I've received my award letter. What are the next steps?
Review the Deadlines & Timelines section of our website as loans listed on your award letter do require additional steps.
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How do the funds get to the school?
Funds are sent directly from the lender to the NYU Stern Bursar. Most lenders disburse their funds using an electronic funds transfer (EFT) system. Because the funds are sent electronically, there is usually no need to come in to sign checks. However, there are some exceptions. The Bursar will contact you directly by email should your signature be needed to endorse a paper check.
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How can I cancel or reduce my loan amount?
You are automatically awarded the maximum amount in Federal Stafford loans when your FAFSA is reviewed by the financial aid office. To reduce or cancel a current federal or private loan, please submit a loan adjustment request. Please allow 2-3 weeks for processing your request.
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How does the Bursar know that my loans will cover my tuition at registration time?
Your registration materials will include a "Tuition and Fees Worksheet." You must fill this out in order to complete the registration process.
Include your federal and approved private loans on this worksheet. Completing this form lets the Bursar know how you plan to pay for your tuition and whether or not you are anticipating a refund. For more information or to download a copy of this form, please visit the Stern Bursar's website.
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When is the money credited to my account?
Upon receiving your Tuition & Fees Worksheet, the Bursar posts loan "credits" on your account. The balance, however, will not be cleared until the money is received from the lender. Federal regulations prohibit us from being able to receive loan funds, for any given semester, more than 10 days before the official first day of class. If you submitted your applications late, the disbursement of your funds may be delayed.
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When can I expect my refund check?
Refunds are processed once the actual funds have been received by the Bursar and credited to your account. The check will be mailed to your local address. If you would rather have your refund deposited directly into your personal bank account, please contact the Stern Bursar.
Also, please contact the Registrar to make sure your local address is correct. Once school has begun, you may change your address through Stern Web Information System, via e-mail: registrn@stern.nyu.edu or via fax: (212) 995-4424.
Due to the high volume of refunds at the beginning of each semester, we highly recommend that you have sufficient funds to cover at least your first month of class for both the fall and spring semesters.
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When will my loan payments (disbursements) arrive at NYU?
Please visit the Deadlines & Timelines section of our website
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I've taken out my maximum amount of loans up to my budget (Cost of Attendance). How can I increase my budget?
The combination of student resources (federal loans, private loans, scholarships, teaching and graduate assistantships, company sponsorship, etc.) cannot exceed your maximum Cost of Attendance. If you have reached the maximum eligibility, you can file a Budget Appeal. Please review the form for a list of expenses that you can appeal. Budget appeals are not guaranteed.
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How can I view a record of my student loans?
You can view the history of your Federal student loans by going to the National Student Loan Data System (NSLDS) and National Student Clearinghouse websites. For the history of your private education loans, please contact the lender(s) servicing your loans.
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What is loan consolidation? What kind of interest rate could I get if I consolidate?
The federal consolidation loan is a repayment option designed to make loan repayment easier by combining existing eligible educational loans into one new loan with one lower monthly payment and (currently) a single fixed interest rate. It is often referred to as "refinancing" because all prior loans are paid off and a new loan with new terms and conditions is created. Please visit the Loan Consolidation page for more information.
An interest rate calculator is available for an estimated rate if you were to consolidate your federal loans.
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