Your statement will show an anticipated credit for a federal student loan if you have applied for one prior to the last six weeks and if you qualify according to federal regulations. The amount of this credit(s) is only an estimate and may be reduced by your lender for origination fees. When your actual Federal 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. If a federal subsidized or unsubsidized Stafford Student Loan was suggested in your award letter, the loan should already be automatically approved if you signed a Master Promissory Note (MPN) within the last 10 years.
To verify your loan approval, call your lender (bank, savings and loan, credit union) and/or the state office to which you applied for your loan. In New York, call 800-642-6234.
You may also check the New York State Higher Education Services Corporation website.
If you are sure that your lender has approved your loan, write "loan pending," subtract one-half of the amount of the loan (less applicable fees; check with your lender) on your payment worksheet, and return the worksheet with your payment. We will confirm your information and, if the approval has arrived in the interim, give you credit for the amount you specified. If you received an anticipated credit and do not plan to borrow, please disregard this credit and pay the revised balance.
If you have not yet submitted your Master Promissory Note (MPN) or loan application, do so immediately by calling 888-697-4372 for a duplicate.
You can also complete the MPN process electronically on the New York State Higher Education Services Corporation website.
- Under College & Adult Students click on Loan Application/E-MPN
The initial process can take up to six weeks, and credit cannot be extended until your MPN is received and your loan is approved. All student loan funds are sent directly to the Office of the Bursar in the form of either a two-party check made out to both the student and New York University or by an electronic funds transfer (EFT).
When we receive your check, we will write to you, notifying you that your check is awaiting endorsement. After you sign the check, it will be applied to your account. When we receive your EFT, we will automatically credit your account if you meet the eligibility requirements.
Canceling a Loan or Loan Disbursement
If you wish to cancel a loan or loan disbursement received by EFT, you must inform us. You can also do so by completing a "Request to Return Loan Funds" letter and mailing it to the Office of the Bursar. The letter and mailing instructions can be obtained at www.nyu.edu/bursar/loans.awards/receiving.credit.html. If we receive the cancellation request later than the first day of the payment period or within 14 days after the date we sent you or your parent notice explaining your right to cancel, we must return the loan proceeds to the holder of the loan, cancel the loan, or both. Students who have received lender approval on a private loan may take credit for such a loan, if a credit is not already included on your statement, by completing the payment worksheet and returning it with your payment. If you wish to cancel or reduce an approved loan before we receive the funds, you must contact your lender directly.
Federal PLUS loans
Federal Parent Loans for Undergraduate Students (PLUS) are co-payable to the University and the parent. If the funds are disbursed as a check, the check will be forwarded to your parent for signature. Upon return of the endorsed PLUS loan, the check will be credited to your account. Please note that the University does not extend credit for your PLUS loan until it is officially approved by your lender.
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 term. If you have applied this credit against your charges on your Statement of Account and your check is not received and endorsed within 30 days, or funds to be received by electronic transfer are not received and applied to your account within three business days of receipt, you will be charged interest at a rate of 12 percent per year. Students who do not complete registration on a timely basis are at risk of having their loan funds returned to their lending institution and will have to start the loan process all over again.
Check the Status of Your Student Loans
You may check on the status of your student loan(s) by accessing ALBERT at the NYUHome web site.