Undergraduate Admissions

FINANCIAL AID AND SCHOLARSHIPS

BASIC TYPES OF FINANCIAL AID

• Scholarships and fellowships are funds that you do not repay. They are usually awarded on the basis of academic ability and/or financial need.
• Loans are funds that must be repaid at a predetermined interest rate over a specific period of time.

SCHOLARSHIPS

SCPS Scholarship
Because of the School’s commitment to your educational goals and Academic Excellence, we offer students the opportunity to receive scholarship funds that range between $500 and $6,000 each academic year. In order to be eligible for scholarship funds, students must fill out the Free Application for Federal Student Aid (FAFSA). You must maintain satisfactory academic progress to be eligible.

Shimkin Scholarship
The Shimkin Scholarship is a $300 NYU bookstore award given once a year after spring grades are posted. It is merit based. You must maintain satisfactory academic progress to be eligible.

Bernard Osher Foundation Re-Entry Scholarship
This scholarship is for returning adult students. It is based on academic merit and financial need. Eligible students can be awarded up to $2,500 per academic year. A FAFSA must be submitted and students must make satisfactory academic progress to be eligible.

STATE GOVERNMENT FUNDS
The federal government provides funds for loans to eligible students who qualify.

Federal Pell Grants
Pell Grants are need-based and students are required to file the FAFSA. Awards range from $400 to $4,050 per academic year. A student’s estimated family contribution must be below $3,800 to be considered for a Pell Grant.

TAP Awards
TAP Awards are need-based and students are required to file the FAFSA and submit a TAP application. If you qualify for TAP, instructions for completing the TAP application will be included in your FAFSA results. The TAP award maximum for a new student is $5,000 per academic year, and $4,125 for continuing students. You must be a New York State resident, and you must register for 12 credits per semester to be eligible (www.hesc.state.ny.us).

Aid for Part-time Study, APTS (New York State Grant)
This award can range from $100 to $2,000 per academic year. The grant is need-based and you must submit the FAFSA, and the Aid for Part-time Study application. Students must be NY State residents and you must register for 3-11 credits per semester to be eligible.

FEDERAL LOANS
To be considered for a federal loan, you must be enrolled for a minimum of 6 credits per semester. You must file the FAFSA to be eligible for Federal Loans.

Federal Stafford Loans
Through the Stafford Loan Program, eligible undergraduate students may borrow funds. The total amount borrowed in any year may not exceed the cost of education, less all other financial aid received that year. Stafford loan disbursements are co-payable to NYU and the student, and funds are applied first to any outstanding balance on the student's account.

There are subsidized and unsubsidized Stafford Loans. Subsidized loans accrue no interest while the student is attending school. Unsubsidized loans do accrue interest while the student is attending school. The current limits are $3,750 for freshman; $4,500 for sophomore; and $5,500 for juniors and seniors.

Additional unsubsidized loans can be obtained if students meet certain eligibility requirements. Freshman and sophomores may borrow up to $4,000 each year and juniors and seniors may borrow up to $5,000 each year.

Payment for interest on unsubsidized loans starts 60 days after the loan funds are credited to your bill, but they can be deferred.

REQUIREMENTS
For U.S. citizens and U.S. permanent residents, NYU requires only the Free Application for Federal Student Aid (FAFSA) in order to apply for assistance to help pay for your education. Based on your answers on this form, and using a formula mandated by Congress, the Department of Education makes an evaluation of your financial strength and estimates the amount you can contribute annually toward your educational expenses. This information is then sent to each college that you designate to receive the information. A FAFSA must be filed for each academic year in which you seek assistance.

To determine eligibility, you must first complete the FAFSA form online at http://www.fafsa.ed.gov. NYU prefers that applicants submit the FAFSA electronically. Please note that the application requires New York University's code number, which is 002785. The FAFSA printed version is usually available beginning in late November for the next fall.

PRIVATE SOURCES
A wide variety of private organizations offer financial assistance to students. Many corporations, foundations, unions, trade associations, religious institutions, and community groups have established scholarship programs based on need and academic achievement.

Private Loans for Undergraduate Students
Through a competitive bidding process, New York University seeks to provide private student loans to the greatest number of its students at the lowest available interest rates and with no fees. NYU’s Financial Aid office features a variety of special loans for our students, followed by a varied and representative sample of the many additional providers of education funding. You are not required to borrow from any of the lenders listed below; we encourage you to compare information from other available student loan providers. You can view the full list of loan providers at http://www.nyu.edu/financial.aid/loans.html.

