Lori Meadows
International students in New York have several options for obtaining loans and financial aid to help fund their education. While international students are typically not eligible for federal or state aid, there are alternative financing options available. These include private student loans, scholarships, grants, and other financial aid programs. Additionally, some universities in New York offer academic scholarships that may cover partial tuition for international students. Various online resources provide comprehensive information on the eligibility requirements and application processes for these loans and scholarships.
| Characteristics | Values |
|---|---|
| International student loan providers | MPOWER Financing, International Student Loan, College Ave |
| Loan amount | Up to $100,000 (MPOWER Financing) |
| Interest rate | Fixed-rate (MPOWER Financing) |
| Co-signer | Not required (MPOWER Financing) |
| Collateral | Not required (MPOWER Financing) |
| Loan term | Semester-only or full academic year (NYU Stern) |
| Loan disbursement | Seamless (MPOWER Financing) |
| Loan application | Lightning-speed (MPOWER Financing) |
| Loan eligibility | Confirmed within 4-5 days (MPOWER Financing) |
| Scholarship | Academic scholarships available at New York Tech |
| New York-specific loan programs | None |
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What You'll Learn
International student loans from MPOWER Financing
International students in New York can apply for loans from MPOWER Financing, which has been named the 2024 "Best Student Loan for International Students" by NerdWallet. MPOWER Financing offers quick, no-collateral, no-cosigner loans for international students in the US and Canada. The loan amounts range from a minimum of $2,001 to a maximum of $100,000 total, with no more than $50,000 allocated per term.
MPOWER Financing provides funding for students at 500+ approved schools across the US and Canada. Students can use the funds for various university-related expenses, including tuition, books, meal plans, housing, and health insurance. The company also offers visa guidance support and various scholarships.
The loan application process is straightforward and can help students understand their financial plan and how much money they need to request. MPOWER Financing also provides a unique Path2Success career services program and a visa support letter at no additional cost.
One of the unique aspects of MPOWER Financing is that they assess the student's future earning potential rather than requiring collateral or a cosigner. This makes their loans accessible to international students who might not have a credit history or collateral to offer.
With its efficient processing, clear communication, and commitment to customer satisfaction, MPOWER Financing has received praise from students for making the loan process hassle-free and providing reliable financial support for their education.
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NYU Stern's international student loans
International students at NYU Stern can apply for private student loans, which are non-federal loans made by lenders such as banks, credit unions, or state agencies. NYU Stern provides an alphabetical list of lenders who have expressed interest in lending to their international students. However, it is important to note that the university does not endorse any of these lenders, and students are free to choose a different lender if they prefer. The availability of private loans may depend on the student's situation, and those with a U.S. co-signer may borrow up to the full Cost of Attendance.
When applying for a private loan, NYU Stern students should specify their status as a Stern graduate student. Additionally, for visa purposes, international students should not include potential merit-based scholarships or private student loans as sources of funding. It is recommended that students submit their Immigration and Naturalization Service (INS) documents, but they can still submit a private loan application without them, following up with the lender once they receive their visa and I-20.
The typical processing time for private loans is around 3-4 weeks, and students are advised to apply about a month before their payment deadline. NYU Stern also provides a "Tuition and Fees Worksheet" on the Stern Bursar's website, which newly admitted students can access on the Admitted Student website in early summer.
While NYU Stern does not offer a specific international student loan program, international students can explore private loan options and utilize external sources of aid to fund their education.
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New York Tech scholarships
International students looking to study in New York can consider taking out loans from private companies such as MPOWER Financing, which was named the 2024 "Best Student Loan for International Students" by NerdWallet. MPOWER Financing offers fixed-rate loans from US$2,001 to US$100,000 at competitive interest rates.
Alternatively, international students can also consider scholarships to fund their education in New York. New York Tech, for example, offers scholarships and grants for international students that are divided equally between the fall and spring semesters. These scholarships are not applicable to summer sessions. To be eligible for a scholarship, students must be entering undergraduate full-time students in a degree-bearing program and have a parent or legal guardian who graduated from New York Tech with a degree. Students must also submit the Legacy Award Application by July 15 for the fall semester and December 15 for the spring semester.
