If you need additional funds to cover the cost of your education or are not eligible for federal loans, you may be able to borrow money for your 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.
You may be able to obtain a private loan for purposes for which you cannot use federal funds, such as studying less than half-time or covering a past-due balance within a one-year period. Not all private lenders will approve loans for these purposes, so it is important to check with the lender before applying. The maximum amount of private loan funds you may borrow is based
on the difference between your estimated Cost of Attendance and your resources, including all other financial aid. The amount you may borrow must be certified by The New School.
Selecting a Lender and Applying
The New School does not recommend, promote, or endorse the education loan products of any private lender. The New School has partnered with ELMSelect to develop the ELMSelect Loan Research and Comparison Tool to help students and their families research and compare private loan products. This list is not exhaustive; students are encouraged to look for lenders in addition to those provided.
Interest rates can be fixed or variable and are not necessarily higher than those for federal Direct Loans. Unlike federal loan programs, most private lenders do not charge an origination fee, but most do require a creditworthy co-signer. Please research
each lender you are considering carefully, and make sure you understand loan requirements, terms, conditions, and repayment options, as these vary by lender.
Our school code for student loans is 020662. The lender will manage the loan application, which will require a credit review and a Master Promissory Note. Once you have been approved for a private loan, please notify the Office of Financial Aid.
Please note that lenders impose a mandatory right-to-cancel period,
can be up to ten business days from the time a loan is certified.
Once this period has passed, a disbursement date is provided to the
The lender will disburse funds directly to The New School at the times
stipulated in the loan agreement. Any funds remaining after your loan
has been applied to the balance due on your account will be refunded to
you directly by the Office of Student Accounts.