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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, it is because we have not yet been informed that your loan was approved.

Make sure you have completed the following steps to ensure that your loan gets approved, so an anticipated credit for your loan is posted on your account.


INSTRUCTIONS FOR STUDENTS:


Step #1:  Accept your Direct Loans on the Albert Student Center

* Please note: If you are a new student and do not yet have an NYU e-mail address and do not have access to Albert, please contact the Office of Financial Aid (212)998-4444 to notify them which Direct Loans you want to accept, modify, or decline.


Step #2:  Sign your MPN at https://studentloans.gov:

You must sign your Direct Loan Master Promissory Note (MPN) at the Direct Loan MPN website at https://studentloans.gov. (Please note: This step is required even if you did one in the past under FFELP or under DL, at another school.) Note: Stafford and Graduate Plus Master Promissory Notes are valid for 10 years and Undergraduate Plus Master Promissory Notes are valid for 10 years per Borrower.

  • Click on the link to "Complete New MPN for Student Loans." The link "What to Expect" lists the steps you will need to take to complete the process.
      • You will need your four-digit Federal PIN to sign the MPN.
      • Graduate PLUS Loan borrowers must sign a separate MPN for the PLUS loan in addition to the MPN for the Direct Subsidized/Unsubsidized Loans.

If you need assistance signing your MPN please call the Direct Student Loan Origination Center at 1-800-557-7394.


Step #3: Complete Entrance Counseling (Stafford Loan and Graduate PLUS Loan borrowers only) at https://studentloans.gov:

Entrance Counseling is required if this is the FIRST Direct Subsidized/Unsubsidized Stafford Loan or Graduate PLUS Loan you are borrowing through NYU.

Complete your Entrance Counseling at the "Manage My Direct Loan" website at https://studentloans.gov. After signing in, click on the link "Complete Entrance Counseling." If you need assistance completing Entrance Counseling please call Direct Loan Applicant
Services at 1-800-557-7394.

 

 

INSTRUCTIONS FOR PARENTS:

To access a Parent PLUS loan you must first submit the new online Federal Direct PLUS Loan Request Form (will be available soon) . Please contact the the NYU Office of Financial Aid for details about the new online form. 

You must then sign your Direct Loan Master Promissory Note (MPN) at the Direct Loan MPN website at https://studentloans.gov.

Please Note: Undergraduate Plus Master Promissory Notes are valid for 10 years per Borrower. You will need your four-digit Federal PIN to sign the MPN.
Parent PLUS borrowers use the link to "Complete New MPN for Parent PLUS Loans."



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.



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.

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.

Check the Status of Your Student Loans:

You may check on the status of your student loan(s) by accessing ALBERT at the NYUHome website.

Loans – Request to Return Loan Funds:

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
726 Broadway, 9th Floor
New York, NY 10003-9580
ATTN: Refund Department


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 on 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