student loans

We strongly encourage you to use any Federal Education Loans for which you are eligible first.

Private education loans are also available, but may have different terms in repayment or interest rate when compared with Federal Education Loans.

Every year, the Department of Education releases new interest rates on Federal Education Loans. To see this years’ interest rates, click here.

federal education loans

Direct Subsidized Stafford Loan

To apply for the Direct Subsidized Stafford Loan, you must be eligible to complete a Free Application for Federal Student Aid (FAFSA).  Once the FAFSA is submitted to us, NYCDA will review the results and determine how much you can borrow. 

The main benefit of this loan is that you are not charged interest during your time as a full-time student at NYCDA.  You’re also not charged interest during grace or deferment periods.

How much can you borrow?  Click here to check out your first year undergraduate limit.

Direct Unsubsidized Stafford Loan

To apply for the Direct Subsidized Stafford Loan, you must be eligible to complete a Free Application for Federal Student Aid (FAFSA).  Once the FAFSA is submitted to us, NYCDA will review the results and determine how much you can borrow.

The main benefit of this loan is that the interest rate on an Unsubsidized Loan is far lower than traditional forms of financing like credit cards and personal loans.

You will pay interest while the loan exists. So even if you are in school, taking a break from payments with your grace period or deferment, or asking for forbearance, the interest will always be accumulating.

How much can you borrow?  Click here to check out your first year undergraduate limit.

Parent PLUS Loan

Parents of dependent students can apply for a Parent PLUS Loan that allows parents to cover the cost of education and additional educational expenses (up to the Cost of Attendance). The Parent PLUS Loan offers an affordable interest rate and a variety of repayment plans. In financial emergency situations, payments can be postponed for various reasons by requesting a deferment or a forbearance.

You can apply as early as six months before the school term begins, but we will require another credit check when school begins (credit checks are only active for 180 days).

How much should you apply for?  Parent PLUS Loans have a 4.248% origination fee. Use this calculator to generate a recommended Parent PLUS Loan amount:

Parents will use their FAFSA ID to apply online. You can read the Parent PLUS Loan terms here.

Read this short article on Parent PLUS loan credit check requirements, including the 3 things that the Parent PLUS Loan checks for. Note: NYCDA has no affiliation with SavingForCollege.com

private loans

When choosing a private education loan, some important factors families should consider are: 1) interest rates and 2) repayment schedules.

Head over to Elmselect.com for our list of approved private lenders.  ELM Select lists all the factors to consider when picking a loan lender.  In the top right corner, there is also a calculator you can use to see what your repayments would look like on a private loan. Most importantly, there are phone numbers available to call lenders for support, in case you have any questions about the application and approval/denial process.