• Private Student Loans

    Students who need additional funds to cover the cost of their education and those who are not eligible for federal loans for various reasons may be able to borrow money for their education from a private lender.

    • We recommend that you exhaust all other financial aid options, including federal work study and government supported PLUS loans before applying for a private loan.

    The main disadvantages of private loans are that interest rates are not fixed and may be higher than for a Department of Education loan; origination and/or service fees are often higher; and a guarantor or a co-signer is often required. On the other hand, you may be able to obtain a private loan to study less than half-time or to take a noncredit certificate program.

    Application Process for Private Loans

    • You or your family must select a lender and negotiate terms and conditions. The New School will process your loan with any lender you choose. Interest rates, fees, and conditions can vary greatly, so it is important to shop around. There is a list below of lending institutions that have made education loans to New School students in the past several years.
    • The lender will manage the loan application. Our school code for student loans is 020662. The lender will require a credit review and a Master Promissory Note. Usually lenders contact The New School after they have your promissory note to certify your enrollment. Different lenders process loans differently, so please confirm the application process with your lender.
    • Normally the lender will disburse funds directly to The New School at such times as stipulated in the loan agreement. Student Financial Services will notify you when the funds have been applied to your student account. Any funds remaining after your loan has been applied to the balance due of your student account will be refunded to you by The New School.


    It is your responsibility to notify your private lender about any changes in your enrollment status or important personal information, such as your permanent address. See Enrollment Verification below.

    The Amount You Can Borrow

    The maximum amount of private loans you may borrow is based on the difference between the estimated cost of attendance and your resources, including other financial aid. The amount you may borrow must be certified by The New School. Lenders may directly
    certify loans amounts with The New School or request that the Student Self Certification Form (PDF) be filed. 

    Fees and Interest

    These are variable. Unlike federal government loans, private loans have no caps on fees or interest rates, which can vary widely, sometimes depending on your or your co-signer's credit history. Interest begins to accrue from the date funds are disbursed to The New School. Read carefully all terms and conditions of the loan you choose.


    Terms of repayment are negotiable. Most student loans are set up with a ten-year repayment period, but this can vary. Repayment of student loans is usually deferred until a student graduates, withdraws from school (formally or informally), or drops below half-time status. If accrual of interest is not deferred until a student leaves school, students able to do so are encouraged to begin paying interest even before they leave school.

    Deferment and Enrollment Verification

    Most private lenders require you to file a Loan Deferment Request Form periodically to notify them that you are still eligible for deferral of repayment. Consult with your lender, guarantee agency, or loan servicer to determine whether the Loan Deferment Request Form must be filed every semester or once a year or if a single request form is sufficient for the duration of your academic program.

    If you are currently a registered student, you can certify your enrollment status by linking your New School student record to the National Student Clearinghouse. The New School Registrar will update changes in your enrollment status automatically. The National Student Clearinghouse will provide enrollment certification to lenders, guarantors, and/or loan servicers at your request. If you are not currently registered and need to verify your enrollment, contact the Registrar's Office.

    If you are leaving school or enrolling for fewer than half of the required semester credits and wish to defer or extend loan repayment for reasons other than continuing enrollment (economic hardship, for example), you must contact the lender or loan servicer directly to discuss available options.

    List of Lenders of Private Loan Products to New School Students

    The New School does not recommend, promote, or endorse the education loan products of any private lender. The New School has partnered with ELM Select to help students and their families research and compare private loan products. The link provided below is solely to help students research and compare loan products. Students are encouraged to research their own lenders beyond those provided.

    ELM Select Loan Research and Comparison Tool