• Office of Student Finance

  • Frequently Asked Questions

    What form must I complete to be eligible for Federal financial aid?

    Is there a fee for filing the FAFSA?

    When can I apply for Federal financial aid?

    How does the government determine how much Federal Aid I am eligible for?

    What happens if I forget to sign the signature page?

    How do I make a change to my SAR?

    What does the term "cost of attendance" mean?

    How can I determine if I am an independent or dependent student?

    Do I have to be a full-time student to receive Federal financial aid?

    Do I have to be a United States citizen to receive federal financial aid?

    How can I find out the status of my FAFSA application?

    What if the FAFSA doesn't give an accurate picture of my finances?

    How do I receive a Stafford Loan?

    What is the difference between a subsidized and unsubsidized Stafford Loan?

    How much can I borrow each year?

    What is the interest rate on the Stafford Loan?

    When do I begin to repay the Stafford Loan?

    What is a Federal Perkins Loan?

    How much can I borrow?

    Is there a charge for this loan?

    How will I be paid?

    When do I pay back this loan?

    How do my parents apply for the PLUS Loan?

    How much can my parents borrow each year?

    Who receives my parents PLUS loan money?

    What is the interest rate on this loan?

    When does repayment begin?

    Are there charges to take out the PLUS loan?

    What is Federal Work-Study?

    Can I work as many hours as I want?

    How may I pay my bill?

    Why don't I see my financial aid on my student bill?

    When will I receive my refund?

    What form must I complete to be eligible for Federal financial aid?

    You must complete a FAFSA (Free Application for Federal Student Aid). You can apply electronically or you may complete a paper application which can be obtained from your local library or high school, Yeshiva University Student Aid, or the Federal Student Aid Information Center (PO Box 84, Washington, DC 20044, telephone: 800-433-3243.)

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    Is there a fee for filing the FAFSA?

    No, this form is free of charge.

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    When can I apply for Federal financial aid?

    You should apply as soon as possible after January 1 of the year for which you are seeking aid. Your eligibility is determined one award year at a time. The results from your application are good only for that award year (July 1 to June 30) After you've applied for the first time, you can apply more easily and quickly in subsequent award years by completing a Renewal FAFSA. With a Renewal FAFSA, you have to fill out only the information that changed from the previous award year.

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    How does the government determine how much Federal Aid I am eligible for?

    When your FAFSA is processed, a formula is applied to the information you provided. The formula takes into account your family's income and some types of assets. The formula result is called the Expected Family Contribution (EFC). It indicates how much money you and your family are expected to contribute toward your cost of attendance for the school year. Your remaining financial need is determined by taking the cost of attendance and subtracting your EFC, and aid you will get from other sources (YU, state governments, outside scholarships, etc).

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    What happens if I forget to sign the signature page?

    After the Department of Education receives your data, they will wait 14 days for your signature page to arrive. If they do not receive one within that time, you will receive a Student Aid Report (SAR) without an Expected Family Contribution (EFC). This is considered an incomplete application and you must sign and return this SAR to the address provided to complete the process.

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    How do I make a change to my SAR?

    Notify Student Aid of the changes and a staff member will submit them electronically for you.

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    What does the term "cost of attendance" mean?

    Your cost of attendance is the sum of tuition and fees, the cost of room and board (or living expenses for students who live off-campus), the cost of books, supplies, and miscellaneous expenses including allowance for transportation.

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    How can I determine if I am an independent or dependent student?

    You are considered a dependent student unless:

    • you are 24 or older by December 31 of the award year
    • you are married
    • you are enrolled in a master's or doctorate program
    • you have dependents (other than a spouse) who live with you, receive more than half of their support from you now, and will continue to receive more than half of their support from you
    • you are an orphan or a ward of the court (or were a ward of the court until age 18)
    • you are a veteran of the U.S. Armed Forces

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    Do I have to be a full-time student to receive Federal financial aid?

    No, but you must be attending school at least half time to be eligible to receive Stafford loans. Half time is defined as enrollment of at least six credit hours per semester. Half-time enrollment is not a requirement to receive aid from the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study, and Federal Perkins Loan programs.

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    Do I have to be a United States citizen to receive Federal financial aid?

    You must be one of the following to receive federal student aid: - U.S. citizen or national (includes citizens of American Samoa or Swain's Island)

    • U.S. permanent resident who has an I-151, I-551, or I-551C (Alien Registration Receipt Card)

    If you're not in one of these categories, you must have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing one of the following designations in order to be eligible:

    • "Refugee"
    • "Asylum Granted"
    • "Indefinite Parole" and/or "Humanitarian Parole"
    • "Cuban-Haitian Entrant, Status Pending"
    • "Conditional Entrant" (valid only if issued before April 1, 1980)

    If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you are not eligible for federal student aid. If you're in the United States on an F1 or F2 student visa only, or on a J1 or J2 exchange visitor visa only, you can't receive federal student aid. Also, persons with G series visas (pertaining to international organizations) are not eligible for federal student aid.

