When estimating the net cost to the family of a university education, a student should consider two factors: (1) the total cost of tuition, fees, and materials related to a particular program, plus costs directly related to the choice of living style (dormitory, apartment, commuting costs) and (2) financial aid that may be available from a variety of sources. This section provides information on both of these distinct but related topics.

Tuition and Fees: 2008-2009

Following is the schedule of fees established by the Board of Trustees of New York University for the year 2008-2009. The Board of Trustees reserves the right to alter this schedule without notice. Tuition, fees, and expenses may be expected to increase in subsequent years and will be listed in supplements to this bulletin.
   
Note that the registration and services fee covers membership, dues, etc., to the student’s class organization and entitles the student to membership in such University activities as are supported by this allocation and to receive regularly those University and College publications that are supported in whole or in part by the student activities fund. It also includes the University’s health services, emergency and accident coverage, and technology fees.
   
Note: Deposits may be required for laboratory courses. Students should consult the respective departments for information.
   
All fees are payable at the time of registration. The Office of the Bursar is located at 25 West Fourth Street. Checks and drafts are to be drawn to the order of New York University for the exact amount of the tuition and fees required. In the case of overpayment, the balance is refunded on request by filing a refund application in the Office of the Bursar.
   
A fee will be charged if payment is not made by the due date indicated on the student’s statement.
   
The unpaid balance of a student’s account is also subject to an interest charge of 12 percent per annum from the first day of class until payment is received.
   
Holders of New York State Tuition Assistance Program (TAP) Awards will be allowed credit toward their tuition fees in the amount of their entitlement, provided they are New York State residents, are enrolled on a full-time basis, and present with their schedule/bill the Award Certificate for the applicable term.
   
Students who receive awards after registration will receive a check from the University after the New York State payment has been received by the Office of the Bursar and the Office of the Registrar has confirmed eligibility.
   
The following is an explanatory schedule of fees for 2008-2009.

FULL-TIME STUDENTS

Tuition, 12 to 18 points per term    $17,615.00
Fall term 2008:Nonreturnable registration and services fee    $1,071.00
Spring term 2009:Nonreturnable registration and services fee    $1,071.00
For each point taken in excess of 18, per point, per term (includes a nonreturnable registration and services fee of $58.00 per point)    $1,096.00

OTHER STUDENTS

Tuition, per point    $1,038.00
Fall term 2008:Nonreturnable registration and services fee, first point     $395.00
Fall term 2008:Nonreturnable registration and services fee, per point, for registration after first point    $58.00
Spring term 2009:Nonreturnable registration and services fee, first point    $408.00
Spring term 2009:Nonreturnable registration and services fee, per point, for registration after first point    $58.00

BASIC HEALTH INSURANCE BENEFIT PLAN

Full-time students are automatically enrolled1,2; all others can select:
Annual    $1,388.00
Fall term    $536.00
Spring term    $852.00(coverage for the spring and summer terms)
Summer term    $376.00(only for students who did not register in the preceding term)

COMPREHENSIVE HEALTH INSURANCE BENEFIT PLAN

International students are automatically enrolled1,2; all others can select:
Annual    $2,170.00
Fall term    $838.00
Spring term    $1,332.00 (coverage for the spring and summer terms)
Summer term    $589.00 (only for students who did not register in the preceding term)

STUDENT PLAN

Dental service through NYU’s College of Dentistry:
Primary member    $225.00
Partner    $225.00
Dependent (under age 16)    $80.00
Renewal membership    $185.00

SPECIAL FEES FOR ALL STUDENTS

Late payment of tuition fee    $25.00
Late registration fee commencing with the second week of classes    $50.00
Late registration fee commencing with the fifth week of classes    $100.00

1Waiver option is available.
2Students automatically enrolled in the Basic Plan or the Comprehensive Plan can change between plans, or waive the plan entirely (and show proof of other acceptable health insurance).


ACADEMIC SUPPORT FEE

All students must pay an academic support fee. For those taking 12 points or more, it is $25.00 per term. For those taking fewer than 12 points, it is $5.00 per point, up to a maximum of $25.00 per term.

