The U.S. Department of Education is your student loan lender if you received Federal Direct Student Loans while attending New York Institute of Technology (NYIT). If you received loans through the FFEL Program (through a local lender or servicer), chances are they have or will sell your student loans to the U.S. Department of Education.
Under provisions of the Ensuring Continued Access to Student Loans Act, lenders have the option to "PUT" (sell) loans to the U.S. Department of Education (DOE). Lenders must notify borrowers if their loans have been sold to the Department of Education.
Lenders That Sold Student Loan Portfolios to the Department of Education
- Key Bank
- Total Higher Education (THE)
- Wachovia Education Finance
- Wells Fargo
- All Sallie Mae lenders
You will be able to check if your loan has been sold on the National Student Loan Data System.
For more information, contact the Department of Education's Loan Servicing Center, 8 a.m. – 11 p.m. (EST), Monday – Friday:
- Website: Federal Student Aid
- 800.4.FED.AID (800.433.3243)
- TTY (for the hearing impaired): 800.730.8913
- Locations without access to 800 numbers: 319.337.5665
Carefully review all correspondence you receive from a lender.
Special Repayment and Deferment Programs
- Cancellation and Deferment Options for Teachers
- Nursing Education Loan Repayment Program
- Loan Repayment/Forgiveness Programs for Medical and Health Professions
- Students receiving federal education loans may obtain deferments while serving in the Peace Corps; under the Domestic Volunteer Service Act; and as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service. For more information, go to: Federal Student Aid – Repay Your Loans.
Student Loan Consolidation Programs
Federal Student Loan Consolidation Programs have been popular in recent years. With the changes in the federal student loan programs in the past few years, we would anticipate that more students might want to utilize this program so that all of their loan accounts are consolidated with one lender.
FinAid: The Smart Student Guide to Financial Aid
Estimate your monthly payments under the loan consolidation program vs. all other repayment plan options via a series of calculators.
How Aid Is Applied
Government Grants and Institutional Scholarships
Once you accept your financial aid offer, any NYIT merit scholarship funds will be credited directly to your account shortly after the end of the drop/add period. If you have completed all the required processing steps for a Federal Pell Grant and/or Federal Supplemental Educational Opportunity Grant, it will also be credited to your account after the end of the drop/add period.
Federal Direct Loans
If you receive a Federal Direct Loan, the Department of Education will send the funds directly to NYIT each semester for one-half the amount borrowed minus fees. Students applying for their first Federal Direct loan are required by law to complete an entrance interview session before receiving the loan proceeds. Sessions must be completed online.
Federal Work-Study earnings are not credited to the students’ accounts; students are paid by check bi/monthly. If you have been awarded and have accepted Federal Work Study funds, report to the Office of Student Employment once classes have begun. You should plan to have sufficient funds available to meet incidental, personal expenses until you receive your first paycheck.
New York State Scholarships Programs
These awards will remain "tentative" until NYIT and the New York State Higher Education Services Corp (HESC) confirms your eligibility.
How the School Distributes Aid among Students
Please see the National Center for Education Statistics website to view financial aid statistics for NYIT (there is a lag in posting).