Nellie Mae/Sallie Mae Signature Student Loan for NYU Students
New York University works with various institutions to make the Signature Education Loan available to credit-worthy students for payment of tuition and fees. Interest terms are competitive at a variable low rate. The current interest rate is 7.35%, and students must be registered for 6-11 credits. The minimum amount of the loan is $500 and the maximum is $100,000.

Citibank Loans for NYU Students
Citibank offers CitiAssist, a private loan designed to supplement government loans, at the bank's lowest available interest rate equal to prime rate minus 1.0 percent, which is currently 7%. CitiAssist has absolutely no loan fees, no payments while in school, and flexible repayment terms. There is no minimum amount and the maximum is the full cost of tuition with an aggregate amount of $120,000. For a full description of Citibank's products and services and an APR example, call 1-800-745-5473. Students must be registered for a minimum of one credit to be eligible for the Citiassist Loan.

For more information about private loans please visit NYU's Financial Aid website at http://www.nyu.edu/financial.aid.

Tuition Reimbursement
Many companies provide financial assistance for employees to attend New York University. Check with your human resources department to see if your company provides tuition assistance.

Full-time New York University employees and their dependents are eligible for a limited number of credits of tuition remission (exemption from tuition only) in each term, provided they qualify for admission and meet the deadlines for application. For more information, contact the NYU Benefits Office, 7 East 12th Street, 1st Floor, New York, NY 10003; or call (212) 998-1250.

Student Employment
NYU provides a wide range of traditional employment opportunities for students and all students can take advantage of the placement services offered by the Student Employment and Internship Center, located at 5 Washington Place. The Center posts extensive listings of both on-campus and off-campus jobs.
 
DEADLINES FOR FINANCIAL AID
You are encouraged to file your 2007-2008 FAFSA no later than March 15 for the fall 2007 semester; and December 1 for the spring 2008 semester. Please note that these are priority deadlines only. You can file the FAFSA at any time within the academic year, but are advised to file before the start of class. The FAFSA requires five to six weeks for processing.

PAYMENT PLANS
NYU also offers or participates in a variety of payment plans. They range from a 12-month, interest-free prepayment plan to loan programs that allow you to finance the cost of your education over many years.

Monthly Payment Plan
The traditional University billing cycle of one large lump-sum payment due at the beginning of each semester makes it difficult for many students to pay educational expenses out of their current income. In response to this situation, NYU offers the Monthly Payment Plan in which all or a portion of a student's educational expenses may be paid in monthly, interest-free installments. The Monthly Payment Plan is not a loan program. Rather, it is a budget plan administered by Academic Management Services (AMS) that enables you to spread your payments over the course of the year. Participation in the plan typically begins in June, prior to the fall semester classes.

Deferred Payment Plan
If you are registered for six or more credits in a semester, the Deferred Payment Plan allows you to extend tuition payments. You may defer up to 50 percent of the net amount due each semester. Simply subtract the amount you wish to defer from your initial payment and repay it in two equal installments at an annual interest rate of 12 percent. For the fall semester, 50 percent of tuition is due at registration, and the balance can be paid in two equal payments in October and November. A similar program is available for the spring semester.

SCPS Deferred Tuition Reimbursement Plan
To encourage a greater number of people to realize their ambitions, SCPS has created a very reasonable Deferred Payment Plan. With the Deferred Payment Plan, students can defer their entire tuition balance until the end of the term when they have received reimbursement from their company. In order to take advantage of this financing alternative, students only need to complete the Credits Against Employer Tuition Reimbursement Plan application and present a company letter stating their company's tuition remission policy. Students are then charged a participation rate of 1.0 percent per month. For example, if course tuition is $2,000, the student will be responsible for a charge of $20 per month. Payment of the full amount of tuition deferred is due by January 31 for the fall semester, and June 30 for the spring semester. To apply for this plan you may download the application and brochure.

To learn more about financial aid opportunities, program administered scholarships, veterans' benefits and deferred payment tuition plans, contact the NYU Office of Financial Aid or the SCPS Office of Admissions, 145 Fourth Avenue, Room 219B; (212) 998-7100.

NOTIFICATION OF AWARD
If you are awarded aid, you will receive a financial aid award letter that will include details about your award package, as well as a summary of the assumptions made in constructing it.

FOR MORE INFORMATION
To learn more about financial aid opportunities, program administered scholarships, veterans' benefits and deferred payment tuition plans, contact the NYU Office of Financial Aid .

If you would like to download and print a version of this financial aid information, download our Financial Aid Brochure.