MAINTENANCE OF MATRICULATION

Per term    Varies
Plus Nonreturnable registration and services fee:
Fall term    $337.00
Spring term (coverage for spring and summer terms)    $350.00

SPECIAL PROGRAMS

For expenses for study in the NYU programs abroad and in NYU International Exchange Programs, contact NYU Office of Global Programs, 110 East 14th Street, Lower Level, New York, NY 10003-4170; 212-998-4433.

DEFERRED PAYMENT PLAN

The Deferred Payment Plan allows you to pay 50 percent of your net balance due for the current term on the payment due date and defer the remaining 50 percent until later in the semester. This plan is available to students who meet the following eligibility requirements:

• Matriculated and registered for 6 or more points
• Without a previously unsatisfactory University credit record

Interest (finance charges) will accrue beginning from the first day of class at 12 percent per annum (1 percent per month) on the unpaid balance. A $25.00 late fee will be assessed if deferred payments are made after the due date. For additional information, please contact the Office of the Bursar at 212-998-2806.

TUITIONPAY PLAN

TuitionPay (formerly called AMS) is a payment plan administered by SallieMae. The plan is open to all NYU students with the exception of the SCPS noncredit division. This interest-free plan allows for all or a portion of a student’s educational expenses (including tuition, fees, room, and board) to be paid in monthly installments.
   
The traditional University billing cycle consists of one large lump sum payment due at the beginning of each semester. TuitionPay is a budget plan that enables a family to spread payments over the course of the academic year. By enrolling in this plan, you spread your fall semester tuition payments over a four-month period (June through September) and your spring semester tuition payment over another four-month period (November through February).
   
With this plan, you budget the cost of your tuition and/or housing, after deducting any financial aid you will be receiving and/or any payments you have made directly to NYU.
   
A nonrefundable enrollment fee of $50.00 is required when applying for the fall/spring TuitionPay plan. You must enroll in both the fall and spring plans. Monthly statements will be mailed by TuitionPay, and all payments should be made directly to them. For additional information, contact TuitionPay at 800-635-0120 or visit the NYU Bursar Web site at www.nyu.edu/bursar.

ARREARS POLICY

The University reserves the right to deny registration and withhold all information regarding the record of any student who is in arrears in the payment of tuition, fees, loans, or other charges (including charges for housing, dining, or other activities or services) for as long as any arrears remain.

Diploma Arrears Policy

Diplomas of students in arrears will be held until their financial obligations to the University are fulfilled and they have been cleared by the Bursar. Graduates with a diploma hold may contact the Office of the Bursar at 212-998-2806 to clear arrears or to discuss their financial status at the University.

WITHDRAWAL AND REFUND OF TUITION

A student who for any reason finds it impossible to complete a course for which he or she has registered should consult with an academic adviser. An official withdrawal must be filed either on Albert (through the first three weeks of the term only) or in writing on a completed Change of Program (drop/ add) form with the Office of the University Registrar. (Note: An official withdrawal must be filed if a course has been canceled, and, in this case, the student is entitled to a refund of tuition and registration fees paid.) Withdrawal does not necessarily entitle the student to a refund of tuition paid or a cancellation of tuition still due. A refund of tuition will be made provided such withdrawal is filed within the scheduled refund period for the term. (See the following schedule.)
   
Merely ceasing to attend a class does not constitute official withdrawal, nor does notification to the instructor. A stop payment of a check presented for tuition does not constitute withdrawal, nor does it reduce the indebtedness to the University. The nonreturnable registration fee and a penalty fee of $20.00 for a stopped payment must be charged in addition to any tuition not canceled.
   
The date on which the Change of Program form is filed, not the last date of attendance in class, is considered the official date of the student’s withdrawal. It is this date that serves as the basis for computing any refund granted the student.
   
The refund period (see schedule below) is defined as the first four calendar weeks of the term for which application for withdrawal is filed. The processing of refunds takes approximately two weeks.

REFUND PERIOD SCHEDULE (FALL AND SPRING TERMS ONLY)

This schedule is based on the total applicable charge for tuition, excluding nonreturnable fees and deposits.

Withdrawal on or before the official opening date of the term    100%
(100% of tuition and fees)*

Withdrawal on the second day after the official opening date of the term through the first calendar week    100%
(100% of tuition only)
Note: The first calendar week consists of the first seven (7) calendar days beginning with the official opening date of the term (not the first day of the class meeting).