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    How can I find out the status of my FAFSA application?

    You can check your application status online. Only electronic filers, however, can make corrections to their information on that site. If you filed a paper FAFSA, you must include the postcard that comes with it. The Department of Education will stamp the postcard with the date your FAFSA was received and mail the postcard back to you. They will process your FAFSA within four weeks from the date you mail it. Then, you will receive a SAR in the mail. Whether you apply on-line or by mail, the SAR you receive will reflect the information you provided on your FAFSA. If the information you provided is complete and the government has your signature, your SAR will also have your EFC. You can fix any mistakes on your SAR by putting the correct answers, signing it, and mailing it back. Student Aid will be able to process corrections electronically for you. Make sure you keep a photocopy of your SAR. If you apply on-line, your FAFSA will be processed in about a week. The processing results will be sent electronically to Yeshiva University, and you'll get a SAR Information Acknowledgement in the mail. You can check the information on your SAR Information Acknowledgement, but you cannot use it to make corrections. Student Aid can make electronic corrections, or you can make corrections directly on you SAR report. You can request a duplicate SAR from the Federal Student Aid Information Center by calling 1-800-4-FED-AID (1-800-433-3243).

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    What if the FAFSA doesn't give an accurate picture of my finances?

    For many of our students, the FAFSA doesn't give an accurate picture of their family's finances. If you (student) have younger siblings in private school, please have your parents fill out the private school expense form, which can also be found on the forms section of the main page. If there are other extenuating circumstances that you would like us to consider, please contact your financial aid advisor at 212-960-5399 or studentaid@yu.edu.

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    How do I receive a Stafford Loan?

    For this type of loan, you must fill out a FAFSA. After your FAFSA is processed, we will review the results and will inform you about your loan eligibility. You will also have to sign a promissory note. If you have financial need remaining after your EFC, Federal Pell Grant eligibility, and aid from other sources are subtracted from your cost of attendance, you can borrow a Stafford Loan to cover some or all of that remaining need. To apply for a Stafford Loan and to see a list of our commonly used providers, please see our Stafford Loan website.

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    What is the difference between a subsidized and unsubsidized Stafford Loan?

    If you are eligible, the government will pay the interest on your loan while you're in school, for the first six months after you leave school, and when you qualify to have your payments deferred. This type of loan is a subsidized loan. Depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit for your grade level.

    You might be eligible for loan money beyond your subsidized loan. If so, you can pay for some of your remaining costs with an unsubsidized loan. We subtract the total amount of your other financial aid from your cost of attendance to determine whether you are eligible for an unsubsidized loan. You will be charged interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate and be capitalized (that is, added to the principal amount of your loan). You might be able to receive a subsidized loan and an unsubsidized loan for the same enrollment period.

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    How much can I borrow each year?

    If you're a dependent undergraduate student, each year you can borrow up to:

    • $5,500 (up to $3,500 can be subsidized) if you're a first-year student enrolled in a program of study that is at least a full academic year
    • $6,500 (up to $4,500 can be subsidized) if you've completed your first year of study and the remainder of your program is at least a full academic year
    • $7,500 (up to $5,500 can be subsidized) if you've completed two years of study and the remainder of your program is at least a full academic year

    If you're an independent undergraduate student or a dependent student whose parents are unable to get a PLUS Loan (a Parent Loan for Undergraduate Students), each year you can borrow up to:

    • $9,500 if you're a first-year student enrolled in a program of study that is at least a full academic year (at least $6,000 of this amount must be in unsubsidized loans)
    • $10,500 if you've completed your first year of study and the remainder of your program is at least a full academic year (at least $6,000 of this amount must be in unsubsidized loans.)
    • $12,500 if you've completed two years of study and the remainder of your program is at least a full academic year (at least $7,000 of this amount must be in unsubsidized loans)

    These amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized Stafford Loans, individually or in combination.

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    What is the interest rate on the Stafford Loan?

    There are two types of Stafford Loans that a student might be eligible for.

    • 1. Subsidized Stafford Loans are awarded to students who demonstrate financial need. Because the U.S. Department of Education (the Department) subsidizes the interest, borrowers are not charged interest while they are enrolled in school at least half time and during grace and deferment periods.

    Interest Rate Reductions

    Over a four-year period beginning July 1, 2008, the interest rate on subsidized Stafford Loans made to undergraduate students will be reduced. The applicable interest rates for loans made during this period are as follows:

    First disbursement of a loan:

    Interest rate on the unpaid balance

    Made on or after

    And made before

    July 1, 2008

    July 1, 2009

    6.0 percent

    July 1, 2009

    July 1, 2010

    5.6 percent

    July 1, 2010

    July 1, 2011

    4.5 percent

    July 1, 2011

    July 1, 2012

    3.4 percent

    These changes apply to subsidized Stafford loans first disbursed on or after July 1 of each year through June 30 of the next year. This change does not affect any prior loans made to borrowers; the terms and interest rates of those loans remain the same. These reduced interest rates apply only to subsidized loans; any unsubsidized Stafford Loan for the same undergraduate borrower would continue to be made at the current fixed interest rate of 6.8 percent.

