Types of Financial Aid

Scholarships and Grants

A financial aid package at NYU takes into account both financial need and academic merit. Although merit-based scholarships are available, NYU is committed to using the vast majority of its scholarship funds to assist students whose families are unable to pay the full cost of an NYU education. All students are automatically considered, and there is no separate application necessary for NYU scholarships.

Loans: Federal and Private

A financial aid package at NYU may suggest several types of loans for which a student is eligible, based on certain criteria (such as anticipated points/credits, housing status, financial need, etc.) and, for campus-administered loans, the availability of funds.

Some federal loan programs, such as the Health Professions Student Loan and Nursing Loan, allocate limited funds to New York University for campus-based disbursement and administration of the loans. NYU will require you to complete a promissory note to ensure appropriate loan disbursement and corresponding credit on your Bursar bill. You should carefully read the instructions and complete the signing process on NYU Albert. You will not receive credit on your bursar's bill if you do not sign your promissory note.

Other federal loans are secured and disbursed to the student in cooperation with the U.S. Department of Education.  Your award package may include information about a "suggested loan." This means that you are eligible for the type and amount of loan specified, based upon the information we have about you at the time the award is offered. It does not mean you will automatically receive the loan, but rather informs you of your current eligibility and how to apply. The suggested loan amount in your award package is the maximum you are eligible for and is the amount that NYU has certified for you. If you wish to borrow an amount lower than suggested, please contact the Office of Financial Aid for instructions.

Information provided by borrowers (student or parent) when securing federal student loans will be sent to the National Student Loan Data System (NSLDS), which is maintained by the U.S. Department of Education. NSLDS tracks this information from the financial aid approval stage onward to maintain the integrity of the federal Title IV programs and to provide information to individual students and parent borrowers about the aid they've secured.

Data provided on your loan application(s) will be submitted to the NSLDS database, and may also be accessed by guaranty agencies, lenders and other post-secondary institutions determined by the U.S. Department of Education to be authorized users of the NSLDS system. Students with an FSA ID may access their own NSLDS record on the NSLDS website.

A variety of additional, private (non-federal) alternative loans are also available from individual lending institutions.

Please think carefully about your obligations as a borrower before pursuing any educational loan.  Consider your educational investment at NYU, as well as your long-term financial commitments when borrowing.

NOTICE:  See References and Resources for information about Loan Deferment, Loan Consolidation, Loan Repayment, and Loan Forgiveness.

Federal Direct Loans

Federal Direct Loans are offered to students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education. Direct Loans include the Subsidized, Unsubsidized, Parent PLUS, and Graduate PLUS Loans. To be eligible, the student must file the Free Application for Federal Student Aid (FAFSA) and meet other eligibility criteria.

Federal Nursing Student Loan

The federally funded Nursing Student Loan may be offered to students who demonstrate financial need and enroll at least half-time in the College of Nursing.  The annual interest rate is 5 percent, and interest does not accrue while the student remains enrolled at least half-time in a nursing program.

Health Professions Student Loan Program

The Health Professions Student Loan Program provides long-term, low-interest loans to students at the College of Dentistry who demonstrate financial need.  The annual interest rate is currently 5 percent, and interest does not accrue while the student remains enrolled as a full-time student at a school eligible to participate in the health professions program.

Private (Non-Federal) Alternative Loans

NYU students should apply for all eligible financial assistance available before considering a private, alternative loan.  Private loan interest rates, terms, conditions and eligibility requirements will vary, and the borrower (and co-borrower, if applicable) should first compare a variety of private student loans offered by banks and other education loan providers and apply only for the alternative loan that best suits their needs.

Please think carefully about your obligations as a borrower before pursuing any educational loan.  Consider your educational investment at NYU, as well as your long-term financial commitments when borrowing.

Student Employment

Financial aid award packages may include work-study, depending on need. This means that you are eligible to participate in the Federal Work-Study Program, and may earn up to the amount recommended in your package.  Federal Work-Study jobs, generally averaging from 15 to 20 hours per week, are secured through The Wasserman Center for Career Development, located at 133 East 13th Street. Positions in various on-campus departments and organizations are available (though not guaranteed).

Important Notice: Work-Study earnings are not credited on your Bursar bill, but are paid directly to the student on a bi-weekly basis. Money earned from employment is normally used for books, transportation, and personal expenses.

Work-Study is not available at all Study Away locations.

Students are not required to meet their earnings expectation through the Federal Work-Study Program, and may choose not to accept Federal Work-Study and seek instead employment in an on-campus or off-campus job in which wages are paid entirely by the employer's budget.

New York University provides a wide range of employment opportunities for students, and all are encouraged to take advantage of the placement services (including summer jobs) offered by The Wasserman Center for Career Development. Students may use the center immediately upon payment of their tuition deposit.

Important information for graduate students:
Graduate assistantships are available in some schools. Graduate assistantships and teaching fellowships provide tuition remission and a stipend. Duties include teaching, research, and other activities related to departmental needs. All applicants for assistantships, whether or not other types of financial aid are requested, should contact their department directly for information, instructions, and applications.  A graduate assistantship may affect eligibility for some forms of financial aid.  Please contact the Office of Financial Aid, as well as your department, if your award package does not indicate your assistantship. Work-Study is not awarded during the Summer Sessions, however there are still jobs available during that time.

Study Away

Financial aid for the NYU Study Away Program comes in many forms. Scholarships are available to many students who are approved for the program, based on financial need, academic merit, or both.  Also, most federal and New York State need-based financial aid can be applied to study away, and additional assistance may be available to students demonstrating further need.*  NYU students who participate in Study Away remain matriculated at NYU, pay NYU tuition, and receive financial aid just as they would if attending classes at Washington Square.

Students who attend a foreign university not directly affiliated with NYU must complete and sign a consortium agreement (which arranges NYU financial aid payments to the hosting university) and must confirm in advance their eligibility to transfer course credit(s) to an NYU degree program.

Students not enrolled at NYU who apply to the Study Away program will use financial aid awarded from their home institution, and should visit their financial aid office and ask to have a consortium agreement established with the NYU Financial Aid Office.

* Global Pathways Scholarship
All admitted Study Away undergraduate students applying for financial aid will be automatically evaluated for an additional need-based award: the Global Pathways Scholarship will add up to $4,000 per semester (depending on demonstrated need) to cover the additional costs of studying away.  Students will receive an award notification beginning in June (for fall semester) and in November (for spring semester).