US Federal Aid Requirements
US citizens and permanent residents are eligible for federal financial aid at NYU Shanghai.
To be considered for federal aid, students must complete the Free Application for Federal Student Aid (FAFSA).
If you have not filed a FAFSA and wish to do so, you can apply via fafsa.gov. You will be asked to identify a school/school code to which you wish to release your data for review.
The school code for New York University is 002785, which is what you should enter for consideration for financial aid at NYU Shanghai as well.
Types of Federal Financial Aid
You may be eligible for federal student loans and/or federal parent PLUS loans. Amounts will be offered, but you can decide whether or not you would like to pursue those options. Instructions on how to pursue those loans as well as detailed information about interest rates and other loan details will be provided via your To Do list on Albert, and you can visit here for more information. Students cannot take out more loans than their total financial aid already offered (i.e. scholarship and/or Pell Grant) minus the cost of attendance.
In most cases, scholarships will not affect federal financial aid awards and, if eligible, federal aid will be in addition to the scholarship amount.
However, if you receive an NYU Shanghai scholarship and a Federal Pell Grant (if eligible), and combined, they exceed the total cost of attendance, the scholarship will be reduced. This is because you would otherwise receive more aid than the cost of attendance. Please note that, in this case, the student does not lose any funding. The aid will match the final amount of scholarship previously offered and will total the amount of the standard cost of attendance but will come from two sources: the NYU scholarship and the Federal Pell Grant (for those who qualify). The maximum Pell Grant for which a student may be eligible for the 2016-2017 aid year is $5,815.
Not all students are eligible for Federal Pell Grants. If you are eligible for loans and have a scholarship, the amount of the scholarship will not be affected.
While you can apply during the academic year, if funding is necessary, you are encouraged to file as early as possible but no later than two weeks before the end of your final semester for the academic year. If you have already completed the FAFSA for the upcoming academic year, the Office of Financial Aid has reviewed your application for additional eligibility.
To be considered for federal financial aid annually as well as to renew any need-based grant aid, you will need to complete the form each year. Typically you will continue to receive for subsequent academic years the amount of scholarship/grant you received for your first year (subject to the availability of funds), as long as the following criteria are met:
- You are a full-time student (12 credits or more per semester).
- You applied for financial aid on time (typically May 1).
- You are meeting the Satisfactory Academic Progress standards.
- You have approximately the same amount of financial need that you had in prior years.
If you have questions or concerns regarding financial support, please contact one of our expert financial aid counselors at firstname.lastname@example.org.