FAQs About Student Financial Aid
- PRIVATE LOANS
- INTERNATIONAL STUDENTS
- BILLING & PAYMENT INFORMATION
- STUDENT EXPENSE BUDGETS
- LOAN DISBURSEMENTS AND REFUNDS
- LOAN REPAYMENT ASSISTANCE PROGRAM (LRAP)
- RECEIVING NOTIFICATIONS
- CONTACT INFORMATION
Q: What Is A Master Promissory Note And Why Is It Important?
A: A Master Promissory Note (MPN) is a legal binding contract executed by you when obtaining a student loan. In most cases, it is the actual loan application that also lists the conditions and terms of the loan as well as information about interest calculations, deferment, and loan cancellations.
You should carefully read all application and promissory note material. Remember that the promissory note is your contract with the lender. You should file your promissory notes with your permanent financial records.
Q: How Long Is A Stafford Master Promissory Note Valid?
A: All approved Stafford Master Promissory Notes (MPN) remain valid and on file for up to 10 yrs after the date you executed the note. As a result of this, continuing students who borrowed Staffords in prior years at the School of Law and completed the required FAFSA will have their federal loans renewed automatically. You may (of course) accept or decline the loans.
Q: How Do I Apply for a Private Loan?
A: Many private lenders have internet and telephone application processes. Please refer to our private loan comparison chart for a list of lender websites and contact information.
Q: What Happens After I Apply For A Private Loan?
A: After you provide your lender with the required information, they will perform a credit check and, in most cases, will notify you of their decision within minutes. If approved, your lender will prompt you to complete and sign a promissory note for the loan. Following the approval, the lender will contact NYU for school certification and disbursement information. This accelerated pre-approval process is an excellent opportunity for students to quickly secure information about their eligibility for private loans and for those traveling outside the country during the summer months.
Q: Can I Submit A Private Loan Application With More Than One Lender?
A: When applying for a private student loan, we recommend that you only work with one lender at a time. Completing simultaneous loan applications will add credit inquiries to your credit report that can, ultimately, reduce your credit score. Please review the enclosed list of lenders carefully, selecting your top pick for submitting a loan application. If your first choice of lenders declines your application and you’ve exhausted all possibilities of obtaining an approval from them (e.g. reapplying with a cosigner), you can, at this point, complete a second loan application with an alternative lender.
Q: When Should I Apply for a Private Loan?
A: We recommend that you begin the private loan application process in June. The priority deadline for submitting your loan applications is July 31st, 2007.
Q. How Much Can I Borrow in Private Student Loans?
A: You’re eligible to borrow up to the approved budget less any anticipated scholarships and/or federal Stafford loans. We encourage you to be conservative about the amount you borrow, borrowing only what you need.
Example: $64,460.00 (Student expense budget for 2007-07)
-$20,500.00 (anticipated Stafford loan)
$43,960.00 (max. amount you can borrow in private loans)*
*also subtract the amount of any scholarship(s)
Q: Are International Students Eligible For Federal Stafford Loans?
A: No. These types of loans are only available to U.S. citizens and permanent residents.
Q: What Kind of NYU School of Law Financial Aid Is Available To International Students?
A: International J.D. students may be eligible receive NYU School of Law institutional funding. International LL.M. students are eligible for merit-based scholarship funding only, as determined by the Office of Admissions.
PLEASE NOTE: Due to their ineligibility for federal loans, many international students may have a significant gap between total costs and available funding. Thus, we encourage all international students to investigate all available options in their home countries and outside funding organizations. International students may also get useful information at www.edupass.org.
Q: As An International Student, What Types of Loans Am I Eligible To Receive?
A: You may be eligible for loans from you own country and some private educational loans through U.S. lenders.
Q: Does NYU Offer Any Loans?
A: No. NYU is not a lender.
Q: Can I Borrow Above The CitiAssist Global Loan Cap of $40,000 For International Students?
A: No. As we have limited funding for this loan program, and these funds are shared by the entire University international student population, NYU School of Law students are not allowed to exceed the University borrowing cap of $40,000.
Q: My Lender Requires That I Have A Social Security Number. What Should I Do?
A: Please contact the New York University Office of International Students and Scholars at (212) 998-4720 for more information about obtaining a U.S. Social Security number. Information can also be found at www.nyu.edu/osl/oiss.
