facebook
News and Events
News
Events

Apr 10 2014

NYIT Anatomy Professors Awarded NSF Grant for Evolutionary Studies

Apr 04 2014

NYIT Expert to Lecture on Nation’s Physician Shortage and Poverty

Apr 03 2014

NSF Grant Supports NYIT’s “Clean Water Matters” Workshop in China

Apr 03 2014

NYIT and Peking University Address the Water-Energy Nexus in China

Apr 01 2014

NYIT Tackles Type 2 Diabetes with Surveys and Prevention Workshop

Apr 16 2014

Charlie Chaplin Film Celebration

Apr 16 2014

2014 NYIT JUFE Graduation and Luncheon

Apr 16 2014

LinkedIn 101

Apr 17 2014

U.S. China Ecopartnership Conference: The Water-Energy Nexus, Sustainability and Global Challenges

Apr 17 2014

Michael Maiese, AIA

Private Loans

Once you have received and responded to your NYIT award letter, you can apply for a private loan. Helpful information on Private Loans is listed below. Remember that NYIT also offers Direct Loans.

As a borrower, you have the right and ability to borrow student and/or parent loan funds using any lender you choose.  NYIT encourages students to research and select any of the many educational lenders that provide meaningful benefits to your specific needs. Please note that borrower benefits and lender fees may vary by lender.

E-mail the NYIT Office of Financial Aid at finaid@nyit.edu or call 516.686.7680 to inform us so that we may process and certify your loan correctly. As always, we are here to assist you in any way possible. Helping our students to achieve their academic goals is our top priority.

Private Loans

Private student loans that are used to fill the gap between the cost of education and financial aid received. It is recommended that you borrow the maximum Stafford Loans for which you are eligible and consider the Parent PLUS loan (for dependent undergraduate students) or the Graduate PLUS loan (for graduate students) before applying for an alternative student loan. The Federal PLUS loan is usually less expensive than an alternative loan. In addition, alternative loans are based on credit and debt-to-income ratio whereas the PLUS loan is based on credit only.

Some private loan lenders charge fees on their loans, which can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees may ultimately cost more than a loan with a higher interest rate and no fees. Also, be aware that the higher the number of payments/years that you have to repay the loan, the more money you will pay in interest over the life of the loan.

These rates are generally offered to students with extremely good credit scores. The rates and fees generally increase proportionately as credit scores decline. Many lenders will require school certification and will not lend more than the school determines to fit into the total cost of education less all other financial aid received.

Private loan lenders will usually defer the principal payment while the student is in school and up to 6 months or more after the student leaves school (grace period). During the time of principal deferment, interest is still accruing on these loans. If a student elects not to pay interest while in school, the lender will add the interest to the principal loan amount (capitalization). It is not uncommon for a lender to advertise lower interest rates during “in-school” and “grace” periods and to increase the interest rate when full repayment begins.

Students may apply for a private loan with a credit-worthy co-borrower if they are unable to borrow a loan on their own. It’s advisable to have a co-borrower anyway, as many lenders offer lower interest rates and/or fees for loans with a co-borrower.

Contact Us

New York »

Old Westbury
Harry J. Schure Hall, fl. 1
516.686.7680
Email Us | Map It

Manhattan
16 West 61st St., fl. 1
212.261.1590
Email Us | Map It

Canada »

Vancouver
701 W. Georgia St., Suite 1700
604.639.0942
Email Us | Map It

China »

Nanjing
c/o NUPT, 66 Xin Mofan Malu
86.25.349.2393
Email Us | Map It

United Arab Emirates »

Abu Dhabi
CERT Technology Park
(+971) 24-048-585, ext. 611
Email Us | Map It


Live_Stats_skyscraper