First-time Borrower at Polytechnic Institute of NYU

If you will be borrowing a Federal Stafford Student Loan for the first time as a Polytechnic student, please refer to the following step-by-step instructions. To be eligible for a Federal Stafford Student Loan you must be accepted, and matriculated in a degree program, enrolling for a minimum of 6 credits per semester.
Complete the Free Application for Federal Student Aid (FAFSA) on the web at www.fafsa.ed.gov. After completing the application and submitting it on-line, please remember to down load the signature page, sign it and mail it to the address indicated.

Complete a Stafford Student Loan Request Form available in the Office of Financial Aid. Loan eligibility levels are $18,500 annually, including a maximum of $8,500 in the Subsidized Stafford Program and the remainder in the Unsubsidized Stafford Program. Please refer to the "Get the Facts" brochure for more details about the loan programs. It is preferred that all students apply for loans on an annual basis. So, if you will be attending for the fall and spring semesters, calculate the loan amount you will need for the entire year and apply for that amount on your loan request form.

Once the Office of Financial Aid receives the results from your FAFSA application electronically along with the Stafford Student Loan Request Form, we will determine your loan eligibility based upon the number of credits for which you will be enrolled and your financial need. In some cases, you may be "selected for verification" by the federal government and will then be required to submit additional documentation to our office.

Our office will then transmit your eligibility electronically to New York State Higher Education Services Corporation (NYSHESC), who in turn will mail you a pre-printed, pre-approved Master Promissory Note (MPN). You should complete all blank sections of the MPN, sign it and return it to NYSHESC for final processing.

Polytechnic Institute of NYU will then receive confirmation from NYSHESC that you have completed your MPN. Our office will then give you credit for the loan amount that you have been approve for. The loan funds will be electronically transmitted to the University, and deposited in your tuition account. There is a 3% origination fee charged by NYSHESC on all loans, and as a result the actual loan processed received by the University on your behalf will be reduced by 3%.

All first-time borrowers are required to complete an Entrance Interview that can be done on the web at www.mapping-your-future.org