Financial Aid FAQs

OT@NYU Tuition and Billing

How much does OT@NYU cost?
Tuition is based on the number of credits for which you register. Current tuition rates can be found on the OT@NYU Tuition and Financial Aid page.

Are there additional fees assessed on top of tuition? (lab fees, program fees, registration fees, student fees, placement fees, activity fees, etc.)
In addition to tuition, there are registration/student service fees assessed. Current tuition and fee rates can be found on the NYU Steinhardt Tuition and Cost of Attendance page.

How much is the enrollment deposit?
The cost of the enrollment deposit is $500.

Financial Aid at NYU

Can I use financial aid to cover the deposit?
Student financial aid cannot be used to pay the deposit.

Is the deposit required to be paid before I can receive my award package?
No, you do not need to pay the deposit in order to receive your financial aid package.

How does billing work?
Billing is handled through the Student Accounts office. You are billed per term for the number of credits for which you’ve registered.

How do I pay my bill? (electronic debit, check, money order, etc.)
Payment methods include electronic check through eSuite, personal check, or cash.

How does my employer go about paying the school?
Third party payments are set up through Student Accounts.

Does the school offer payment plan options?
NYU offers the Deferred Payment Plan option for online students. For additional information and payment methods, contact the NYU Office of the Bursar.

Will I be able to start classes if my funds are received after the payment due date?
Yes, you can start classes but will need to have your bill completely satisfied before you are able to register for the next term. You will be held accountable for any unpaid tuition.

What is the process if I’m eligible for a refund?
Eligible students may receive electronic refunds through the account they use to accept electronic transfers. Another option is to receive the refund directly via check.

Who can I contact at NYU for billing questions?
You should contact the Office of the Bursar at 212-998-2806 or contact the Office of the Bursar via email at bursar.studentaccounts@nyu.edu.

Are there any school specific supplemental financial aid forms I need to complete?
There are no supplemental financial aid forms, however, in order for your loans to disburse, you will need to complete the Master Promissory Note and Entrance Counseling for both the Direct Unsubsidized Loan and the Direct Graduate PLUS Loan. You can complete Loan Counseling on the Federal Student Aid website at StudentLoans.gov.

What is the minimum number of credits required to receive federal student aid?
You must be registered for at least 6 credits per semester or have half-time equivalency to be eligible to receive federal student aid.

Once admitted, how long will it take to receive my financial aid award package?
Award packages are typically provided two to three days after admission and after the receipt of the appropriate FAFSA application has been received.

How will I receive my financial aid award letter?
The award letter is available to view in the student portal (MyAlbert).

How do I accept my student loans?
Student loans are accepted via the student portal (MyAlbert).

Am I required to accept the full amount that I am offered on my award letter?
You can accept, reduce, or decline any financial aid offered on the award letter.

Does my Direct Loan eligibility cover the entire cost of the program?
Assuming you are eligible for both the Direct Unsubsidized Loan and the Direct Graduate PLUS Loan, you may borrow for tuition and fees in full.

How soon will loans disburse to my student account?
Federal student loans do not disburse earlier than 10 days prior to the start of classes.

Can I use loans to cover additional expenses (housing, books, supplies, etc.)?
If you have eligibility for additional loan funds based on your Cost of Attendance, you are able to use those resources to cover expenses such as books, supplies, living, and meals.

Can I use loans to cover the cost of immersion and capstone experiences?
Required immersions/capstones are credit-bearing, therefore, they would be added to the tuition fees and would be billed their respective per-credit cost. Immersions/capstones are considered "educational-related expenses" and could potentially be covered using Federal Student Aid if eligible.

Who can I contact at NYU for financial aid questions?
You can contact the Financial Aid Office at 212-998-4444 or contact the Financial Aid office via email at financial.aid@nyu.edu.

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FAFSA

What is FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the application the Department of Education uses to determine if you are eligible to receive federal student aid to fund your  undergraduate or graduate program.

Where can I find the FAFSA?
The FAFSA is available online at FAFSA.ed.gov. The FAFSA is a FREE application. If a website is requesting payment to complete the FAFSA, then you are not on the official website.

What is the University FAFSA school code?
NYU's school code is 002785.

Do I need my parents’ tax information to complete the FAFSA if I live on my own?
If you are applying for graduate school, you do not need your parents’ information to complete the FAFSA.

When should I complete the FAFSA?
The FAFSA is available every October for the upcoming academic year. If you are planning to use federal student aid, you should complete your FAFSA while applying for admission.

