Jenzabar University

 

There are a variety of ways to finance a NYSID education.  We in the Office of Financial Aid are here to help you through what can seem to be a daunting and challenging process.  We understand that these are unprecedented economic times and that answers to questions about paying for college are more important than ever.  We are here to help you understand and move easily through the process.

Financial assistance is available to students who are matriculated and in good academic standing. Both need-based and merit-based scholarships are offered, and there are financial aid programs for both full-time and part-time study. Financial assistance for need-based awards is considered upon completion of the Free Application for Federal Student Aid (FAFSA). Merit-based scholarships are made based upon the strength of a student's applicaiton.

 

FAFSA is to be completed at www.fafsa.ed.gov.

 

This single application will be reviwed for a student's eligibility for the federal Pell grant, FSEOG grant, Work-Study program, NYSID scholarships, and New York State aid, if applicable.

 

Everyone who applies for financial assistance will receive an online award letter in their NYSID web portal account (http://portal.nysid.edu/ics).  Students should log on to the portal approximately one week after completing the FAFSA to view their Financial Aid Award Letter.  

 

Although there is no specific application deadline for financial aid at NYSID, it is recommended that students apply simultaneously with their addmission application in order for financial aid office to best serve students who may be eligible for assistance.

 

Priority dates for submission are May 1st for the fall semester and October 1st for the spring semester. 

 

If you have questions about financial aid, contact the NYSID Financial Aid Office at (212) 472-1500, ext. 212.

 

The Free Application for Federeal Student Aid(FAFSA) is the place to start when applying for a loan.  It is completed online at www.fafsa.ed.gov.  Federal Stafford Loans of up to $20,500 per academic year are available to graduate students who wish to finance their education.

 

NYSID offers a limited number of graduate assistantships. To apply, the applicant should submit a letter detailing reasons for being considered for an assistantship as part of the admissions application.  They are awarded based on the strength of a student's application and portfolio.

 

Students who are currently on one of our undergraduate programs and are planning on transferring into NYSID's first-proffesional MFA program will see an increase in their assistance package as additional loans may be available. If a 2009-10 form has already been completed for the undergraduate program a new FAFSA does not need to be submitted for the graduate MFA.

 

 

 

 

 

 

 

 

 

 

NYSID IS GOING DIRECT- Beginning with the 2009-2010 financial aid academic year, NYSID is pleased to announce that it will be processing all federal student loans through the William D. Ford Federal Direct Loan Program.

MORE MONEY! - The Maximum Federal Pell Grant award for the 2009-2010 award year will be $5,350, which is an increase of $619 from last year!  Complete the FAFSA to see if you are eligible.

 

GRADUATE STUDENT TAP - The New York State Legislature voted to restore full-funding to the Graduate Tuition Assistance Program (TAP).   

HELP IS ON THE WAY! - New York State is to provide students and parents with access to low-cost loans not currently available to New Yorkers in the private loan market through the New York Higher Education Loan Program (NYHELPS).  Loans of up to $10,000 annually will be available.  

 

VETERAN SUPPORT - NYSID has always been proud to welcome our country's veterans as students and continues to work with them on getting the most out of the GI Bill which may include up to $28,037 in base benefits.  

 

SUMMER STAFFORD - For students enrolling in the qualifying workshop for the First-Professional MFA, there are Stafford loans available to help defray the cost.

 

Contact the Financial Aid Office for details on the above - 212-472-1500 x212.

   

Beginning with the 2009 - 2010 financial aid academic year, New York School of Interior Design (NYSID) is pleased to announce that it will be processing all federal student loans through the William D. Ford Federal Direct Loan Program. NYSID is currently participating in the Federal Family Education Loan Program (FFELP) for the Stafford and PLUS loan programs. After careful research and comparison, this change would benefit all NYSID students.

The Federal Direct Loan Program is the better choice for our students. The Federal Direct Loan Program is more straightforward and easier to navigate for students, enables faster processing and turnaround time, and perhaps most importantly, has many economic advantages for borrowers in comparison to the FFELP. Furthermore, the stability and availability of funding through the Federal Direct Loan Program is guaranteed from the United States Government.

The volatile credit markets and recent revisions in federal law have significantly decreased the number of private lenders and servicers offering Federal Stafford and PLUS loans through the FFELP. Additionally, these private lenders and servicers cannot meet the expenses of offering discounts and incentives for borrowers that in the past made it desirable to borrow from the FFELP. A major difference between FFELP and the Federal Direct Loan Program is:

FFELP Students choose lender for loan Lenders could be serviced by another organization Loans need to be guaranteed by another agency

Federal Direct Loan Program Department of Education acts as lender, servicer, and guarantor

Reasons for Conversion

1. Stability and availability of funding
2. One place for students to apply, track, and pay for their federal student loans
3. Loans are from the same government organization that deals with student loan consolidation (Department of Education)
4. Less fees incurred to borrowers on receipt of their loans

• The net fee for Stafford loan is .5% in the Federal Direct Loan Program compared to 1.5% in the FFELP
• The net fee for PLUS loan is 2.5% in the Federal Direct Loan Program compared to 4% in the FFELP
• The interest rate for PLUS loan is 7.9% in the Federal Direct Loan Program compared to 8.5% in the FFELP

Conversion to the Federal Direct Loan Program is REQUIRED for ALL STUDENTS who previously were in the FFELP. All students who wish to receive any federal student loans for the 2009 - 2010 academic year will need to apply through the Federal Direct Loan Program. Students may still borrow private loans from any lender they choose.