Federal Stafford Loan
Effective July 1, 2012, The Budget Control Act of 2011 eliminates subsidized Stafford loans for graduate and professional students. Students may still apply for an annual maximum of $20,500 in Stafford loans but the full amount of the loan will accumulate interest while the student is enrolled.
Currently, Stafford loans have a fixed interest rate of 6.8%. Repayment on the loans generally begins six months after graduation, or six months after the borrower ceases to be enrolled at least on a half-time basis.
Stafford loans are available through the Federal Direct Student Loan Program (FDSLP). To qualify, a student must first complete the Free Application for Federal Student Aid (FAFSA) and meet all federal requirements for eligibility. At the end of the FAFSA, you will need to sign the document with an individual PIN and list the correct School Code (002785) in order for NYU to receive your information. As a law student, you are not required to report parental information on the FAFSA. After you complete the form, you will receive a copy of your Student Aid Report (SAR) which will summarize the information you provided on the FAFSA as well as give you your Expected Family Contribution (EFC) number. This information is then used to determine your eligibility for federal student aid.
The steps for completing a FAFSA as well as an instructional video can be found at on the main NYU Financial Aid website.