Many students and their families take out loans to cover at least part of the cost of their education. The U.S. Department of Education offers fixed-rate low-interest student
loans for U.S. citizens and permanent residents or other eligible noncitizens. The types and amounts of loans available to students depend on their program and year in school, dependent or independent status, and the amount of aid they have already
been offered. The total amount of students' financial aid, including student loans, may not exceed their estimated Cost of Attendance.
Student loans are also available from private lenders for those who are not eligible for federal loan programs or whose federal loans do not cover all of their costs.
Student Debt & Repayment
- Loan repayment generally begins six months after a student graduates, withdraws, or falls below half-time enrollment in a degree program.
- The New School Registrar's Office regularly reports students' enrollment status to a federal aid clearinghouse, which maintains records of students' enrollment status and last day of school attendance.
- Exit counseling is required by the U.S. Department of Education for all student loan borrowers.
- You will be contacted by the Office of Financial Aid, which will ask you to complete federal student loan exit counseling if you will graduate or have withdrawn from classes.
- Options for repayment can be found on studentaid.gov and through your loan servicer.
- If you are facing hardship or other circumstances that prevent you from making payments, you may be able to apply for a forbearance or deferment.
- Stay connected with your loan servicer at all times. Inform the loan servicer of any address or job change.
- Get help with student loan disputes through the Ombudsman Group at 877.557.2575.
- If you have a dispute regarding a private educational loan, call the Consumer Financial Protection Bureau at 855.411.2372.
- If you are having difficulty paying your loans because you were a victim of fraud or your income is low, you may be able to get help from your local Legal Aid. You can find information about Legal Aid and a national map of Legal Aid offices at the
Legal Services Corporation.
- The National Consumer Law Center's Student Loan Borrower Assistance Project is a nonprofit organization that offers student loan borrowers information about their rights and
options.
- GreenPath Financial Wellness is a nonprofit that can help with credit problems involving student loans and credit cards.