The FAFSA must be completed each academic year in order to remain eligible for federal student aid. Please reference the chart below to determine which FAFSA to complete based on your desired start date:

FAFSA Application Years
Start Term FAFSA Year
September 2018 Fall 2018 2018-2019
January 2019 Winter 2019 2018-2019

What constitutes an academic year for federal student aid?
An academic year is the year for which financial aid is used to fund your education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.

What federal student aid is available to graduate students?
The type of federal student aid graduate students are eligible to apply for includes the Federal Direct Unsubsidized Loan and the Federal Direct Graduate PLUS Loan. Learn more about the types of federal student aid.

Will I need to fill out the FAFSA each year?
Yes, you will need to complete the FAFSA for each academic year in which you plan on applying for federal student aid.

Why am I not eligible for the Pell Grant or Federal Subsidized Loan?
The Department of Education awards Federal Pell Grants and Subsidized Loans to eligible undergraduate students who have not yet completed their bachelor degrees and who demonstrate financial need. The Department of Education does not evaluate need or income for loans at the graduate/professional level. Therefore, graduate students are not eligible for the Federal Pell Grant or the Direct Subsidized Loan.

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Direct Unsubsidized Loan

What criteria is used to determine eligibility for federal student aid?
In order to apply for federal student aid you must:

  • Be a U.S. citizen or eligible noncitizen
  • Have a valid SSN
  • If you’re male, be registered with Selective Service (must register between the age of 18-25)
  • Be enrolled or accepted for enrollment in an eligible degree program
  • Be enrolled at least half-time in an eligible program
  • Maintain satisfactory academic progress
  • Not be in default on previous student loans borrowed through FSA
  • Not have exceeded the maximum aggregate loan limit
  • Direct Unsubsidized Loans are not based on need or income

You can learn more about federal student aid eligibility criteria at StudentAid.ed.gov.

What if I am currently in default or have defaulted on a prior federal student loan?
Visit the National Student Loan Data System (NSLDS) and contact your lender for details on how to clear the default. Students in default are not eligible for additional federal loans until the default is cleared.

What is the aggregate loan limit?
The total amount that you may borrow for undergraduate and graduate study is the aggregate loan limit. You can learn more about aggregate loan amounts on the Federal Student Aid website.

How do I find out if I am near my aggregate loan limit?
You may visit the National Student Loan Data System website to view your federal student loan borrowing history.

What is the difference between a Direct Unsubsidized Loan and a Direct Subsidized Loan?
Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on Subsidized Loans while students are enrolled in their undergraduate program. Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. The Unsubsidized Loan begins accruing interest as soon as funds are disbursed. Learn more about the difference between unsubsidized and subsidized loans.

How much am I eligible to receive from my Direct Unsubsidized Loan?
Most graduate level students are potentially eligible to receive up to $20,500 per academic year in the Direct Unsubsidized Loan. Learn more about graduate annual loan limits.

How do I apply for a Direct Unsubsidized Loan?
To apply for a Direct Unsubsidized Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA). NYU will use the information from your FAFSA to determine how much student aid you are eligible to receive.

What is the current Direct Unsubsidized Loan interest rate?
The Direct Unsubsidized Loan interest rate is determined at the beginning of each academic year and is available on the StudentAid.gov website.

Are there any additional loan fees for the Direct Unsubsidized Loan?
There is a loan origination fee that is a percentage of the total loan amount. The loan origination fee is deducted proportionately from each loan disbursement you receive. Information on Unsubsidized Loan origination fees can be found on the Interest Rates and Fees page of the Federal Student Aid website.

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Direct Graduate PLUS Loan

What is the Direct Graduate PLUS Loan?
The Direct Graduate PLUS Loan is a federal loan that graduate or professional degree students can use to help pay education expenses in addition to the Direct Unsubsidized Loan. Learn about Direct PLUS Loans.

What are the eligibility criteria to apply for the Direct Graduate PLUS Loan?

In order to apply for a Direct Graduate PLUS Loan, you must:

  • Be a U.S. citizen or eligible noncitizen
  • Have a valid SSN
  • If you’re male, be registered with Selective Service (must register between the age of 18-25)
  • Be enrolled or accepted for enrollment in an eligible degree program
  • Be enrolled at least half-time in an eligible program
  • Maintain satisfactory academic progress
  • Not be in default on previous student loans borrowed through FSA
  • Not have exceeded the maximum aggregate loan limit
  • Not have an adverse credit history
  • Graduate PLUS Loan is based on credit history

Does the Direct Graduate PLUS Loan affect my aggregate loan limit?
No. Only Direct Subsidized/Direct Unsubsidized Loans (formerly referred to as Stafford loans) and federal loans made through the Federal Family Education Loan (FFEL) Program count towards your aggregate loan limit.