Withdrawal within the second calendar week of the term    70%

Withdrawal within the third calendar week of the term    55%

Withdrawal within the fourth calendar week of the term    25%

Withdrawal after completion of the fourth calendar week of the term    None

*Note: After the official opening date of the term, the registration and services fee is not returnable.

The above refund schedule is not applicable to students whose registration remains within the flat-fee range.

Note: A student may not withdraw from a class after the ninth week of the fall or spring semester or the last two weeks of each six-week summer session.
   
Exceptions to the published refund schedule may be appealed in writing to the refund committee in the College Advising Center (Silver Center, 100 Washington Square East, Room 905) and should be supported by appropriate documentation regarding the circumstances that warrant consideration of an exception. Exceptions are rarely granted. Students who withdraw should review the “Refunds” page on the Office of the Bursar’s Web site, www.nyu.edu/bursar.
   
Federal regulations require adjustments reducing financial aid if a student withdraws even after the NYU refund period. Financial aid amounts will be adjusted for students who withdraw through the ninth week of the semester and have received any federal grants or loans. This adjustment may result in the student’s bill not being fully paid. NYU will bill the student for this difference. The student will be responsible for payment of this bill before returning to NYU and will remain responsible for payment even if he or she does not return to NYU.
   
For any semester a student receives any aid, that semester will be counted in the satisfactory academic progress standard. This may require the student to make up credits before receiving any further aid. Please review the “satisfactory academic progress” standard for your school so you do not jeopardize future semesters of aid. Students who withdraw should review the “Refund” page on the NYU Office of the Bursar Web site (www.nyu.edu/bursar).

TUITION INSURANCE

The College strongly advises students to consider purchasing tuition insurance to protect their investment in the event of withdrawal from courses beyond the published refund schedule. Please contact A. W. G. Dewar, Inc. (Four Batterymarch Park, Quincy, MA 02169-7468; 617-774-1555) or visit www.tuitionrefundplan.com for more information.

Financial Aid

New York University awards financial aid in an effort to help students meet the difference between their own resources and the cost of education. All awards are subject to availability of funds and the student’s demonstrated need. Renewal of assistance depends on annual reevaluation of a student’s need, the availability of funds, the successful completion of the previous year, and satisfactory progress toward completion of degree requirements. In addition, students must meet the published filing deadlines. Detailed information about financial aid is forwarded with the admission application and is also available on the Office of Financial Aid Web site, www.nyu.edu/financial.aid. A concise summary is also included in the NYU Student’s Guide, available at the Student Resource Center, Kimmel Center for University Life, 60 Washington Square South, Suite 210.
   
Many awards are granted purely on the basis of scholastic merit, while others are based on financial need. It is frequently possible to receive a combination of awards based on both. University scholarships or fellowships may be granted by themselves or in conjunction with student loans or Federal Work-Study employment. To ensure that maximum sources of available support will be investigated, students must apply for financial aid by the appropriate deadline.
   
It is the student’s responsibility to supply true, accurate, and complete information to the Office of Financial Aid and to notify the office immediately of any changes or corrections in his or her financial situation, enrollment status, or housing status, including tuition remission benefits, outside scholarships and grants, and state-sponsored, prepaid college savings plans.
   
A student who has received a financial aid award must inform his or her department and the Office of Financial Aid if he or she subsequently decides to decline all or part of that award. To neglect to do so may prevent use of the award by another student. If a student has not claimed his or her award (has not enrolled) by the close of regular (not late) registration and has not obtained written permission from his or her department and the Office of Financial Aid for an extension, the award may be canceled, and the student may become ineligible to receive scholarship or fellowship aid in future years.
   
Determination of financial need is also based on the number of courses for which the student indicates he or she intends to register. A change in registration therefore may necessitate an adjustment in financial aid.

HOW TO APPLY

Students must submit the Free Application for Federal Student Aid (FAFSA), and later, New York State residents must also complete the preprinted New York State Tuition Assistance Program (TAP) application, which is mailed automatically to the student by the New York State Higher Education Services Corporation (HESC) after the FAFSA is processed. (The TAP application is also available on the Internet when using FAFSA on the Web. See www.nyu.edu/financial .aid/tap.html.) The FAFSA (available online at www.fafsa.ed.gov, from the student’s current high school, or from the NYU Office of Financial Aid) is the basic form for all student aid programs. Be sure to complete all sections. Students should give permission on the FAFSA for application data to be sent directly to New York University. (The NYU federal code number is 002785.)
   