    • 2. Unsubsidized Stafford Loans are awarded to students regardless of financial need.

    Borrowers are responsible for paying the interest that accrues during any period. The interest rate of 6.8% will continue to be in effect and will accrue once the loan is disbursed to the students account.

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    When do I begin to repay the Stafford Loan?

    After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment. During this period, you will receive repayment information, and you'll be notified of your first payment due date. You are responsible for beginning repayment on time, even if you don't receive this information.

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    What is a Federal Perkins Loan?

    A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Yeshiva University is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to your school.

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    How much can I borrow from the Perkins Loan program?

    The following maximum loan limits apply: $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000 if you have completed two years of undergraduate work; otherwise, the total you can borrow is $8,000).
    $6,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate).

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    Is there a charge for this loan?

    A Perkins Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge. If your, you may have to pay collection costs as well.

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    How will I be paid?

    Yeshiva University will credit your student account directly each semester that you receive a Perkins Loan.

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    When do I pay back this loan?

    If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment (you may have longer than nine months if you are on active duty with the military). This is called a grace period. If you're attending less than half time, check with the student loan office to determine your grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay.

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    How do my parents apply for the PLUS Loan?

    Your parents fill out a PLUS Loan application, which is available from our website. To be eligible to receive a PLUS Loan, your parents generally will be required to pass a credit check. A parent cannot be turned down for having no credit history-only for having an adverse one. If your parents don't pass the credit check, they may still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if your parents fail to do so. Your parents may also qualify for a loan without passing the credit check if they can demonstrate that extenuating circumstances exist. You and your parents must also meet other general eligibility requirements for federal student financial aid.

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    How much can my parents borrow each year?

    The yearly limit on a PLUS loan is equal to your cost of attendance minus any other financial aid you receive from all other sources.

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    Who receives my parents PLUS loan money?

    Yeshiva University will receive the money in at least two installments. The school will then apply the money to your tuition and fees, room and board, and other school charges. If any loan money remains, your parents will receive the amount as a check or in cash, unless they authorize that it be released to you. Any remaining loan money must be used for your education expenses.

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    What is the interest rate on this loan?

    The interest rate is fixed at 7.9 percent if taken through the Direct Loan program. If the PLUS loan is taken through a bank, the interest rate is 8.5%. Interest is charged on the loan from the date of the first disbursement until the loan is paid.

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    When does repayment begin?

    Generally, the first payment is due within 60 days after the final loan disbursement for the year. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made, and your parents will begin repaying both the principal and interest while you're in school.

    A new law was passed that now enables parents to defer payment on PLUS loans while th student is in school, taking at least 6 credits. Please contact your lender for more information.

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    Are there charges to take out the PLUS loan?

    Yes. Please consult our PLUS loan website for a look at what the different companies offer and links to their websites.

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    What is Federal Work-Study?

    Federal Work-Study provides jobs for students with financial need, allowing them to earn money to help pay education-related expenses. The federal Work-Study wage is least the current federal minimum wage, but it may be higher, depending on the type of work and the skills required. The total Federal Work-Study award depends on when one applies, the level of need, and the funding level provided to YU.

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    Can I work as many hours as I want?

    The amount you earn cannot exceed your total Federal Work-Study award. Your class schedule and your academic progress will be considered in making this determination.

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    How may I pay my bill?

    You may pay in full by mailing in a check or logging into MYYU. Once you log in, click on "Student Account SUmmary by Term". Then click on "Pay by Check". If you want to pay by credit card, one time payment is accepted through PhoneCharge,Inc at www.paybyinternet.com/yeshiva or by calling 877-903-9335. If you want to pay in installment you may arrange payments through TMS online at www.afford.com or by calling 800-722-4867. Payment from a third party arrangements are made by completing the YU Third Party Payment Authorization Agreement. The form can be printed here. Wire payments can be made directly from your bank to the YU account at:

    JP Morgan Chase
    181st Street & St.Nicholas Ave
    New York, NY 10033
    For the account of: Yeshiva University
    Account #: 025-006193
    ABA#: 021000021
    Swift code: CHASUS33

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    Why don't I see my financial aid on my student bill?

    Any financial aid package that is confirmed prior to our billing date, will be indicated on the student invoice. If you are anticipating financial aid to cover all or part of your balance and the amounts are not indicated on your invoice, you will need to contact the Financial Aid Office. If you have been awarded a scholarship you will need to inform the Financial Aid Office.

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    When will I receive my refund?

    A student will receive a refund when their account shows an overpayment. This may occur when loans, grants, scholarships, or out of pocket payments exceed the cost of your tuition and fees for the semester.

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500 West 185th Street
New York, NY 10033
212.960.5400

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