Student Loan Information & Repayment
Types of Student Loans
New York University works with the U.S. Department of Education (ED) to provide federal loans to students to ease the financial burden of attending college. Federal loans, unlike scholarships and grants, require that you pay back the amount you receive, along with interest. The interest rates are generally lower than what private loan providers offer.
The Federal Student Aid website has up-to-date information regarding relief for federal student loan borrowers. This includes temporary suspension of loan payments and temporary 0% interest rates on loans owned by ED.
Visit the Federal Student Aid website for more information.
Preparing for Repayment to Resume
Here are four steps to make sure you’re prepared for student loan payments to resume:
- Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov profile.
- Review your auto-debit enrollment or sign up for the first time. To do so, log in to your loan servicer’s website or contact your loan servicer directly.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
Students have to reach out to their respective lenders to determine what deferment and forbearance actions they have access to.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. It was created under the College Cost Reduction and Access act of 2007.
Where do I send my information?
What do I need to qualify?
To qualify, you must:
- Be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service);
- Work full-time for that agency or organization;
- Have Direct Loans (or consolidate other federal student loans into a Direct Loan);
- Make 120 qualifying payments and
- Repay your loans under an income-driven repayment plan.
If you have any questions or need additional assistance, our financial education coaches will be able to assist you. Please contact us at email@example.com or make a 1:1 appointment. Remember, you need to meet all the requirements to apply and qualify for forgiveness and the ultimate determination of forgiveness is with the Federal government.