TERMS, CONDITIONS AND IMPORTANT INFORMATION
1. RENEWAL: Per our new financial aid guarantee, effective Fall 2024 all institutional grants and scholarships will be renewed for the duration of the student's degree at TNS. The Free Application for Federal Student Aid (FAFSA) should be submitted each year in order to provide students with all financial aid options available. Students looking to enroll in the summer will need to complete a summer aid application so that aid can be processed based on planned enrollment.
2. ENROLLMENT: Initial Awards are based on a student’s self-reported enrollment status and are subject to change based on actual enrollment. Students should notify the Financial Aid Team, in writing, about any changes in their financial circumstances, marital status, residency, or errors in award amounts. Awards may be adjusted after the end of the drop/add period as a result of changes in enrollment status or the student’s receipt of external resources such as scholarships, tuition benefits, or fee waivers. Aid for less than full-time students will be prorated to correspond to actual enrollment and tuition charges. Student financial aid will only apply to credits counted toward the student’s degree program.
3. SATISFACTORY ACADEMIC PROGRESS: While institutional aid amounts remain constant, all recipients of federal and state aid must maintain satisfactory academic progress toward a degree to be eligible to receive federal/state financial aid. Information regarding the federal standard for satisfactory academic progress and New York state programs is available online.
4. FEDERAL STUDENT LOAN BORROWERS: To accept your loan offer, you must complete a Direct Loan Master Promissory Note (MPN) and Entrance Counseling at studentaid.gov. Loan funds are disbursed in at least two installments with no installment greater than half the amount of your loan. Your loan funds are applied first to tuition, fees, and room and board. If funds remain, you will receive them by refund check that will be sent to your Official Mailing Address or deposited via electronic means. If you wish refunds to be electronically deposited, you must sign up for Direct Deposit on your my.newschool.edu account. Loans must be originated prior to the end of the final day of class.
5. FEDERAL PARENT PLUS AND GRADUATE PLUS LOAN BORROWERS: Your student account statement will reflect a pending credit for the PLUS loan less the origination and federal default fees. Federal regulations require that refunds owed from the receipt of Parent PLUS proceeds are sent to the parent borrower. Parents wishing for a PLUS refund to be sent directly to the student must provide a written request to myaccount@newschool.edu. Unless otherwise requested, the default loan period for PLUS loans is fall & spring for applications received prior to January 1st of the aid year and spring-only for applications received on or after January 1st.
6. FEDERAL WORK-STUDY RECIPIENTS: For job placement assistance, go to careers.newschool.edu. A Federal Work-Study award is not a guarantee of employment. Federal Work-Study awards must be activated by obtaining a position. Federal Work-Study wages are paid biweekly directly to students based on hours worked and are not deducted from the student’s tuition bill. Students may not work more than 20 hours per week while classes are in session. Students must be authorized to work prior to engaging in employment activities.
7. NEW YORK STATE TAP RECIPIENTS: You must be enrolled in at least 12 credits per semester. If you are an undergraduate New York State resident taking less than 12 credits in a degree program, please contact us for information on applying for the Aid for Part-Time Study program.
8. WITHDRAW: If you withdraw from courses, your Title IV federal aid (Pell, ACG, Student and Parent Loans) will be subject to a recalculation of aid eligibility based on the number of days of enrollment in that semester. Institutional scholarships may also be revised. Your revised aid eligibility may result in a balance due. Students employed under the Federal Work-Study program must cease working on the date of withdrawal.
9. RELEASE: Acceptance of your financial aid award implies your consent to permit the university to release information about your progress to any donor or agency that you have received aid from.
10. ADJUSTMENTS: The Office of Financial Aid reserves the right to modify or rescind financial aid awards at any time if there is evidence that the financial aid information provided differs from what was stated in the original application and supporting documents, or if an error or omission occurred in processing the aid.
11. VERIFICATION: Requested verification documents must be submitted to The Office of Financial Aid within 30 days of the request to prevent reduction or cancellation of your federal aid. Check the status of your awards at any time on my.newschool.edu.
12. ACCEPTANCE: Awards are subject to acceptance of the above terms and conditions. Failure to accept these terms and conditions will prevent the disbursement of the aid. By clicking agree, the general terms and conditions apply to all current and future awards for the aid year.
General terms and conditions apply to all current and future awards for the aid year.