Students are encouraged to apply for financial aid electronically—the fastest and most accurate method. See www.nyu.edu/financial.aid or www.fafsa.ed.gov. Entering freshmen should submit the application by February 15 for the fall term or by November 1 for the spring term. Returning undergraduates and transfer students should apply no later than March 1. Graduate students should consult the Office of Financial Aid Web site or their department for financial aid deadlines.
  
Students requiring summer financial aid must submit a summer aid application in addition to the FAFSA and TAP applications. The summer aid application, available in February, can be obtained from the Office of Financial Aid or its Web site, www.nyu.edu/financial.aid.

ELIGIBILITY

Enrollment: To be considered for financial aid, students must be officially admitted to NYU or matriculated in a degree program and making satisfactory academic progress toward degree requirements. Students in certain certificate or diploma programs may also be eligible for consideration. Generally, University-administered aid is awarded to full-time students. Half-time students (fewer than 12 but at least 6 points per semester) may be eligible for a Federal Stafford Loan or a Federal PLUS Loan, but they must also maintain satisfactory academic progress. Part-time undergraduate students may also be eligible for Aid for Part-Time Study (APTS; New York State residents only—a separate application is necessary) or for Pell Grants.

Renewal eligibility: Financial aid awards are not automatically renewed each year. Continuing students must submit a Renewal FAFSA each year by the NYU deadline, continue to demonstrate financial need, make satisfactory progress toward degree requirements, and be in good academic standing.

Citizenship: In order to be eligible for aid from NYU and from federal and state government sources, students must be classified either as U.S. citizens or as eligible noncitizens. Students are considered to be eligible noncitizens for financial aid purposes if one of the following conditions applies:

• U.S. permanent resident with an Alien Registration Receipt Card I-551 (“green card”)
• Other eligible noncitizen with an Arrival-Departure Record (I-94) showing any one of the following designations: (a) “Refugee,” (b) “Indefinite Parole,” (c) “Humanitarian Parole,” (d) “Asylum Granted,” or (e) “Cuban-Haitian Entrant”

Withdrawal: Those receiving federal aid who withdraw completely may be billed for remaining balances resulting from the mandatory return of funds to the U.S. government. The amount of federal aid “earned” up to that point is determined by the withdrawal date and a calculation based upon the federally prescribed formula. Generally, federal assistance is earned on a prorata basis.

University-Sponsored and Administered Programs

Through the generosity of its alumni and other concerned citizens, as well as from funds supplied by the federal government, the University is able to provide an extensive financial aid program for its students. Awards are competitive and based on academic achievement, test scores, and, in most cases, financial need.

SCHOLARSHIPS AND GRANTS

Scholarships and grants awarded by the University generally range from $500 to $25,000. In addition, the University has established separate scholarship funds for students in special situations of merit or need. There is no separate application for NYU scholarships. All students are automatically considered for academic (merit-based) and financial-need-based scholarships after applying for admission and financial aid. The FAFSA and the admissions application contain all the information needed for scholarship determination.

New York University Merit Scholarships: The University sponsors scholarships for finalists in the annual National Merit Scholarship Programs. New York University must be listed as the first choice of schools in order to qualify for New York University Merit Scholarships.

The Reynolds Program in Social Entrepreneurship: The Reynolds Program in Social Entrepreneur-ship offers 10 undergraduate scholarships each year. The program is a comprehensive initiative designed to equip the next generation of social entrepreneurial leaders and infrastructure developers and managers with the skills, resources, and networking opportunities needed to help solve society’s most intractable problems in sustainable and scalable ways. The undergraduate scholarship provides up to $40,000 over two years, as well as dedicated curricular and cocurricular activities. Students must submit an application for consideration. For more details, visit www.nyu.edu/reynolds.
Intel and Siemens Scholars: Finalists in the Intel and Siemens Science Talent Searches are eligible to participate in the College of Arts and Science Scholars Program. The Scholars Program includes a scholarship award in addition to activities. Recipients are paired with a senior faculty member who serves as academic adviser, personal counselor, and independent-research facilitator. Scholars also receive a special stipend that may be used for continued research and for summer or international study.

