Private (Non-federal) Loans
You should apply for all the financial assistance you’re eligible for, like scholarships, grants, and federal loans, before considering a private, alternative, non-federal loan.
Private loans could come from a bank or other education loan provider. Usually, interest rates, terms, conditions, and eligibility requirements will vary with private loans. Some private loans do not offer full deferment options.
Before taking on an alternative loan, considering your educational investment at New York University, as well as your long-term financial commitments, is important.
Exploring Non-federal Private Loans
A non-federal private loan may be appropriate if:
- You still have a difference between the cost of attendance and the total aid you received after applying of the maximum amount of federal loans suggested to you.
- Your parents have been denied or will not borrow a Federal PLUS Loan and you are a dependent undergraduate student.
- You are ineligible for a loan because of U.S. government regulations like not making satisfactory academic progress, defaulting on a federal loan, ignoring verification requests, or enrolling in less than six credits.
- You still owe money for a prior semester.
- You are an international student with few borrowing alternatives.
If you decide to explore non-federal private loans, lenders will look at criteria like your credit history. Some loan programs also have fixed minimum and maximum amounts that you can receive.
Before You Apply
You can begin the process by comparing information from different student loan providers. This is a list of lenders who have issued private education loans to New York University Students over the past three years. We do not prefer, recommend, promote, endorse, or suggest any of these lenders.
You can find out about application instructions and details about terms and conditions at each lender’s site or by contacting them by phone.
Tips for International Students
While some private lenders provide loans for international students, not all international students will be eligible for each international loan program.
You may be eligible for U.S. federal student aid even as an international student.
You may also find better loan terms and conditions if you apply for a U.S. domestic private loan with a creditworthy cosigner who is a U.S. citizen.
Federal government regulations require that a lender must obtain a self-certification signed by the loan applicant before disbursing a private education loan. Student borrowers must complete the Private Education Loan Applicant Self-Certification form (which is provided by the lender as part of the application process) and return it to the lender (do not send it to NYU). The intent of the self-certification form is to ensure that as a student you recognize that you may have other borrowing options (for example, federal loans) that offer better terms and conditions than a private loan; that your eligibility for other student aid may be affected by taking out a private loan; and that you are aware of the amount of your education costs.
Your lender must receive the completed and signed document before you can receive your loan. The purpose is for you to learn more about your financial aid. The accuracy of the self-certification form is not verified and will not affect your private loan eligibility.
Section 1: Notices to Applicant
Please read this section. The intent is to help students have a better understanding of their financial aid and the potential affect a private loan will have on their current student aid eligibility. In some cases, you may not have explored all of your options. In many cases, you may have explored your options but still seek financial assistance through the use of a private loan. If you are uncertain as to what other financial aid options you may have, refer to our Frequently Asked Questions (in particular, it might be helpful to look under "How do I get more financial aid?"). Of course, you may contact the Office of Financial Aid if you have questions or concerns about your eligibility.
Section 2: Cost of Attendance and Estimated Financial Assistance
Exact information is not required.
A. Students Cost of Attendance for the period of enrollment covered by the loan
Your general cost of attendance for the enrollment period that you listed in Section 1 can be obtained by referring to the self-service area on your NYU Albert account.
Cost of attendance generally refers to tuition/fees, room and board, health insurance if applicable, books, travel to school, and an allotment for general expenses. You can use the amounts provided on NYU Albert or you can estimate by viewing your bill on NYU Albert and adding your own estimates for components such as books and miscellaneous, which may not be listed on your bill. Again, please remember, estimates are acceptable.
B. Estimated Financial Assistance
This should reflect the amount of financial aid you are receiving during the period of enrollment listed in Section 1 (DO NOT include the private alternative loan which you are applying for now. This includes loans, work-study, federal and state grants, scholarship, tuition remission, non-NYU scholarships, etc. You can obtain this information by doing one of the following:
- View your financial aid record in the self-service area on your NYU Albert account.
- Review the printed financial aid award letter that was mailed to you.
- Review your bill on NYU Albert (although please note that not all financial aid will be accounted for on your bill — for example, work-study would not be reflected there, nor would any stipends for which you receive a check in lieu of tuition credit).
C. Difference between amounts A and B
Please remember to SIGN and DATE your form. If you do not, then your private loan will not be disbursed, even if all other documentation and approvals are in place.
Section 3: Applicant Information
Most of this section should be self-explanatory.
Some students may have questions about how to complete the question: "Period of Enrollment Covered by the Loan From ____ to ____." Typically, this is the academic year — the beginning of the fall semester to the end of the spring semester. If you are only applying for a single semester, or for the summer only, enter the dates for the beginning of the semester/term and the end of the semester/term. Approximate dates will suffice, or you can refer to the Registrar's Calendar if you're uncertain.