NYU Office of Financial Aid

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Private (Non-Federal) Alternative Loans
The Office of Financial Aid encourages students to apply first for all eligible federal assistance before considering a private, alternative loan. The terms, conditions, and eligibility requirements vary for private loans, and the borrower (and co-borrower, if applicable) should carefully research the options and apply for the alternative loan that best suits their needs. If you decide to apply for a private educational loan, you must provide all documentation requested by the lender and follow their application instructions.

A non-federal private loan may be an appropriate choice for you, if:

> You have applied for the maximum amount of all federal loans suggested to you and still have a difference between the cost of attendance and the total financial aid you have received.

> You are a dependent undergraduate student and your parents will not borrow (or have been denied) a Federal PLUS Loan (see also the Federal Unsubsidized Stafford Loan).

> U.S. government regulations make you ineligible for a federal loan. You may still qualify for a private loan because such programs are not bound by the same federal restrictions. For example, if you are not making satisfactory academic progress, are in default on a federal loan, did not respond to verification requests, are enrolled for less than 6 points, or are ineligible for federal loans for other reasons, you may be eligible for private loans instead.

> You are in arrears for a semester prior to the current semester. You may be able to receive a private loan for an earlier loan period.

> You are an international student with limited borrowing alternatives. (See our notice to international students below.)

Most private loans are more expensive than federal loans and you are advised to plan accordingly. Some do not have full deferment options. It is best not to borrow more than you absolutely need. Also note that such loans are for educational purposes only, which means you must be a registered student and the amount you borrow cannot exceed the cost of attendance. (Specific alternative loan programs may have fixed minimum and maximum amounts for which you can apply.)

Below is a randomly sorted reference list of all lenders that have provided private education loans to NYU students during the past several years. New York University does not prefer, recommend, promote, endorse, or suggest any of these lenders. You are not required to borrow from any of the lenders appearing below and there is no penalty for selecting a different lender, if you prefer. (Processing delays may result only if another lender you select has not previously authorized NYU to certify a loan.) We encourage you to compare information among these and other available student loan providers. (See our information about Lenders and Guarantors.)

There are no maximum income limits. Individual lenders will evaluate credit history. For application instructions and details about terms and conditions, refer to the lender's web site via the links provided or contact them by phone. Please note that application fees are not refundable.

> NOTICE TO INTERNATIONAL STUDENTS: The list below includes private lenders that provide education loans specifically to international students. (However, not all international students will be eligible for every international loan program shown.) Before you investigate these and other sources of international student loan funding (we advise you to check with your home country), consider first whether you are eligible for U.S. federal student aid (see Citizenship). If you are eligible, it is in your best interest to pursue federal student financial aid opportunities first (begin by submitting the Free Application for Federal Student Aid). Next, you may find more favorable loan terms and conditions by applying instead for a U.S. domestic private loan with a creditworthy U.S. co-signer. In any event, you are free to choose any lender that makes loans to students attending New York University.
(See also: Resources for International Students)

* indicates loans for eligible international students

MEFA Loan, toll-free: 1-800-449-6332
U.S. Bank Student Loans, toll-free: 1-800-242-1200
Canada Student Loans, phone: 1-819-994-5559
* Leo S. Rowe Pan American Fund, phone: 202-458-6208
In accordance with the lender's criteria, this loan is currently available only to students from Latin America and Caribbean OAS Member countries.
Graduate Leverage Student Loan, toll-free: 888-350-8488
NJCLASS Loan, toll-free: 1-800-792-8670
Polish and Slavic Federal Credit Union, toll-free: 1-800-206-8503
Digital Credit Union, toll-free: 1-800-324-1589
* Global Student Loan, phone: 212-736-9666
In accordance with the lender's criteria, this loan is currently available only to students from India.
DISCLAIMER: Dr. Keith Jepsen, President of Global Student Loan Corporation, was formerly NYU's Director of Financial Aid. Barry Fingerhut, a current member of the NYU Stern School Board of Overseers, is a director and shareholder of EduFund International, the parent company of Global Student Loan Corporation as well as of GSLC. Mr. Fingerhut does not receive compensation for his service on these boards, and is not involved in discussions or decisions with respect to these loans.
Iowa Student Loan, toll-free: 1-800-243-7552
Citizens Bank TruFit Student Loan, toll-free: 1-800-708-6684
NASA Federal Credit Union, toll-free: 1-888-627-2328
New York University Federal Credit Union, phone: 212-995-3171
DISCLAIMER: Because New York University is the sponsoring organization of the NYU Federal Credit Union, its field of membership is limited to individuals who are connected to the University (such as students or employees and their immediate families). However, NYU and the NYUFCU are not affiliated and the NYUFCU acts as a completely independent lender for all purposes.
Wells Fargo Student Loan, toll-free: 1-800-658-3567
Credit Union Student Choice, toll-free: 1-800-237-5678
PNC Student Loan, toll-free: 1-800-762-1001
UMASS Federal Credit Union, toll-free: 1-866-266-3832
Sallie Mae Smart Option Student Loan, toll-free: 1-888-272-5543
Discover Student Loan, toll-free: 1-877-728-3030
Academic Answer, toll-free: 1-866-763-6350
Northwest Federal Credit Union, toll-free: 1-800-349-9470
Citibank CitiAssist Student Loan, toll-free: 1-800-967-2400
Credit Union EdAccess Loan, toll-free: 1-888-549-9050
* Chase Select International Loan
If you are eligible for this loan for Fall 2009, you will be contacted by the Office of Financial Aid. If you are eligible for Spring 2010 you will be notified by the Office of Financial Aid by no later than December 1, 2009. (All notifications are sent by e-mail to the student's NYU e-mail address.)
RISLA Student Loan, toll-free: 1-800-758-7562
Affinity Private Loan, toll-free: 1-800-737-5115
Alaska Advantage Loan, toll-free: 1-800-441-2962
CHESLA Student Loan, toll-free: 1-800-935-2275
VSAC Student Loan, toll-free: 1-800-798-8722
EdFinancial Services, toll-free: 1-800-337-1009
MELA Loan, toll-free: 1-800-922-6352
Chase Select Student Loan, toll-free: 1-866-306-0868

>		You have applied for the maximum amount of all federal loans suggested to you and still have a difference between the cost of attendance and the total financial aid you have received.
>		You are a dependent undergraduate student and your parents will not borrow (or have been denied) a Federal PLUS Loan (see also the Federal Unsubsidized Stafford Loan).
>		U.S. government regulations make you ineligible for a federal loan. You may still qualify for a private loan because such programs are not bound by the same federal restrictions. For example, if you are not making satisfactory academic progress, are in default on a federal loan, did not respond to verification requests, are enrolled for less than 6 points, or are ineligible for federal loans for other reasons, you may be eligible for private loans instead.
>		You are in arrears for a semester prior to the current semester. You may be able to receive a private loan for an earlier loan period.
>		You are an international student with limited borrowing alternatives. (See our notice to international students below.)