FAQs About Student Financial Aid
- PRIVATE LOANS
- INTERNATIONAL STUDENTS
- BILLING & PAYMENT INFORMATION
- STUDENT EXPENSE BUDGETS
- LOAN DISBURSEMENTS AND REFUNDS
Q: What Is A Master Promissory Note And Why Is It Important?
A: A Master Promissory Note (MPN) is a legal binding contract executed by you when obtaining a student loan. In most cases, it is the actual loan application that also lists the conditions and terms of the loan as well as information about interest calculations, deferment, and loan cancellations.
You should carefully read all application and promissory note material. Remember that the promissory note is your contract with the lender. You should file your promissory notes with your permanent financial records.
Q: How Long Is A Stafford Master Promissory Note Valid?
A: All approved Stafford Master Promissory Notes (MPN) remain valid and on file for up to 10 yrs after the date you executed the note. As a result of this, continuing students who borrowed Staffords in prior years at the School of Law and completed the required FAFSA will have their federal loans renewed automatically. You may (of course) accept or decline the loans.
PRIVATE LOANS
Q: How Do I Apply for a Private Loan?
A: Many private lenders have internet and telephone application processes.
Q: What Happens After I Apply For A Private Loan?
A: After you provide your lender with the required information, they will perform a credit check and, in most cases, will notify you of their decision within minutes. If approved, your lender will prompt you to complete and sign a promissory note for the loan. Following the approval, the lender will contact NYU for school certification and disbursement information. This accelerated pre-approval process is an excellent opportunity for students to quickly secure information about their eligibility for private loans and for those traveling outside the country during the summer months.
Q: Can I Submit A Private Loan Application With More Than One Lender?
A: When applying for a private student loan, we recommend that you only work with one lender at a time. Completing simultaneous loan applications will add credit inquiries to your credit report that can, ultimately, reduce your credit score. Please review the enclosed list of lenders carefully, selecting your top pick for submitting a loan application. If your first choice of lenders declines your application and you’ve exhausted all possibilities of obtaining an approval from them (e.g. reapplying with a cosigner), you can, at this point, complete a second loan application with an alternative lender.
Q: When Should I Apply for a Private Loan?
A: We recommend that you begin the private loan application process in June prior to the beginning of classes.
Q. How Much Can I Borrow in Private Student Loans?
A: You’re eligible to borrow up to the approved budget less any anticipated scholarships and/or federal student loans. We encourage you to be conservative about the amount you borrow, borrowing only what you need.
INTERNATIONAL STUDENTS
Q: Are International Students Eligible For Federal Stafford Loans?
A: No. These types of loans are only available to U.S. citizens and permanent residents.
Q: What Kind of NYU School of Law Financial Aid Is Available To International Students?
A: International J.D. students may be eligible receive NYU School of Law institutional funding. International LL.M. students are eligible for merit-based scholarship funding only, as determined by the Office of Admissions.
Q: As An International Student, What Types of Loans Am I Eligible To Receive?
A: You may be eligible for loans from you own country and some private educational loans through U.S. lenders.
Q: Does NYU Offer Any Loans?
A: No. NYU is not a lender.
Q: My Lender Requires That I Have A Social Security Number. What Should I Do?
A: Please contact the New York University Office of International Students and Scholars at (212) 998-4720 for more information about obtaining a U.S. Social Security number. Information can also be found at www.nyu.edu/osl/oiss.
If you obtain a Social Security number, you must also update the School of Law’s Office of Records & Registration with this information.
STUDENT EXPENSE BUDGETS
Q: What Items Are Not Covered by the Student Expense Budget?
A: Federal regulations mandate that the student expense budget only include education-related expenses. There are many items which students assume can be included in the student expense budget that are prohibited. The most common misconceptions include the following:
Consumer Debt
Students are advised that the budget will not allow for any consumer debt such as monthly credit card payments. Students are advised to budget wisely during the summer months to avoid pay off all credit card debt before coming to law school. The Law School Office of Student Financial Services cannot make allowances for credit card debt.
Wardrobe
The cost of a professional wardrobe will also not be considered for a budget adjustment. Students are advised that this cost may be considerable and that wise comparison shopping is advisable.
Moving /Summer Expenses
Moving expenses incurred during the summer preceding your entry into NYU School of Law are not legitimate for increases to the student expense budget. Students are advised to budget accordingly if they will be moving into the New York City area. Additionally, expenses incurred uring the summer(s) between academic years are not covered under the student expense budget.
Bar Expenses
Bar expenses are not allowed under the student expense budget; however, many lenders offer private consumer loans to law students. These loans assist students with paying for the expenses of a bar preparation course and living expenses associated with taking a Bar Exam after graduation. These loans are disbursed to graduating students after graduation.
Q: What If I Have Medical or Dental Expenses Not Covered By My Insurance and I’ve Already Borrowed the Maximum Allowed?
A: Expenses for necessary medical treatment not covered by insurance may be allowed as an adjustment to the student expense budget if you’ve already borrowed to the full extent of the budget. Should you have a medical/dental expense that is not covered by insurance, please contact our office. Typically, we expect a detailed cost of treatment and billing summary for the expenses along with a letter from your doctor substantiating your request.
Q: What If I Purchase a Computer - Should I Request A Budget Increase?
A: If you have not borrowed up to the budget, you do not need a budget increase. If you have borrowed up to the budget and require additional loan funds to bear the computer expense, you may request a budget increase for the purchase. You will need to complete the NYU School of Law Request for Budget Increase Form and attach supporting documentation of the computer expenses.
Q: What is the Maximum Budget Adjustment Amount for a Computer Purchase?
A: The maximum amount of an increase for a computer purchase will be $2,500.00. Students are permitted only one budget adjustment for a computer during their three years at NYU School of Law.
LOAN DISBURSEMENTS AND REFUNDS
Q: I Was Approved For A Loan. When Will It Be Disbursed?
A: All loans are disbursed in two parts at the beginning of each semester (generally in late August or early September and January). Lenders will electronically wire (a selected few mail paper checks) the disbursement monies directly to NYU Bursar’s Office, which, in turn, will apply the funds to your Bursar account.
Q: I Borrowed Money to Cover My Personal and/or Rent Expenses. How is This Money Processed?
A: If you borrowed loans greater than the amount of your NYU School of Law bill, the Bursar’s Office will automatically refund the excess amount to you.
Q: When Will I Get This Money?
A: If you completed your loan applications on time and are eligible for a refund, the Bursar’s Office will process your refund check shortly after your account balance is paid in full. This generally occurs each semester during the first week of classes.
Q: Where Will My Refund Check Be Sent?
A: Refund checks are mailed to your local address on file; if no local address is on file, the check will go to the permanent address. An outdated address is frequently the reason for delays in receiving a refund check, so be sure to update addresses on the NYU student information system, Albert, at home.nyu.edu.
Q: Is Direct Deposit Available for Student Refunds?
A: Yes. We encourage you to sign up for this service. Doing so will reduce the amount of time it takes for you to get your refund. Go to http://www.nyu.edu/bursar/forms/ to sign up.