• Loans

    Many college students and their families take loans to pay at least some of the costs of their education. The amount you can borrow is determined by taking your estimated annual cost of attendance (tuition, fees, materials, and living expenses) and deducting your estimated family contribution (EFC) and your other financial aid.

    The U.S. Department of Education offers low-interest student loan programs for U.S. citizens and legal residents. Student loans are also available from private lenders for those who are not eligible for federal loan programs or whose federal loans do not cover all their costs.

    Contact Student Financial Services for advice and assistance with all kinds of student loans.

    U.S. Government Loan Programs

    William D. Ford Direct Student Loans

    The New School participates in the William D. Ford Direct Student Loan program. All admitted students who file the Free Application for Federal Student Aid (FAFSA) will be offered a financial aid package by The New School that may include a subsidized and/or unsubsidized direct student loan. 

    Parent PLUS Loans

    Parent PLUS Loans are available as supplemental loans for dependent undergraduate students.

    Graduate PLUS Loans

    Graduate PLUS Loans are supplemental loans available to students enrolled in graduate degree or professional certificate programs.

    Entrance and Exit Counseling

    Borrowing to pay for your education is an important decision. New School students who borrow under any federal loan program are required to receive online Entrance Counseling at studentloans.gov as a condition of borrowing and online Exit Counseling at nslds.ed.gov when they leave school or drop below half-time status (6 credits). The New School receives an electronic notification when a student has completed online counseling.

    Annual Renewal

    Federal student loans are not carried over automatically from school year to school year. They must be renewed annually by refiling the FAFSA. The amount of a student's financial aid package, including loans, can vary from year to year.

    Repayment Policies

    Normally, the repayment period for student loans is ten years. Extended and/or income-contingent repayment plans may be available for qualified borrowers.

    You can find important information about tracking your loan, repayment rights and responsibilities, grace periods, and managing your debt on the U.S. Department of Education website, studentloans.gov.

    Deferment and Enrollment Verification

    For subsidized and unsubsidized federal direct loans, repayment is deferred until a student graduates, withdraws from school (formally or informally), or drops below half-time status. Recipients of unsubsidized direct loans who are able to do so are encouraged to begin paying interest even before they leave school.

    Repayment of federal PLUS loans is scheduled to begin within 60 days after the final disbursement of each loan. However students receiving Graduate PLUS loans can defer making payments until they leave school or fall below half-time status.

    For private loans, periodic enrollment verification is necessary to defer loan repayment while you are enrolled in school.

    If you are seeking to defer loan repayment or extend the payment period for reasons other than continuing enrollment in school, economic hardship, for example, you must contact the institution to which you owe payment and ask them about your options.

    Accepting or Declining Loans

    The New School encourages students to review all other funding options before accepting any loan offer. Extensive information about the Federal Direct Loan Program is provided by the Department of Education at studentaid.ed.gov. Always be aware of the terms and conditions of your loans, including the interest rate, repayment terms, and origination fees subtracted when the loan is disbursed.

    First-time borrowers at The New School must complete a Master Promissory Note and Entrance Counseling at studentloans.gov, even if you have borrowed Federal Direct Student Loans at another institution. It takes approximately 48 to 72 hours for the status to be updated.

    If you are planning to accept the loan offers on your account, you can do so in full or accept a partial amount. Accepted loans are split evenly between semesters.  You must be enrolled for at least half-time status (6 credits) to receive federal student loans. If you decide to accept the loans or if you do not plan to use your loans, please follow these steps:

    • Log in to my.newschool.edu using your NetID and password.
    • On the "Me" tab, navigate to "Financial Aid."
    • Click on the "Financial Aid" Status link.
    • Click on the "Award Details" link.
    • Click on the "Accept Award Offer" link.
    • If prompted, select the applicable aid year and click "Submit."
    • Review your financial aid award for the year and accept or decline federal loans.
    • You can accept the loan in full either by clicking on the "Accept All Aid" button or by typing the full loan amount next to the loan you wish to accept and clicking "Submit." You can decline a loan by typing a zero next to the loan you wish to decline and clicking "Submit."


    If you decide to change your loan status after your accept or decline online, you must contact Student Financial Services.

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