NU’s Financial Aid Office offers you and your family special financial assistance that can help make NU affordable. This assistance includes special payment options, alternative loan programs, and government-supported loans. We have a staff of knowledgeable, helpful professionals who will be happy to work with you on an individual basis to provide you with step-by-step details about affordable options. Contact NU’s Financial Aid Office at 716.286.8686 for further information.
Funding Programs Available
There are many innovative funding programs that are available, including the following:
Level Tuition (LTP)
The Level Tuition Plan (LTP) allows first-semester freshmen to “lock in” one tuition rate for four consecutive years or eight consecutive semesters. The LTP is open to new, first-time, full-time, undergraduate freshmen. This is an optional plan. Under LTP, students will pay a slightly higher rate for the first year, but tuition stays the same for all four years as regular tuition increases.
| Semester | Amount per Semester | Amount per Year |
|---|---|---|
| Freshmen entering fall 2023 | $18,300 | $36,600 |
| Freshmen entering fall 2022 | $17,950 | $35,900 |
| Freshmen entering fall 2021 | $17,450 | $34,900 |
| Freshmen entering fall 2020 | $17,100 | $34,200 |
Level Tuition Plan covers block tuition (12-18 credit hours per semester). Students who register for more than 18 credit hours will be charged at a per-credit-hour rate based on the overload tuition rate. University fees and room and board are not included in the plan and are subject to change.
Students attending summer classes will be charged a per-credit-hour rate based on the prevailing summer tuition rate.
**Students who drop from full time to part time will no longer be charged at the fixed tuition rate and will be charged the regular tuition rate at that time.
NU’s Monthly Payment Option
In an effort to accommodate every family’s educational financial needs, Niagara University offers an interest-free payment plan that allows each semester’s cost to be paid in one down payment of 20% and four (4) monthly interest-free installments per semester. There is a nominal charge for this service. Please look for additional information from the Office of Student Accounts, including the required application and all scheduled due dates for the upcoming academic year.
Federal Direct PLUS Loan Program
Direct PLUS Loans are an option to bridge the gap between the cost of attendance and our financial aid package. Direct PLUS Loans are for parents or step-parents of undergraduate students, and graduate students borrowing on their own. Borrowers must be US citizens or an eligible noncitizen, by federal definition. Loan approval is subject to credit criteria established by the US Department of Education. A credit report will be obtained from a national credit bureau once you submit a request for approval.
The following conditions are considered adverse credit history and may cause the application to be initially denied:
- Any open account that is currently 90 or more days past due.
- Any account (open or closed) that was charged off/written off or placed in collection during the two years preceding the date of the credit report, with a balance greater than zero.
- Borrower’s wages were garnished; a deed in lieu is being reported; has had a foreclosure; has had a state, county or federal tax lien in the 5 years preceding the date of the credit report.
- Borrower has had a repossession, or any involuntary repossession, with the five years preceding the date of the credit report.
- Mortgage account has the loan listed as having the foreclosure process started.
- Any Title IV debt that is currently in default.
Proof of extenuating circumstances may allow you to qualify for a PLUS loan.
PLUS Loan
- Can be used to supplement the student’s direct loan funding and even cover up to the full cost of attendance (less financial aid).
- Benefits not dependent on your family’s income or assets; a credit check is required.
- No employment requirement
- Does not require collateral, but may need an endorser (co-signer).
- Payments can be postponed up to three years in cases of economic hardship when in repayment.
- Pre-payment can be made at any time without penalty.
- The loan will be forgiven in full in the event of permanent disability of the borrower or death of the borrower or student.
| Dependent Students* | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Junior or Senior | $5,500 | $2,000 |
| Independent Undergraduate Students and Dependent Students** | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman | $3,500 | $2,000 + $4,000 |
| Sophomore | $4,500 | $2,000 + $4,000 |
| Junior or Senior | $5,500 | $2,000 + $4,000 |
| Program | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Graduate and Professional Students | $8,500 | $12,000 |
- Borrowing Limits – Eligibility is determined by the cost of attendance less financial aid.
- Interest Rates – The interest rate is fixed at 8.05% for PLUS Loans effective July 1, 2023 and is subject to change on June 30, 2024.
- Fees – PLUS Loans have a 4.228% loan origination fee.
