What is financial aid?
Financial aid is money provided through loans and scholarships to help you pay for your graduate education. Your primary source of funding will be through federal and credit-based, private student loans. Typically, a Stern financial aid package will include a combination of scholarships (where applicable), federal loans and private student loans (private loans are available for International students), never exceeding the cost of attendance.
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How and when should I apply for financial aid?
To apply for merit-based scholarships, you must submit your complete application for admission, including GMAT and TOEFL scores (where applicable) by November 15. All newly admitted full-time students (including both domestic and international students) who meet the November 15th deadline are automatically considered for merit-based scholarships from Stern. Students who miss the priority deadline are considered based on the availability of funds. All Stern scholarships are merit-based.
To apply for federal loans, i.e. Stafford loans, you must be a U.S. citizen or a U.S. permanent resident and you must submit the Free Application for Federal Student Aid (FAFSA) as soon as possible. You may file a FAFSA electronically via the FAFSA website, www.fafsa.ed.gov.
If you have not yet filed your federal tax return, you may use your 2007 income and tax information (pay stubs and W2) as a guide to complete the 2009-2010 FAFSA.
Please review our Deadlines & Timelines for more information.
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What is the cost of the program?
Please visit the Stern Bursar website for tuition schedules (PDF format).
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How is need determined?
The formula for determining financial need for federal loans is:
Cost of Attendance - Student's Resources (EFC as determined by the FAFSA) - All other aid = Financial Need
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What is the FAFSA?
The FAFSA, or Free Application for Federal Student Aid, is a national application for financial aid. It is NOT a loan application. The federal government distributes the information each year to colleges and universities all over the country. The colleges and universities must use this information to determine eligibility for federal aid, including subsidized Stafford Loans. More information is available on the Federal Stafford loans section of our website.
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What is Stern's Title IV Code for the FAFSA?
You must list NYU on your FAFSA so that we may receive your information. Our Title IV Code is 002785 (Stern does not have a separate code).
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When should I submit the 09-10 FAFSA?
You should submit the 09-10 FAFSA as soon as possible. In order to avoid any delays in the disbursement of funds for the Fall 2009 semester, we strongly suggest that you submit your FAFSA by early March. Please refer to our Deadlines & Timelines page for more information.
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What happens after I submit my FAFSA?
Please review the FAFSA Process.
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How much am I eligible for?
U.S. citizens and permanent residents are eligible for federal aid in the form of Stafford loans. Students can receive up to, but no more than, $10,250 in federal aid per enrolled semester. Of this amount, a maximum of $4,250 may come from subsidized Stafford loans if financial need is determined. Otherwise, the entire $10,250 will come from unsubsidized loans. If Stafford loans combined with other aid (such as scholarships, company sponsorship, etc.) do not cover the full cost of attendance, students can take out additional private loans to cover the difference or any other private loan of their choice. The Graduate Plus loan is also an option students may look into.
International students with a U.S. co-signer are eligible to borrow up to the full cost of attendance in a private loan. Please visit the International Students link for details.
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What is Selective Service registration?
Selective Service registration is a way for our government to keep a list of names of men from which to draw in case of a national emergency requiring rapid expansion of our Armed Forces and is a REQUIREMENT for federal student aid (including federal Stafford loans). Almost all male U.S. citizens, and male aliens living in the U.S., who are 18 through 25, are required to register with Selective Service.
Proof of registration (or exemption) in the form of a Status Information Letter may be obtained by calling the Selective Service System at (847) 688-6888. You may also obtain a copy by writing to: Selective Service System, P.O. Box 94638, Palatine, Illinois, 60094-4638 or by visiting their website at www.sss.gov. Be sure to provide your name, date of birth, Social Security Number, and current mailing address.
If you are not a citizen please submit the following along with your Status Information Letter:
A copy of your green card (front and back).
Evidence of when you first entered the United States. (Usually demonstrated with a copy of visa stamp in passport)
Written explanation of your status until you became a permanent resident.
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What criteria do lenders use to approve a loan application?
Most lenders approve private loans based on the borrower's credit history and credit score. It is recommended that borrowers check their credit reports regularly to correct any discrepancies or misinformation. Disputing and correcting credit reports can take several months. Please note: Consumers can request a free credit report once every 12 months. Please visit the Federal Trade Commission website for more information on credit reports.
Please visit the Tools & Resources section of our site for a FICO Score Estimator.
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When (and how) will I receive my financial aid?
Please review the Deadlines & Timelines section.
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Will my loans be deferred while I am in school?
Yes. As long as you maintain a minimum of 6 credits each semester, you do not have to begin repayment on your private or federal loans until 6 months after graduation.
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Is there work-study available?
Federal work-study programs are not available. However, qualified full-time and part-time students are eligible for teaching fellowship and graduate assistantship positions. The student must be in good academic standing and must have completed at least 2 semesters in order to qualify. Payment for fellowships and assistantships is partial tuition remission, which is considered financial aid. Please visit the Teaching Fellowships and Graduate Assistantships page for more information.
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International Students
