- For which loan programs is New York University the direct lender?
- How do I repay my NYU issued loan?
- What is the grace period for my loan?
- Does the interest rate on my loan change?
- Can I defer my loan if I continue my education at another College or University?
- When is my loan reported to the credit bureau?
- Who do I have to notify if I have a name or address change?
- Do my loans get automatically deferred if I am in school?
- Do I have to make payments if I do not receive my bill in the mail?
- What is the interest rate on my loan(s)?
- Can I prepay my loans?
- Will I get any notice during the grace period?
- Will I be reported to the credit bureau if I am late on my payments?
- If I have an old Federal Loan which is unpaid, do I still have to pay it?
- If I file bankruptcy, will my student loans also be discharged?
- Can my parents or spouse call and discuss my loan?
For which loan programs is New York University the direct lender?
New York University directly lends funds to students from various Federal & NYU Institutional loan programs. The Federal Loan Programs are: Federal Perkins, Health Professional Student Loan, Nursing Student Loan, Graduate Nursing Loan, Loan to Disadvantaged Students and Primary Care Loan.
How do I repay my NYU issued loan?
These loans can be repaid through NYU’s Authorized billing agent, Academic Computer Services (ACS). All bills are generated and mailed out to borrowers on a regular basis. Please include your account number on all payments, forms and correspondence. If you have any questions pertaining to your bill or payments it can be directed to ACS. Your student loan information can be accessed by registering at their website
www.acs-education.com
ACS, Inc. Education Services
Campus Products and Services
P.O. Box 7060
Utica, NY 13504-7060
Phone: (800) 826-4470
What is the grace period for my loan?
The grace period is the time frame after a borrower ceases to be an “at-least-half-time” because they have either graduated, withdrawn from school or is registered for a reduced course load. During the grace period interest does not accrue and no payments are due. The length of the grace period varies by loan program.
Does the interest rate on my loan change?
For most NYU Federal and Institutional Student Loan programs the interest rate is fixed throughout the normal repayment period. For the interest rate on your loan please refer to your promissory note or contact the Loan Servicing office directly 212-998-2850.
Can I defer my loan if I continue my education at another College or University?
There are provisions in most loan programs to grant continued student deferment under specific criteria. It is important to take advantage of any loan deferment or partial loan cancellation benefit you may be eligible for. This can help you keep your loan in good standing, and may help to reduce the cost of the loan to you. Refer to your promissory note for specific information on your loan program.
When is my loan reported to the credit bureau?
Most loan funds are first reported to the credit bureau a few months after your tuition account is credited with the loan advance amount. Thereafter, NYU is required to update the status of your loan at the end of each month to the credit bureau.
Who do I notify if I have a name or address change?
It's required that you call both the NYU Loan Servicing office (212) 998-2850, and also our billing agent Affiliated Computer Services (ACS) at (630) 620-2700 immediately with your new address, regardless of any other NYU office that you might have notified.
Do my loans get automatically deferred if I am in school?
No, you have to submit a completed "Student Deferment Form" every semester.
Do I have to make payments if I do not receive my bill in the mail?
Yes, it is your responsibility to ensure that regardless of receiving the bill or not your required payments are mailed on time. You should inform the NYU Loan Servicing office (212) 998-2850, and also our billing agent Affiliated Computer Services (ACS) at (630) 620-2700 if you are not receiving the bills. But do not hold back the payments because of this.
What is the interest rate on my loans(s)?
Each loan fund can have a different interest rate, so check your promissory note.
Can I pre-pay my loans?
Yes, you can prepay all or part of the unpaid balance on your loans at any time, without an early-repayment penalty. Please contact the NYU Loan Servicing office (212) 998-2850.
Will I get any notice during the grace period?
Yes, you will receive a disclosure from our billing agent Affiliated Computer Services (ACS) (630) 620-2700, within 6 to 9 months before the end of your grace period.
Will I be reported to the credit bureau if I am late on my payments?
Yes, the loans are updated with the credit bureau on a monthly basis until the loan is paid off in full.
If I have an old Federal Loan, which is unpaid do I still have to pay it?
Yes, there is no statue of limitations on these loans.
If I file bankruptcy, will my student loans also be discharged?
No, Federal student loans are not dischargeable unless "proof of extreme hardship" is indicated on your discharge documents.
Can my parents or spouse call and discuss my loan?
No, due to the Family Educational Rights and Privacy Act (FERPA), the borrower himself/herself must contact us about their loan. However, in writing you may authorize another individual to contact us about your loan.