- Disbursements – PLUS Loan proceeds are sent directly to the university and generally disbursed in two equal amounts at the beginning of each school term. The funds are sent by electronic funds transfer.
- Repayment – You are required to apply for a Direct PLUS Loan each time you need a new one. Repayment of your Direct PLUS Loan may be deferred until six months after the student ceases to be enrolled at least six hours per semester. The minimum repayment of principal and interest is $50. The maximum repayment period is 10 years. In-school deferments are available for up to five years, in some cases.
Repayment Schedule at 6.28 Percent Fixed Interest Rate and 120 Number of Payments
| Loan Amounts | Payment Amounts | Total Repaid |
|---|---|---|
| $4,000 | $50 | $5,722 |
| $6,000 | $72 | $8,582 |
| $10,000 | $119 | $14,304 |
| $15,000 | $179 | $21,456 |
| $20,000 | $238 | $28,608 |
| $25,000 | $298 | $35,759 |
| $30,000 | $358 | $42,960 |
| $35,000 | $417 | $50,063 |
| $40,000 | $477 | $57,215 |
| $ 50,000 | $596 | $71,519 |
Parents or graduate students interested in borrowing through the PLUS loan program for the 2023-24 year are requested to wait until June 1, 2023 to apply.
- Start Application
- Log in. You will need your FSA ID for this.
- Request either the Parent PLUS loan or the Graduate PLUS loan.
- Upon approval, your loan application information will be sent to the university electronically for certification and disbursement.
Note: You will not see your PLUS Loan amount listed in our financial aid package unless you have applied for and have been accepted for this loan, and the school has certified the loan.
Federal Direct Loan
To receive a direct loan, you must be registered for at least six credit hours per semester and have been packaged with the maximum amount available to you at your grade level. Eligibility for a Subsidized Direct Loan (Sub) is based on the federal need analysis formula. The government pays the interest while you are enrolled for at least six hours per semester. The Unsubsidized Direct Loan (Unsub) is not based on need and you are responsible for the interest that accrues while attending school. Interest can be deferred while in school, but it will be capitalized (added on the principal balance of the loan) at repayment, which occurs six months after leaving school. Once disbursed, the loan information will be submitted to NSLDS and will be accessible by authorized agencies, lenders and institutions.
| Dependent Students* | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Junior or Senior | $5,500 | $2,000 |
*Except Students Whose Parents Cannot Borrow a PLUS Loan
| Independent Undergraduate Students and Dependent Students** | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman | $3,500 | $2,000 + $4,000 |
| Sophomore | $4,500 | $2,000 + $4,000 |
| Junior or Senior | $5,500 | $2,000 + $4,000 |
**Whose Parents Cannot Borrow a PLUS Loan
| Graduate | Base Amount Sub or Unsub. | Additional Unsubsidized Loan Amount |
|---|---|---|
| Graduate and Professional Students | $8,500 | $12,000 |
- Undergraduate Dependent Students – $31,000 (no more than $23,000 can be subsidized).
- Undergraduate Independent Students – $57,500 (no more than $23,000 can be subsidized).
- Graduate and Professional Students – $138,500 (no more than $65,500 can be subsidized).
The Office of Financial Aid will electronically transmit your loan eligibility for your federal direct loan to the federal government around July 1 of each year.
- You may reduce or reject your direct loan at any time in writing. Follow the instructions on your award letter.
- First-time borrowers are required to complete a Master Promissory Note and the Direct Loan Entrance Interview.
- If you are a freshman, your first disbursement will be credited to your account after Oct. 1.
First-time borrowers are required to complete Direct Loan Entrance Counseling prior to receiving the first disbursement of a direct loan.
- A borrower who is receiving their first direct loan is not required to complete entrance counseling if they had previously received the same type of loan through the Federal Family Education Loan (FFEL) Program.
- If the borrower is receiving their first Direct PLUS Loan (as a graduate student), but had never received a prior FFEL PLUS Loan, they will be required to complete Direct PLUS entrance counseling.
Note: Parent borrowers are not required to complete entrance counseling.
This online counseling session will take approximately 30 minutes to complete. The borrower must complete the counseling session in one sitting in order for it to be recorded in the system. You will need your FSA ID to confirm your identity.
If you are a first-time borrower, a continuing NU student or a new transfer student, you will be required to sign your Direct Loan Master Promissory Note (MPN).