Women in Science Program: The Women in Science (WINS) Program selects and supports a core group of talented, motivated women from each entering class who are interested in a career path focused on science and math research. These women, WINS Scholars, will have the opportunity to participate in a program of study, research, and mentoring specifically tailored to their chosen academic path. WINS Scholars are offered certain specialized courses and invitations to events with notable women in the science and math professions, as well as both a financial scholarship and a research stipend.

Martin Luther King, Jr., Scholars Program: Since its inception in 1987, the Martin Luther King, Jr., Scholars program has awarded over 300 need-based and merit scholarships to incoming freshmen attending one of the eight undergraduate schools and colleges at NYU. These students present records of outstanding academic achievement, leadership, and commitment to the principles of community service, humanitarianism, and social progress. MLK Scholars help to plan and participate in academic and cultural events that draw on the vast resources of New York University and New York City. They explore cultural diversity through domestic and international travel and take the lead in helping others through community service.

Lewis Rudin City Scholars: Rudin Scholars are outstanding entering freshmen selected from public and parochial high schools in all five boroughs of New York City. In addition to their scholarship, the scholars participate in academic and cultural activities in New York City. The program is named in honor of the late real estate developer Lewis Rudin, former president of the Association for a Better New York and an NYU alumnus and trustee.

AnBryce: Through the generosity of the AnBryce Foundation, this scholarship is awarded each year to a small number of academically motivated students who demonstrate financial need and who are about to be the first generation in their family to attend college. The award will cover up to the cost of tuition and is renewable over four years of undergraduate study at NYU. These Scholars will participate in a rich combination of orientation and mentoring programs, as well as educational and cultural activities. Students are expected to maintain a minimum GPA of 3.5 each year and to participate actively in program activities.

ARCH: This University scholarship is awarded each year to students who demonstrate financial need and who are committed to having a positive impact on the world. The Office of Undergraduate Admissions is partnering with the Wasserman Center for Career Development to create a career development and internship program for these Scholars, which—at the onset of their freshman year—will introduce them to career options and help them to develop career potential and marketable professional skills. The award will help to meet full need and is renewable over four years of undergraduate study at NYU.

LOAN PROGRAM

Federal Perkins Loan Program: New York University administers the Federal Perkins Loan Program, supported by the federal government. The University determines eligibility for a Perkins Loan based on a student’s financial need and availability of funds; students are considered for this loan when they apply for financial aid. New York University generally awards Perkins Loans to the neediest full-time students only.
 
Perkins Loans are made possible through a combination of resources: an annual allocation from the U.S. Department of Education, a contribution from New York University, and repayments by previous borrowers.
   
The annual interest rate is currently 5 percent, and interest does not accrue while the student remains enrolled at least half-time.

PART-TIME EMPLOYMENT

Wasserman Center for Career Development: Most financial aid award packages include work-study. This means that students are eligible to participate in the Federal Work-Study Program and may earn up to the amount recommended in their award package. Work-study wages are paid directly to the student on a biweekly basis and are normally used for books, transportation, and personal expenses.
   
It is not necessary to be awarded work-study earnings in order to use the services of the Wasserman Center. All students may use the center as soon as they have paid their tuition deposit and may also wish to use the center as a resource for summer employment. Extensive listings of both on-campus and off-campus jobs are available. The Wasserman Center for Career Development is located at 133 East 13th Street, 2nd Floor; 212-998-4730.

Resident assistantships: Resident assistants reside in the residence halls and are responsible for organizing, implementing, and evaluating social and educational activities. Compensation may include room and/or board, and/or a stipend.
   
Applications and further information may be obtained from the Office of Residential Education, New York University, 75 Third Avenue, Level C2, New York, NY 10003-5582; 212-998-4311.

Other Sources of Aid

STATE GRANTS

New York State offers a wide variety of grants and scholarships to residents. Although application is made directly to the state and grants are awarded by the state, the amount each student is expected to receive is estimated and taken into account by the University when assembling the student’s financial aid package.

