If you plan on borrowing a Federal Stafford Loan or Alternative Loan and have not previously borrowed from these loan programs, you will need to select a lender. The lender is the institution from which the money is actually borrowed. The interest rate for the Federal Stafford Loan program is set by the U.S. Department of Education and does not vary from lender to lender. However, the interest rate for the Alternative Loan programs are set by the lender and may vary from lender to lender. The real difference in lenders is measured in terms of customer service, savings programs and repayment options.
To assist students in this decision, the New York School of Interior Design’s Office of Financial Aid has compiled a list of institutions whom we consider excellent in the educational lending field. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to your NYSID billing account, and offer a variety of savings programs during loan repayment. Please see our lender comparison chart for a summary of their services. You may also wish to use the “loan calculators” link available on the Finaid Website at www.finaid.org to compute the potential savings of different repayment options.
Though we selected these lenders as a result of a fair, equitable, and transparent process, it is important for you to know that NYSID does not endorse any specific lender, consolidator, loan product or loan guarantor. The freedom to choose your own lender, loan,and guarantor is and always has been the student’s and the student’s family’s decision to make.
Staff in the Office of Financial Aid cannot make a specific recommendation from this list. We encourage you to contact the lender or see the attached chart if you have any questions about a particular lender.
In order to be able to receive your Student or Parent loans you must complete the following Two Steps:
1) Complete the Entrance Interview at
Once you have completed the two steps above the school will then certify your loan and advise you of your disbursement date.