You will need/expect the following:
- Your FSA ID to confirm your identity
- Disclosure and consent
- Provide name and school
- Complete MPN
- Review/Read draft MPN
- Sign your MPN
- Review signed MPN/enter confirmation code
- Confirm acceptance of MPN terms and submit MPN
- Print your MPN!
If you have loans from prior years, you may have a fixed interest rate of 6.8% for loans processed after June 30, 2006, or a variable rate that cannot exceed 8.25%.
As of July 1, 2023, the interest rate for both the undergraduate Direct Subsidized Loan and Direct Unsubsidized Loan is fixed at 5.50%. The graduate Direct Unsubsidized Loan has a fixed interest rate of 7.05%. These interest rates are set by the federal government and are subject to change annually on July 1. There is a 1.059% origination fee for all loans.
Subsidized and Unsubsidized fixed at 3.73% interest and 120 payments
| Loan Amount | Monthly Payment | Total Repaid |
|---|---|---|
| $5,500 | $58 | $7,015 |
| $12,000 | $128 | $15,305 |
| $19,500 | $207 | $24,871 |
| $27,000 | $287 | $34,436 |
Unsubsidized fixed at 5.28% interest rate for 120 payments
| Loan Amount | Monthly Payment | Total Repaid |
|---|---|---|
| $20,500 | $224 | $29,323 |
| $41,000 | $449 | $58,646 |
| $61,500 | $733 | $87,968 |
| $82,000 | $977 | $117,291 |
Privately Sponsored Alternative Loan Programs
A number of lenders, credit unions and agencies sponsor alternative loans, home equity loans and lines of credit to help families finance the cost of a college education.Borrowers have the right and ability to select the education loan provider of their choice and are not required to use any of the lenders on this list. Niagara receives no incentive or benefit from any lender on this list. All of the listed lenders provide loans for graduate and undergraduate students to provide funds beyond what federal programs can offer. Students can borrow up to cost of attendance minus financial aid. All loans are variable interest rates unless otherwise indicated.
- Niagara University does not automatically certify alternative loans until students have completed the FAFSA and their eligibility for Federal Stafford Loans has been determined.
- It is usually in the student’s best interest to borrow from the Federal Stafford Loan program first before borrowing an alternative loan. There is no cap on the interest rate for an alternative loan.
- If a student does not intend to complete a FAFSA and only wants an alternative loan, we must be notified in writing to determine your eligibility for the alternative loan.
- Lenders look at your credit score to determine if you are a good credit risk. Applying for more than one alternative loan will no longer negatively affect your credit score. It’s treated as a “soft hit” on your credit report for both the borrower and the co-signer if you are applying to multiple lenders.
- Be wary of any direct to consumer loans that do not require a school certification. Usually the interest rates on those loans are much higher. If a school certification is not required, you will be asked for a bill or a copy of your class schedule.
- The Financial Aid Office is required by federal regulations to make certain your aid does not exceed cost of attendance if the aid includes a loan. The cost of attendance elements are set by federal regulation.
- Important: Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. This form is available on our website or in the Financial Aid Office upon request.
- Defaulting on your loan could prevent you from owning a car or a house one day, and it is virtually impossible to eliminate student debt by declaring bankruptcy except in extreme cases of hardship.
- What is the interest rate?
- What is the cap on the interest rate?
- When and how often is the interest capitalized (added to the principal)?
- When does repayment begin?
- What are the penalties for missing a payment?
- Can you postpone payments after graduation; under what circumstances?
- Is there in-school deferment for graduate school; and is there a maximum time for in-school deferment?
Niagara University’s Preferred Lender List is developed by surveying lenders on an annual basis in order to provide a resource to assist our students as they research loan options. Lenders are asked to provide information regarding their benefits and services. This includes:
- Terms and conditions of the lender’s loan products (for example, interest rates, options for repayment length, etc.)
- Borrower benefits (for example, lender payment of fees, interest rate reductions for on-time payments)
- Previous lender service to Niagara University
- Previous lender service to borrowers
- Loan processing (for example, speed of loan approval and disbursement, error resolution)
The information is carefully reviewed by the Financial Aid Office at Niagara University annually to ensure that our students receive the best possible service and benefits associated with their private educational loans.
College Savings Program
NY 529 is a type of investment account that can be used to save for higher education and offers tax savings.