Private (Non-Federal) Loans for NYFA Students

Private (Non-Federal) Loans for NYFA Students

Private non-federal student loans are available to domestic and international students who have exhausted their scholarships, grants and federal loans or are otherwise ineligible for federal aid.

Most Federal Direct student loans are subject to a credit check or other underwriting and come with important protections for students and families; the same is often not true for private, institutional, Parent PLUS or Graduate PLUS loans. Borrowing these loans can be a long-term financial commitment so we encourage you to explore all funding options by visiting

Approval of the loan is based on the applicant’s credit rating and may require a creditworthy cosigner.

International students can apply for certain private student loans with a cosigner who is a U.S. citizen. Before applying with a domestic private loan lender, please check our International Financial Aid page.

Questions to Ask Before Borrowing

What is the current interest rate?

Student loan lenders offer a range of eligible rates on their website, but they will only confirm the finalized interest rate once the loan application has been approved.

Is it a fixed or variable interest rate?

A fixed rate is a rate that remains the same for the life of a loan and a variable interest rate can increase or decrease based on the index that the lender uses, sometimes monthly.

How much can I borrow?

The maximum amount of loan funding is determined by a figure called the “Cost of Attendance.” If your approved loan amount exceeds your cost of attendance, the Financial Aid Office will lower the amount accordingly.

Private Lenders

All staff members of the New York Film Academy’s Financial Aid Office adhere to guidelines restricting activity that could lead to a conflict of interest. We do not promote, endorse or suggest one lender over another.

Below you can find a list of approved private student loan lenders that have recently worked with NYFA students:

College Avenue Undergraduate Student Loans – (844) 803-0736 (toll-free)

New Hampshire Higher Education Loan through EDvestinU – (855) 887-5430 (toll-free)

There may be delays in processing your loan if you have applied with a lender that has not previously worked with NYFA.

Truth in Lending Requirements

Provisions in the Truth in Lending Act resulted in changes to the process of applying for and receiving private education loans. Lenders who provide these loans must comply with the following requirements:

  • Lenders must provide three separate loan disclosures to borrowers–one at the point of application, one when the loan is approved, and one before the loan is disbursed.
  • A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
  • Students must also sign a Self-Certification Form and submit it to the lender before the loan can be disbursed.

Your lender should provide you with all the information you need to know about these requirements, but if you have questions, feel free to contact our office.

Private Education Loan Self-Certification

Your lender should provide you with a copy of the required Private Education Loan Self-Certification Form. If you do not receive one from your lender, you can download it here.

If you download the form here, we recommend that you contact your lender for your application ID or other identifier that will help the lender match the form with your loan application.

Below you can find instructions on how to complete the Self-Certification Form:

  • Section 1 of the form is a list of notices to the loan applicant. Please review this information carefully as it details the effect that Feel free to contact the Financial Aid Office at if you have further questions.
  • Section 2 requires your Cost of Attendance and Estimated Financial Assistance for the period of enrollment. If you completed the federal student aid process, this information can be found on your Tuition Financing Plan.
  • If you are not eligible for federal student aid, you can consult your NYFA invoice for tuition and fees as well as scholarship and tuition assistance amounts.
  • Section 3 requires your contact information and period of enrollment. Certain lenders limit enrollment periods to 12 months, which means you must apply for a new loan each school year.
  • Section 4 requires your signature and date.

Remember to send your completed self-certification form to your lender. Your loan cannot be disbursed until your lender receives it.