<p>As part of my financial aid package, NYU offered me Federal Subsidized Stafford Loans. In the booklet, it said that some bank in New York would contact me in May. But no one has yet. What should I do? Is this the normal case for the loan company to contact the students? Or do most schools have students contact the lender?</p>
<p>Normally, you must contact the bank and there is a panel of participating banks from which you can choose. You need to fill out the application for the bank you select as well as a Master Promissory Note. NYU’s Stafford Loan web page should list the participating banks. If not, go to the website for Stafford loans (make sure it is the official website and not some private enterprise/service provider web site made to look like an “official” website). Note that different banks offer different application fees, other fees and certain other terms, so be an informed consumer when choosing your lender.</p>
<p>clay, I would advise you to follow Michael’s advice and what’s more, to keep careful track of what happens and what is supposed to happen to make sure it does happen. My D also got a Stafford as part of her package and it has taken any number of phone calls on our part to make sure that the loans came through and were paid to NYU. You really have to keep on them for some reason.</p>
<p>The stafford loans for nyu (and I guess all new york institutions) are distributed by the HESC. Go to: hesc.com and click on students, parents, etc. Click on whether you’re in state or out of state and then click on complete the e-mpn/apply for a federal loan and you’ll find all of the information there.</p>