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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 Available: 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 Perkins Loan, 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.

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 Loan Programs

Federal Direct Subsidized Loan

Sponsor: U.S. Department of Education, 1-800-848-0979.
Amount: Up to $3,500 Freshman, $4,500 Sophomore, $5,500 Junior and Senior.  (NOTE: Effective July 1, 2012 the Subsidized Loan is no longer available to graduate students.)
Interest: 4.66%.  Based on 10-year Treasury bond yield plus 2.05 percent. Interest rate not to exceed 8.25%.
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid.
Fees: An origination fee of 1.073% will be deducted from each disbursement.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral:

Principal and interest*.  Repayment begins six months after graduation or when the student falls below half-time status.

* For new Subsidized Loans, the interest subsidy during the six-month grace period is eliminated for students who fall below half-time status.

Federal Direct Unsubsidized Loan

Sponsor: U.S. Department of Education, 1-800-848-0979.
Amount: Up to $5,500 Freshman, $6,500 Sophomore, $7,500 Junior/Senior, $20,500 Graduates, $40,500 Graduates in health professions. (All amounts minus any subsidized loan.) Additional unsubsidized amounts available: see below.
Interest: 4.66% for undergraduate students, 6.21% for graduate students.  Based on 10-year Treasury bond yield plus 2.05 percent (for undergraduate students) and 10-year Treasury bond yield plus 3.60 percent (for graduate students). Interest rate not to exceed 8.25% (for undergraduate students) and 9.50% (for graduate students).
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid.
Fees: An origination fee of 1.073% will be deducted from each disbursement.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral: Principal only. Interest may be capitalized. Repayment begins six months after graduation or when the student falls below half-time status.

Federal Direct PLUS Loan

Sponsor: U.S. Department of Education, 1-800-848-0979.
Amount: Up to the full cost of education, minus other financial aid received.
Interest: 7.21%.  Based on 10-year Treasury bond yield plus 4.60 percent. Interest rate not to exceed 10.50%.
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid.
Fees: An origination fee of 4.292% will be deducted from each disbursement.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral: Principal only. Interest may be capitalized.  To apply for an in-school deferment, Direct Parent PLUS borrowers should call Direct Lending at 1-800-848-0979.

Federal Perkins Loan

Sponsor: U.S. Department of Education, 1-800-4-FED-AID.
Amount: Varies.
Interest: 5.0%.
Term: 10 years.
Fees: None.
Deferral: Principal and interest.

The Federal Perkins Loan is a low interest rate loan made to qualifying NYU students who demonstrate financial need. New York University is your lender for a Perkins Loan. You are considered for a Federal Perkins Loan automatically; however, once you have been offered the loan, you must sign and return a promissory note to receive it. The appropriate credit will be applied to your account at the Office of the Bursar.

A signed Master Promissory Note (MPN) is required only once and remains valid for up to 10 years. Students are required to complete a Truth in Lending Statement and a Statement of Rights and Responsibilities each year as their eligibility is renewed. If you are eligible for a Perkins Loan, your award package will indicate the amount. Please note that if you decide not to accept the loan, your eligibility for Perkins will be canceled in subsequent years.

You must begin to repay your loan once you graduate, leave school, or drop below half-time enrollment status. You are allowed a grace period before beginning repayment. If you are a new borrower, you have 9 months before interest begins to accrue on your loan and 12 months before your first payment is due.

 

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 ļ¬nancial 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.

 


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Frequently Asked Questions

Find what you're looking for (and much more) in our responses to regular inquiries from students and families.
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Student Employment

Most financial aid award packages include Work-Study. This means that students are eligible to participate in the Federal Work-Study Program, and may earn up to the amount recommended in their financial aid award package. Federal Work-Study jobs, generally averaging from 15 to 20 hours per week, are secured through The Wasserman Center for Career Development.  Positions in various on-campus departments and organizations are readily available (though not guaranteed).

Important Notice: Work-Study earnings are not credited toward 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, located at 133 East 13th Street. 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 departmental applications.  A graduate assistantship may affect eligibility for some forms of financial aid.  Please contact the Office of Financial Aid if your award package does not indicate your assistantship.


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).


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