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Stafford and PLUS Loans:

Your statement will show an anticipated credit for a federal student loan if you have applied for one prior to the last two weeks and if you qualify according to federal regulations. The amount of this credit(s) is only an estimate and may be reduced for origination fees. When your actual Federal Direct Stafford student loan funds are received, we will apply the funds to your account, and bill you for the difference, if any.

If the credit does not appear on your account:

    1.We may not yet have been informed that your loan was approved. Once completing the Master Promissory note, Entrance Counseling and Complete Plus Request Process (for PLUS loans) on www.studentloans.gov it takes approximately 6 business days for Federal Direct Loan anticipated credit to post to a student's account.

    2. The student may not be enrolled in enough credits. *Please note: that students must maintain at least half-time enrollment in order to retain eligibility for Federal loans, including the Parent PLUS Loan. If you see an "Enrollment Mismatch" Hold in your Student Center, this may indicate you are not enrolled in enough credits for the Financial Aid to pass to your account.


    3. Make sure you have completed the steps below to ensure your loan is posted on your account.


Stafford Subsidized & Unsubsidized Loan Steps:

If awarded Stafford Subsidized & Unsubsidized loans, please complete the following steps to ensure it posts to your student account,

  1. Accept your awards on the Albert Student Center.

    • Under the Finances section, click the ACCEPT/DECLINE FINANCIAL AID link.

  2. Sign your Master Promissory Note (MPN) at www.studentloans.gov .

    • *Please note, if you signed an MPN for a Stafford Subsidized or Stafford Unsubsidized loan in the 2011-2012 academic year, you do not need to re-sign an MPN for 2012-2013. *However, Parents must re-sign MPN for PLUS loans each academic year.

  3. Complete your Entrance Counseling at www.studentloans.gov . (Stafford Loan and Graduate PLUS Loan borrowers only).

    • *Please note, Entrance Counseling is required if this is the FIRST Direct Subsidized/Unsubsidized Stafford Loan or Graduate PLUS Loan you are borrowing through NYU. If you completed Entrance Counseling in the 2011-2012 or 2012-2013 academic years, you do not need to complete Entrance Counseling for 2013-2014.

    • After logging into the www.studentloans.gov website, click on "Complete Entrance Counseling."  Please be sure to correctly identify yourself as an Undergraduate student or Graduate student.

Direct Loan Contact:

If you need assistance completing the MPN or the Entrance Counseling please call the Direct Loan Applicant Services at 1-800-557-7394.


PLUS Loan Steps:

The Federal Direct PLUS Loan is available to parents of dependent undergraduate students and to qualifying graduate and professional students who have completed the FAFSA for the appropriate academic year. Complete the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA form online. After this is completed, Financial Aid will send the student an email to accept their Financial Aid on the Albert Student Center.

If awarded a PLUS loan, please complete these steps to ensure it posts to your student account.

  1. Accept your PLUS award on the Albert Student Center, and provide your Parent/Borrower's email address.

    • Under the Finances section, click the ACCEPT/DECLINE FINANCIAL AID link.
  2. Immediately thereafter, the NYU Office of Financial Aid emails the parent/borrower instructions for:

    • Completing the PLUS Request at www.studenloans.gov AND
    • Signing a Parent PLUS Master Promissory Note at www.studentloans.gov (parent must sign in to the site under their own parent FAFSA PIN and login information). *Parents must re-sign MPN for PLUS loans each academic year.

*Please note: Students must maintain at least half-time enrollment in order to retain eligibility for federal loans, including the Parent PLUS Loan.

*Additional Information for securing your Federal Direct Loan

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Private Loans:

Your statement will show an anticipated credit for a private student loan if you have applied for one prior to the last two weeks and we have been notified by your lender that your loan has been approved. The amount of this credit(s) is only an estimate and may be reduced for origination fees. When your actual private student loan funds are received, we will apply the funds to your account, and bill you for the difference, if any. If the credit does not appear, it is because we have not yet been informed that your loan was approved.

A private loan must be finalized before we can process an anticipated credit on your statement. Verify with your lender to make sure all required documents have been submitted, certification by the Office of Financial Aid has been received, a credit check has been performed and approved, etc. We do not consider a pre-approved loan as finalized and will not process an anticipated credit on your account.

If you receive an approval letter from your lender with disbursement dates and amounts, you may fax the letter to the Office of the Bursar (212) 998-2817, so we can process an anticipated credit on your account.


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Canceling an Anticipated Loan:

If you wish to cancel an anticipated loan on your account, you should contact the Office of the Bursar before the funds are disbursed. You can do so by completing a Request to Return Loan Funds Form. The form may be mailed or faxed to (212) 998-2817. You should deduct the anticipated loan from your account and submit a payment for the difference, if applicable.


NOTE: For Private Loans only – in addition to contacting the Office of the Bursar, you should also contact your lender directly to inform them that you wish to cancel or reduce your anticipated loan.

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How Loans Funds Will Be Used:

Loan funds will be used to pay all institutional charges, including prior term balances, unless the borrower sends written notification to the Office of the Bursar offering other instructions. Please respond to notification letters quickly. Any temporary credits extended to a student against an anticipated loan will expire within 30 days of the start of the term. If you have applied this credit against your charges on your Statement of Account and your private loan check is not received or endorsed within 30 days, or your Direct Loan funds are not applied to your account, you will be charged interest at a rate of 12 percent per year. Students who do not complete their registration on a timely basis are at risk of having their private loan funds returned to their lending institution and may have to start the loan process all over again. In addition, Federal Direct Loan funds will not post on the students account until their registration requirements are satisfied.

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Check the Disbursement Status of your Loans:

You may review the status and disbursement schedule of your student loan application by accessing ALBERT via NYUHome.

  • Log onto NYUHome
  • Click the Academics tab
  • Click Albert Student Center
  • Under the Finances section, click Financial Aid Summary

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Return Loan Funds to Lender:

If you would like the university to return loan funds that have been disbursed to us, or for which you have received a refund check, please complete a Request to Return Loan Funds form from the link below. Please attach the refund check and send the "Request to Return Loan Funds" form to:

New York University
Office of the Bursar
Attn: Refund Department
105 East 17th Street, 3rd Floor
New York, NY 10003

If you have not received a refund check, you may either mail the form or fax it to (212) 998-2817. 

NOTE: New York University can only return Federal Direct Loan funds if the disbursement date (the date the funds post onto your account) has not exceeded 120 days. If the loan posted more than 120 days ago, you will have to send the funds directly back to the U.S. Department of Education. You are required to include a cover letter stating that the funds are for canceling (even for reductions) the loan.

The letter should include which loan(s) the funds should be applied to and in what amount. Also include your name and Social Security number.Their address is:

U.S. Department of Education
Attn: Payment Center
PO Box 530260
Atlanta, GA 30353-0260

 

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Office of Financial Aid contact information: (212)998-4444.