If you obtain a Social Security number, you must also update the School of Law’s Office of Records & Registration with this information.
BILLING & PAYMENT INFORMATION
Q: Can I Send My Payment To NYU Via a Bank Wire?
A: Yes. If you would like to wire your payments, have the wire made payable to: New York University. You must instruct your bank to include your name and NYU Student ID number. If you plan to wire funds, please contact Peter Chian at the Banking Department at (212) 998-2837. It is very important that you contact him so that the Bursar can acquire the proper information to help trace the wire to you and properly credit your account.
NYU’s Bank & Account info:
Bank Name: JP Morgan Chase Bank, New York, NY
Account No. 9102756906
ABA No. 021000021
SWIFT No. CHASUS33
Q: When Is My NYU School of Law Bill Due?
A: Tuition & fees and all other NYU charges for the fall semester are due on August 10, 2007. Charges not paid by this date must be resolved by the first day of classes to avoid any school penalties and potential finance fees.
Q: Do I Need To Borrow The Full Amount Suggested By The Student Expense Budget?
A: No. The budget is a guideline for planning your expenses for the academic year. In fact, many students find that their actual expenses are less than the amounts allowed under the budget. Living on less now allows you to borrow less and to save money in the long run.
STUDENT EXPENSE BUDGETS
Q: What Items Are Not Covered by the Student Expense Budget?
A: Federal regulations mandate that the student expense budget only include education-related expenses. There are many items which students assume can be included in the student expense budget that are prohibited. The most common misconceptions include the following:
Students are advised that the budget will not allow for any consumer debt such as monthly credit card payments. Students are advised to budget wisely during the summer months to avoid pay off all credit card debt before coming to law school. The Law School Office of Student Financial Services cannot make allowances for credit card debt.
The cost of a professional wardrobe will also not be considered for a budget adjustment. Students are advised that this cost may be considerable and that wise comparison shopping is advisable.
Moving /Summer Expenses
Moving expenses incurred during the summer preceding your entry into NYU School of Law are not legitimate for increases to the student expense budget. Students are advised to budget accordingly if they will be moving into the New York City area. Additionally, expenses incurred uring the summer(s) between academic years are not covered under the student expense budget.
Bar expenses are not allowed under the student expense budget; however, many lenders offer private consumer loans to law students. These loans assist students with paying for the expenses of a bar preparation course and living expenses associated with taking a Bar Exam after graduation. These loans are disbursed to graduating students after graduation.
Q: Can I Request To Have My Budget Adjusted?
A: If you have a legitimate educational expense that causes you to exceed your student budget, our office can consider an adjustment, once appropriate documentation is reviewed and approved. Please bear mind that adjustments are, for the most part, only made under extraordinary circumstances. Be advised that requests for budget increases will not be accepted until October 1, 2007.
Q: What If I Have Medical or Dental Expenses Not Covered By My Insurance and I’ve Already Borrowed the Maximum Allowed?
A: Expenses for necessary medical treatment not covered by insurance may be allowed as an adjustment to the student expense budget if you’ve already borrowed to the full extent of the budget. Should you have a medical/dental expense that is not covered by insurance, please contact our office. Typically, we expect a detailed cost of treatment and billing summary for the expenses along with a letter from your doctor substantiating your request.
Q: What If I Purchase a Computer - Should I Request A Budget Increase?
A: If you have not borrowed up to the budget, you do not need a budget increase. If you have borrowed up to the budget and require additional loan funds to bear the computer expense, you may request a budget increase for the purchase. You will need to complete the NYU School of Law Request for Budget Increase Form and attach supporting documentation of the computer expenses.
Q: What If I Buy My Computer Before Classes Begin?
A: In order to be considered an allowable budget expense under Federal guidelines, the purchase of the computer needs to occur either during or just prior to the start of the academic year (July 15, 2007– May 10, 2008).
Q: What is the Maximum Budget Adjustment Amount for a Computer Purchase?
A: The maximum amount of an increase for a computer purchase will be $2,500.00. Students are permitted only one budget adjustment for a computer during their three years at NYU School of Law.
LOAN DISBURSEMENTS AND REFUNDS
Q: I Was Approved For A Loan. When Will It Be Disbursed?
A: All loans are disbursed in two parts at the beginning of each semester (generally in late August or early September and January). Lenders will electronically wire (a selected few mail paper checks) the disbursement monies directly to NYU Bursar’s Office, which, in turn, will apply the funds to your Bursar account.