New York State Tuition Assistance Program (TAP): Legal residents of the state of New York who are enrolled in a full-time degree program of at least 12 points a term, or the equivalent, may be eligible for awards under this program. The award varies, depending on income and tuition cost.

Students applying for TAP must do so via a FAFSA application. (See the earlier “How to Apply” section.) Return the completed application as instructed; do not send the forms to NYU. For more information about TAP, visit www.nyu.edu/financial.aid/tap.html.

Aid for Part-Time Study (APTS): A financial aid program to help New York State residents pursuing part-time undergraduate degree study offers awards in amounts of up to $2,000 per academic year. The amount of an award is determined by the institution. To be eligible, the student must have filed a FAFSA and demonstrated financial need, must not have exhausted his or her TAP eligibility, must be otherwise eligible for financial aid, and must be enrolled for 3 to 11 credit points per term. Applications are available from the Office of Financial Aid or its Web site, www.nyu.edu/ financial.aid. The application deadline varies; please consult the Office of Financial Aid.


Additional programs are listed below. For complete information, contact the New York Higher Education Services Corporation (HESC) toll-free at 888-697-4372 or visit the Web site at www.hesc.com.

• World Trade Center Scholarship
• New York State Scholarship for Academic Excellence
• Regents Professional Opportunity Scholarships
• Awards for Children of Veterans (CV)
• Robert C. Byrd Honors Scholarship
• Memorial Scholarships for Families of Deceased Firefighters, Volunteer Firefighters, Police Officers, Peace Officers, and Emergency Medical Service Workers
• Persian Gulf Veterans Tuition Awards (PGVTA)
• Vietnam Veterans Tuition Awards (VVTA)
• State Aid to Native Americans
• AmeriCorps Educational Award
• Volunteer Recruitment Service Scholarship for Volunteer Fire and Ambulance Recruits
• Military Service Recognition Scholarship (MSRS)

States other than New York: Some students from outside New York State may qualify for funds from their own state scholarship programs that can be used at New York University. Contact your state financial aid agency (call 800-433-3243 to get its telephone number and address) to ask about program requirements and application procedures. When you receive an eligibility notice from your state program, you should submit it to NYU’s Office of Financial Aid in advance of registration.

FEDERAL GRANTS AND BENEFITS

Pell Grant Program: The Federal Pell Grant Program provides assistance to undergraduate students who demonstrate financial need according to economic criteria and program requirements established by the federal government. To be eligible, you must enroll in a degree or approved certificate/ diploma program and be matriculated for your first bachelor’s degree. (You are not eligible if you have already completed a bachelor’s degree.) By submitting the Free Application for Federal Student Aid (FAFSA), you also apply for a Federal Pell Grant.

Federal Academic Competitiveness Grant (ACG): The Academic Competitiveness Grant (ACG) provides federal assistance to students who are also eligible for a Federal Pell Grant and have financial need. Students must also be U.S. citizens, be enrolled full-time, and be in a two- or four-year undergraduate degree program. They must not have previously enrolled in an undergraduate program and must have been in a rigorous high school program or met the standard of rigor via other means as defined by the Department of Education. The amount of the award varies, depending on whether the student is in his or her first or second year. For students receiving the ACG in their first year, they must have graduated from high school after January 1, 2006. For students receiving ACG in their second year, they must have graduated from high school after January 1, 2005. Returning students must have a cumulative GPA of 3.0 or above. Students will automatically be reviewed for ACG eligibility each semester.

Federal Supplemental Educational Opportunity Grants (SEOG): These federally funded grants are awarded to undergraduates whose financial need is substantial. All FAFSA filers who qualify are automatically considered for this grant. However, funds for this program are very limited.

Veterans benefits: Various programs provide educational benefits for spouses, sons, and daughters of deceased or permanently disabled veterans, as well as for veterans and in-service personnel who served on active duty in the United States Armed Forces after January 1, 1955. In these programs the amount of benefits varies.
   
Applications and further information may be obtained from the student’s regional office of the Department of Veterans Affairs. Additional guidance may be obtained from the Office of the University Registrar, 25 West Fourth Street, 1st Floor.

OUTSIDE SCHOLARSHIPS AND GRANTS

Students may be eligible for a private scholarship or grant from an outside agency. Some sources to explore are employers, unions, professional organizations, and community and special interest groups. A number of extensive scholarship search resources are available free on the Internet, and several are featured on the NYU Office of Financial Aid Web site, www.nyu.edu/financial.aid. Students must notify the Office of Financial Aid if they receive funds from any of these sources.

