Undergraduate Student Loans
- Using Loans To Finance Your Education
If any of the following loans are included in your award letter, and you wish to utilize these funds, please pay particular attention to the special instructions indicated.
Federal Perkins Loan
The Federal Perkins Loan program is a need-based program administered by the university. Upon completion of your FAFSA, the Office of Financial aid will determine if you are eligible. If the Perkins Loan is included in your award letter, and you wish to utilize the loan, you must sign a promissory note in the Office of Financial Aid. Refer to your award letter for the "promissory note signing dates." Upon the signing of your promissory note, the loan will be credited to your tuition bill.
Polytechnic Loan
The Polytechnic Loan program is also a need-based loan program administered by the university with the same parameters as the Federal Perkins Loan program. Upon completion of your FAFSA, the Office of Financial aid will determine if you are eligible. If the Polytechnic Loan is included in your award letter, and you wish to utilize the loan, you must sign a promissory note in the Office of Financial Aid. Refer to your award letter for the "promissory note signing dates." Upon signing the promissory note, the loan funds will be credited to your tuition bill.
Subsidized and Unsubsidized Federal Stafford Loans
The federal government developed a streamlined approach to applying for student loans - the Master Promissory Note (MPN) process. This MPN process will simplify the loan process by eliminating the need for students to complete a promissory note every year. This will allow you to sign your loan application once, and the MPN can be used for up to 10 years.
New Students
Upon completion of your FAFSA, the Office of Financial Aid will determine your eligibility for a Subsidized or Unsubsidized Stafford Loan based upon financial need. Your award letter will indicate the maximum loan amount you may borrow. If you wish to reduce the amount of loan funds or you do not wish to utilize any loan funds for the upcoming year, simply complete the Loan Cancellation/Reduction Form available on the
Printable Forms section of our web site at here and return it to our office.
Once you have decided to attend Polytechnic Institute of NYU, you will receive a pre-printed MPN in the mail. If you wish to utilize the loan, review the borrower section of the MPN for accuracy, complete all blank sections, sign and return application directly to New York State Higher Education Services Corporation (NYSHESC) for processing.
Once processing by NYSHESC is complete, the loan funds will be sent directly to Polytechnic Institute of NYU and will be credited to your tuition account.
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