Q: I Borrowed Money to Cover My Personal and/or Rent Expenses. How is This Money Processed?
A: If you borrowed loans greater than the amount of your NYU School of Law bill, the Bursar’s Office will automatically refund the excess amount to you.
Q: When Will I Get This Money?
A: If you completed your loan applications on time and are eligible for a refund, the Bursar’s Office will process your refund check shortly after your account balance is paid in full. This generally occurs each semester during the first week of classes.
Q: Where Will My Refund Check Be Sent?
A: Refund checks are mailed to your local address on file; if no local address is on file, the check will go to the permanent address. An outdated address is frequently the reason for delays in receiving a refund check, so be sure to update addresses on the NYU student information system, Albert, at home.nyu.edu.
Q: Is Direct Deposit Available for Student Refund Checks?
A: Yes. We encourage you to sign up for this service. Doing so will reduce the amount of time it takes for you to get your refund. Go to http://www.nyu.edu/bursar/forms/ to sign up.
LOAN REPAYMENT ASSISTANCE PROGRAM (LRAP)
Q: What type of account can I use for direct deposit?
A: The funds can be deposited into either a savings account or a checking account with a domestic financial institution. If you do not have a domestic account, please contact the Office of Student Financial Services.
Q: What should I do if I change or close my bank account?
A: If a participant closes their bank account after submitting this information to NYU Accounts Payable, they must send written notice to Accounts Payable to request cancellation of the instruction.
Q: What should I do if I open a new bank account?
A: If the participant changes their bank/opens a new account, they must send written notice to NYU Accounts Payable along with another LRAP Direct Deposit form (EFT5000) filled out with the new information.
Q: How long does it take to process an LRAP Direct Deposit form?
A: It will take 2 weeks before the direct deposit becomes effective due to the Banking System Account verification procedure. You will be paid by check until the agreement takes effect.
Q: What if I want to terminate this process?
A: If the participant wishes to terminate the direct deposit, written notice must be provided to NYU Accounts Payable.
Q: Where do I send the completed forms?
A: New York University, Accounts Payable Department, ATTN: Karen Cummings - LRAP, FAX: (212) 995-4586.
If you wish the funds to be deposited to a checking account, YOU MUST INCLUDE A VOIDED CHECK WITH THE FORM. Note that all routing and account information on the bottom of the check must be visible and legible.
If the form is received later than the due date, it will take effect for the next scheduled disbursement.
Please note that, EVEN IF YOU SUBMIT THE FORM VIA FAX, YOU MUST SUBMIT THE ORIGINAL DOCUMENTATION TO: Accounts Payable Department, ATTN: Karen Cummings - LRAP, 726 Broadway, 2nd Floor, New York, NY 10003
If you have any questions concerning this process, please contact the Office of Student Financial Services at 212.998.6050 or email@example.com.
Our office sends all correspondence to students via e-mail to the NYU e-mail account (if you are an admitted student without an NYU e-mail account, we will use the e-mail address on record with the Office of Admissions). We may also periodically send correspondence to your permanent mailing address. All members of the Law School community must keep their addresses up-to-date with the Law School's Office of Records and Registration and in Albert (accessed through NYUHome). A student's NYU e-mail account is the official and primary means of communicating. All members of the Law School community are responsible for activating and checking their NYU e-mail account for notifications from our office.
The importance of maintaining thorough financial aid records is critical. It is a good habit to keep a copy of all important correspondence; it will save you time and money later. You should keep a folder including:
- Copies of your IRS 1040 forms with all schedules and W2(s);
- Copies of all loan applications/promissory notes; and
- Copies of all correspondence with our office, your lenders, and guarantee agencies.
We encourage you to track your borrowing throughout law school. This information will be useful to you as you are making career choices and estimating your monthly loan payments upon graduation.
Obtain a copy of your current credit report. We suggest that you review this report each year that you are in law school and thereafter. Monitoring your credit will allow you to foresee and correct any erroneous information.
Office of Student Financial Services
Telephone: (212) 998-6050
Office of Records and Registration
Telephone: (212) 998-6040
Telephone: (800) 4FED-AID
NYU Bursar’s Office
Telephone: (212) 998-2800
Office of International Students and Scholars
Telephone: (212) 998-4720
NYU Health Insurance Office
Telephone: (212) 443-1020