Albert account or the loan will not disburse to the bill. Details for all the steps can be found at 3 Steps to Secure your Direct Loan.
Please note: Loans cannot disburse prior to 10 days before the beginning of the semester, even though you may be given credit on your bill prior to that time.
If you are not being given credit for financial aid that was offered to you in your award, there are a few steps that you may take to make sure you aid is reflected to your NYU e-Bill.
A "Hold" can be placed on a student’s account by the Office of Financial as well as other offices across the University. It is important to click the "details" link for instructions. Please be aware that once the hold is resolved, the "Hold" is not released instantly, but typically takes two to three business days to clear.
One of the most common "Hold" reasons is "Enrollment Mismatch" (watch the video in the column at right). You must be registered for the minimum number of credits we anticipated on your financial aid award for your aid to disburse. If you intend to register for fewer credits than we anticipated, please update your enrollment in your Albert Student Center so that financial aid adjustments can be made (if necessary) to your aid eligibility. Please note there are minimum enrollment requirements for items such as federal loans, Pell Grant, and NYU Scholarship if these are offered to you. Please be aware of this when making adjustments to your enrollment.
If you have items outstanding on your “To Do” list, this may prevent financial aid from disbursing. Such items include Proof of Citizenship requests, Promissory Note(s) if you wish to use loans, and verification requests. You are responsible for checking your Albert To-Do list periodically to ensure that outstanding items are addressed. Please be aware that once the documentation is submitted, it will need to be reviewed by the Office of Financial Aid, so allow for processing time.
Some types of aid are not intended to disburse on your e-Bill. The most common types are stipends and Federal Work Study. Stipends are paid via check or direct deposit. Federal Work Study is also paid via check or direct deposit and is based upon hours a student works within that program.
When you receive your e-Bill, you will notice charges such as tuition, fees, NYU housing (if applicable), and health insurance. Please review the bill for accuracy. If you are using financial aid, and your aid has been applied for and approved, then you may see anticipated credit on your bill.
Sometimes the estimated financial aid that was offered does not cover your e-Bill in its entirety. This may happen if you have not accepted or applied for all of the items of aid that were listed or your housing and fees are higher than the standard cost. This may also happen if the aid is not disbursable directly to the bill (ie: stipends or Federal Work Study). Please review your financial aid summary (located in Albert) to learn what your standard cost was based upon. If you are seeking educational loans to meet additional educational expenses please contact the Office of Financial Aid so that your eligibility can be reviewed.
If you find you are in need of additional financial aid, there are a few options to consider based on your circumstances.