What are the credit criteria to receive the Direct Graduate PLUS Loan?
One of the eligibility requirements to receive a Graduate PLUS Loan is that you must not have an adverse credit history. A credit check is performed to determine whether a Graduate PLUS Loan applicant meets this requirement. A list of what constitutes "adverse credit history" can be found on the Federal Student Aid website.

How much can I borrow from the Direct Graduate PLUS Loan?
If approved for the Graduate PLUS Loan, you can borrow up to the cost of attendance as determined by the school/program.

When can I apply for the Direct Graduate PLUS Loan?
You can apply for the Graduate PLUS Loan within 180 days prior to the start of your program, or once you are enrolled.

How do I apply for the Direct Graduate PLUS Loan?
In order to apply for the Direct Graduate PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). Once you have completed the FAFSA, you can apply for the Direct Graduate PLUS Loan by completing the credit application at StudentLoans.gov. You must also complete the Graduate PLUS Loan Agreement Master Promissory Note (MPN).

What are my options if I'm denied the Direct Graduate PLUS Loan?
If you are denied the Graduate PLUS Loan, you may reapply with an endorser or follow instructions on the Department of Education's website to appeal the denial.

What is the Direct Graduate PLUS loan current interest rate?
The Direct Graduate PLUS Loan interest rate is determined at the beginning of each academic year and is available on the StudentAid.gov website.

Are there any additional loan fees for the Direct Graduate PLUS Loan?
There is a loan origination fee that is a percentage of the total loan amount. The loan origination fee is deducted proportionately from each loan disbursement you receive. Information on PLUS loan origination fees can be found on the Interest Rates and Fees page of the Federal Student Aid website.

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Loan Repayment

Do I have to pay my student loans back while I’m in school?
You are not required to begin paying your student loans while you are in school as long as you are enrolled at least half-time. Your Unsubsidized Loan will go into repayment six months after you graduate, take a leave of absence, or fall below half-time status.

When do I have to pay back my loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer and you will be notified of your first payment due date. Payments are usually due monthly. You are not required to pay while in school, however, if you choose to, there is no penalty to prepay. Learn more about repayment timelines.

What are the repayment plan options and how do I select one?
The Department of Education (DOE) offers multiple options for repayment. You may visit the DOE website for more information on loan repayment plans.

Is there a repayment calculator or estimator that I can use?
Yes, visit the DOE website for repayment calculators.

Can I consolidate my graduate loans and my undergraduate loans?
A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan including both graduate and undergraduate loans. The result is a single monthly payment instead of multiple payments. Learn more about loan consolidation.

Are there any loan forgiveness options available?
Please review the Department of Education website for more information on federal loan forgiveness programs.

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Military Education Benefits

How do I apply for military education benefits?
To begin the process of applying for eligible military education benefits, visit the U.S. Department of Veterans Affairs website.

What documents are required to process military education benefits?
Visit Vets.gov to complete the Education Benefits Application which generates a request for the Certificate of Eligibility (COE). Once approved for benefits, the VA will mail the COE to you within 6-8 weeks from submitting the application.

What is the Yellow Ribbon Program (YRP)?
The Yellow Ribbon Program allows degree-granting private colleges and universities in the United States to voluntarily enter into an agreement with the VA to fund tuition expenses that exceed the annual maximum cap for the resident tuition and fees at public institutions. Veterans who are utilizing Post-9/11 GI Benefits and who are entitled to 100% of their benefit may be eligible. To participate in the Yellow Ribbon program, you must be using Post-9/11 GI benefits at 100% eligibility, not on active duty, and not a military spouse. There are a limited number of Yellow Ribbon awards available. Learn more about the Yellow Ribbon Program.

What is the difference between active and non-active duty?
Active Duty means you are in the military full time and not currently eligible for the Yellow Ribbon Program (YRP). Non-Active Duty means you are no longer serving in any military service of the United States and you are eligible for the YRP if at 100% per the COE.

What are the eligibility factors for the Post 9/11 GI Bill?
You are potentially eligible if you have at least 90 days of aggregate active duty service after September 10, 2001 and are still on active duty. You are potentially eligible if you are an honorably discharged Veteran or were discharged with a service-connected disability after 30 days. Learn more about the Post-9/11 GI Bill.

What is the current tuition and fee payment rate, and Monthly Housing Allowance (MHA)?
The tuition and fee payment rate, and MHA are determined at the beginning of each military academic year on August 1st. The current rate table is located on the Education and Training page of the U.S. Department of Veterans Affairs site.

Who can I contact at NYU for questions about using Military Education Benefits?
For questions regarding your military education benefits, visit the NYU Veterans Benefits page, or contact Karina Blanco, VA Certifying Official, at 212-998-4797.

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