Loans

Loans

NYUS participates in the federal student loan program which allows students and their parents to borrow money to help meet their educational costs. Educational loans MUST BE PAID BACK with interest. These loans have low interest rates and offer flexible repayment terms, benefits, and options. 

The SD, Ford Federal Direct Loan Program

 NYUS was selected by the United States Department of Education to participate in the Federal Direct Student Loan Program as one of its initial 104 institutions. Direct Loans are low-interest loans and the lender/ servicer is the U.S. Department of Education (the Department).

Unsubsidized Direct Loan

Are loans for undergraduate students with financial need. Repayment begins 6 months after a student graduates or is no longer enrolled at least half time. The interest rate on Federal Direct Subsidized loans borrowed by undergraduate students between July 1, 2013 and June 30, 2014 is 3.86%. If a student qualifies, the maximum amount of a Subsidized Stafford Loan is $3,500 for first-year students, $4,500 for second-year students and $5,500 for third-yea and fourth-year students

Unsubsidized Direct Loan

 Are loans for both undergraduate and graduate students that are not based on financial need. Interest is charged during in-school, deferment, and grace periods. The interest rate on Federal Direct Unsubsidized loans borrowed by undergraduate students between July 1, 2013 and June 30, 2014 is 3.86% and the interest rate for graduate/professional students is 5.41%. You are charged interest on this loan from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, the interest will be added to the principal amount of the loan and increase the amount to be repaid. If a student qualifies, the maximum amount of an Unsubsidized Stafford Loan is $6,000 for firstand second year students, $7,000 for third and fourth year students, $20,500 for graduate students. Award amounts are dependent upon a student’s dependency status on the Free Application for Federal Student Aid.

Fedral Direct Plus Loan 

Are low interest loans available to parents of dependent undergraduate students and graduate and professional students. It is an affordable, low-interest loan designed to help students and parents pay for a college education. The Direct Plus Loan is an unsubsidized loan, meaning that interest accrues while the student is enrolled at least half-time and during deferment periods. A mandatory credit check is completed as eligibility for this loan depends upon the borrower’s credit worthiness. Repayment of principal and interest begins 60 days after the loan is disbursed. The interest rate on Federal Direct PLUS loans borrowed between 2013 and June 30, 2014 is 7.9%.

Fedral Work Study

Are low interest loans for both undergraduate and graduate students with financial need. Repayment begins 9 months after a student graduates or is no longer enrolled at least half time. The interest rate on a Federal Perkins Loan is 5%. Award amounts vary depending upon the availability of funds at the institution.

Fedral Work Study

The Federal Work Study program gives part-time employment to undergraduate students who need income to help meet the costs of post secondary education. When available, NYUS provides part-time jobs for financially needy students through the FWS program. Generally, students work 15-20 hours per week. Part of this program is community service.

 

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