Loans

Loans are an important tool for you to utilize as you begin financing your NYU-Poly education. There are several types of loans, the most common being federal loans. Below you will find a brief explanation of how these loans work. If you have questions about any of the information found below, please contact Student Financial Services.

Responsible borrowing is important — you will be required to repay all loans on a monthly basis upon graduation. Prior to utilizing any loans, review the total amount of grants and scholarships you have been awarded. Then, only borrow the amount you will need to cover your educational expenses.

Federal Loans

There are 4 primary federal loan programs: Perkins, Sudsidized Stafford, Unsubsidized Stafford, and Parent Loans. You are required to complete a FAFSA to determine financial eligibility for Perkins, Subsidized and Unsubsidized Stafford Loans. All three of these loans are taken in the student’s name.

The Perkins Loan is interest-free for the duration of your college education. Repayment begins 9 months after you graduate or discontinue enrollment. During repayment, a fixed interest rate of 5% will be charged.

The Subsidized Stafford Loan is also interest-free for the duration of your college education. In this case, payment begins 6 months after you graduate or discontinue enrollment. During repayment, a fixed interest rate of 6.8% will be charged.

The Unsubsidized Stafford Loan is "interest accruing," and begins to accrue interest from the time you borrow the loan. Repayment begins 6 months after you graduate or discontinue enrollment. The Unsubsidized Stafford Loan also has a fixed interest rate of 6.8%.

The Parent Loan for Undergraduate Study (PLUS) is the only federal loan which a parent may use to fund a child's education. Your parent can borrow up to full-tuition minus all other grants, scholarships, and loans you are already receiving. The interest rate is fixed at 8.5%.   Interest will accrue immediately and repayment begins 60 days after the loan proceeds are disbursed.   Deferment options are available through the lender for economic hardship if parents are unable to repay loan while the student is in school.  

We strongly encourage you to visit the federal government's web site for student aid services for additional information on federal student loans.

Private Loans

Private or alternative loans can be used when students have remaining balances and have exhausted their eligibility for federal loans. Information regarding terms and conditions of the programs are available from Student Financial Services.