FEDERAL LOANS

Subsidized Stafford Student Loan (SSL) Program: The subsidized federal Stafford Student Loan Program provides low-interest student loans using the capital of lending institutions and the administrative facilities of state agencies. These loans are made by independent banks or lending institutions and are generally insured by both the state and federal governments.
   
During the first year of undergraduate study, the student may borrow up to a maximum of $3,500. In subsequent years, the amount is increased to $4,500 (sophomores), $5,500 (juniors and seniors), and $8,500 (graduate students). Within these limits, students may borrow up to the difference between the cost of education, the family contribution, and the total of all financial aid awards. For dependent students, “family contribution” is derived from the incomes of the parents and the student. For graduate students and independent undergraduates, family contribution is based on the incomes of the student and spouse (if married).
   
The subsidized Stafford Student Loan interest rate for all students is fixed at 6.8 percent. Interest does not accrue, however, nor does repayment begin, until six months after the borrower ceases to enroll at least half-time.
   
An insurance premium of up to 1 percent, as well as an origination fee of up to 3 percent, may be deducted from the loan funds.
   
Stafford loan disbursements are copayable to NYU and the student, and funds are applied first to any outstanding balance on the student’s account.

Unsubsidized Stafford Student Loan Program: For independent undergraduate students, graduate/professional degree students, and some dependent undergraduate students for whom it is documented that their parents cannot obtain a PLUS loan, the unsubsidized federal Stafford Student Loan provides additional loan eligibility beyond any subsidized Stafford amounts. Students must first apply for the regular (subsidized) Stafford program, and if they meet eligibility criteria they will be automatically considered for the unsubsidized program. Terms and conditions are essentially the same as for the regular Stafford loan, except the federal government does not pay the interest on the unsubsidized loan while the student is in school. Students must begin to repay interest and principal 60 days after the first loan funds are issued. Payment of the principal may be deferred if the student is enrolled at least half-time for the period of the loan. Also, the interest can be “capitalized” (added to the principal) if desired.
   
Freshmen and sophomores may borrow up to $4,000 each year, juniors and seniors up to $5,000 each year, and graduate students up to $12,000 each year. The total amount borrowed in any year may not exceed the cost of education minus the total family contribution and minus all other financial aid received that year.
   
Stafford loan disbursements are copayable to NYU and the student, and funds are applied first to any outstanding balance on the student’s account.

Stafford Loan limits: Generally, the total debt a student can have outstanding from all Stafford Loans combined is $23,000 as a dependent undergraduate student; $46,000 as an independent student (only $23,000 of this amount may be in subsidized loans); and $138,500 as a graduate or professional student (only $65,500 of this amount may be in subsidized loans). The graduate debt limit includes any Stafford Loans received for undergraduate study.

PLUS Loan Program: The federal PLUS Loan Program enables creditworthy parents of dependent students to borrow up to an amount equal to the cost of education minus all other financial aid. No aggregate borrowing limits apply.
   
The annual interest rate is fixed at 8.5 percent. For this reason, eligible individuals are strongly encouraged to choose a federal PLUS loan before applying for a private educational loan. Repayment of the PLUS loan typically begins within 60 days after funds are disbursed and may extend up to 10 years. An origination fee of up to 3 percent will generally be deducted at the time of disbursement.

PRIVATE LOANS

Various private student loan programs are available to both U.S. and international students attending NYU. Created to supplement federal and institutional aid, they feature attractive terms and interest rates, and all creditworthy families facing college expenses are eligible. There are no maximum income limits. Loans are made through banks, savings and loan organizations, and other lenders. For more information, see the NYU Office of Financial Aid Web site (www.nyu.edu/financial.aid) or contact the Office of Financial Aid.

EMPLOYEE EDUCATION PLANS

Many companies pay all or part of the tuition of their employees under tuition refund plans. Employed students attending the University should ask their personnel officers or training directors about the existence of a company tuition plan. Students who receive tuition reimbursement and NYU employees who receive tuition remission from NYU must notify the Office of Financial Aid if they receive this benefit.