First-year students at New York Tech are considered for scholarships based on the strength of their applications. Students who apply without SAT/ACT scores will be eligible for scholarships such as the Presidential Scholarship, Theodore K. Steele Memorial Scholarship, Merit Scholarships, and Academic Achievement Awards. Transfer Scholarships are also available for students who have received 24 college credits. To renew their scholarships, students must maintain a minimum cumulative GPA as required each semester and be enrolled full-time for a maximum of four years or eight semesters.
The Children of Police Officers, Firefighters, EMT, and Teachers Award is another scholarship offered by New York Tech, which supplements up to 50% of tuition for eligible students. To qualify, students must be entering or continuing undergraduate full-time students in a first-degree-granting program at the New York City or Long Island campus.
In addition to the scholarships mentioned above, there are other scholarships available at the New York Institute of Technology. However, specific details about these scholarships, such as eligibility criteria and application deadlines, are not readily available.
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New York's Tuition Assistance Program (TAP)
International students looking to fund their education in New York can consider applying for the New York State Tuition Assistance Program (TAP). TAP is a grant that provides financial support to eligible New York State residents to help cover tuition costs at approved colleges and universities within the state. It is important to note that TAP is not a loan, and therefore, does not need to be repaid.
To be eligible for TAP, students must meet certain residency requirements. They must be a United States citizen or eligible non-citizen and a legal resident of New York State for at least 12 continuous months prior to enrollment. Additionally, students must be enrolled full-time or part-time in an approved undergraduate program, taking at least 12 credits each semester, and maintaining good academic standing.
To apply for TAP, students must first complete the Free Application for Federal Student Aid (FAFSA). After completing the FAFSA, students will be directed to the TAP application, which can also be found on the HESC website. On the HESC website, students can create an account to manage their TAP application and financial aid information.
Eligible students can receive up to $5,665 per year through TAP, depending on their income and other eligibility criteria. TAP is available for both full-time and part-time undergraduate students, including those enrolled in non-degree workforce credential programs at participating SUNY and CUNY colleges. Students who do not meet the residency requirements may still qualify for TAP through the NYS DREAM Act.
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New York's Excelsior Scholarship
The Excelsior Scholarship is a New York State program that allows eligible students to attend a SUNY or CUNY college tuition-free. It is the first of its kind in the country and aims to address the cost of college education and student loan debt.
Eligibility
To be eligible for the Excelsior Scholarship, applicants must:
- Be a U.S. citizen, qualified paroled refugee, permanent resident alien, or meet the requirements under the NYS DREAM Act.
- Have resided in New York State for 12 continuous months prior to the term for which the award is being sought.
- Have a family adjusted gross income of $125,000 or less for the 2024-2025 academic year.
- Be pursuing an undergraduate degree at a SUNY or CUNY college, including community colleges and the statutory colleges at Cornell University and Alfred University.
- Be enrolled full-time (12 credits) and complete 30 credits per year toward their major, including summer and winter terms.
- Graduate from a high school in the U.S., earn a high school equivalency diploma, or pass a federally approved "Ability to Benefit" test.
- Be in good academic standing.
Application Process
To apply for the Excelsior Scholarship, students must:
- File the Free Application for Federal Student Aid (FAFSA).
- Complete the NYS Tuition Assistance Program (TAP) application or the NYS DREAM Act application (if applicable).
- Submit the Excelsior Scholarship application.
Requirements and Conditions
Recipients of the Excelsior Scholarship must agree to the following:
- Reside in New York State for a duration equal to the number of years the scholarship was received.
- If employed during such time, be employed in New York State.
- If the residency requirement is not met, the award may be converted to a no-interest loan.
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Frequently asked questions
International students in New York can apply for private loans on a semester-only basis or for the full academic year. However, universities cannot act as co-signers or sponsors for these loans.
MPOWER Financing provides international student loans for U.S. and Canada and has been named the 2024 "Best Student Loan for International Students" by NerdWallet.
Yes, New York Tech offers academic scholarships to international students that may cover partial tuition. NYU Stern also offers merit-based scholarships to international students.
New York State offers the Tuition Assistance Program (TAP), which provides up to $5,665 annually and does not have to be paid back. The Aid for Part-Time Study (APTS) program provides grants of up to $2,000 per year for eligible part-time students.
International students can also explore scholarships and grants offered by specific colleges or universities in New York, such as the Excelsior Scholarship and Enhanced Tuition Awards (ETA) program. Additionally, some schools may offer financial aid or assistance in finding external funding sources.
