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Financial Aid News & Updates
October 19, 2009
VETERANS INITIATIVE
Post 9/11 GI Bill Updates
Emergency Payments for Veterans Awaiting VA Educational Benefits: The VA has authorized advance payments up to $3,000 for veterans who have applied for VA educational benefits and who have not yet received their monthly educational payments. If you are a Veteran who has applied for one of VA's education programs and have not yet received your monthly benefit payment for the fall 2009 term, you can submit a request for an advance payment online at https://advancepay.gbill.va.gov or you can go to your nearest VA regional office to receive an advance pay. A list of 20 VA regional offices is available at www.vba.va.gov/VB/benefits/offices.asp. You will need to bring a photo ID and your course schedule when you visit the regional office.
It is recommended that you call the Manhattan Office in advance of going in person at 212-807-3021. For more information on Emergency Payments, please visit https://advancepay.gbill.va.gov. For FAQs on the Emergency Payments, please visit www.gibill.va.gov/advpayqa.htm.
Fordham is proud to be a Yellow Ribbon University, and we are pleased to welcome the men and women who have served their country and now want to go back to school to finish degree or earn a new credential. For more information on Veteran's Admission, Post 911 Benefits and Fordham's Yellow Ribbon Agreement please click here.
For more information on New York's Yellow Ribbon Program please click here.
For more information on the Post 911 GI Bill and how to apply please visit www.gibill.va.gov.
March 9, 2009Financial assistance
If your family is experiencing a significant change in financial circumstances that jeopardizes your continued enrollment at Fordham, please be aware that special assistance is available at Student Financial Services on each campus. The University is committed to do all we can to alleviate the impact of the economic downturn on students and their families. Assistance may include a combination of grant aid, loans and payment plans depending on individual circumstances and resources.
To request assistance we ask that you or the person responsible for your college finances send an e-mail to financialaid@fordham.edu or a letter to the Student Financial Services Office on your campus. Please be sure to include your full name and Fordham ID number, a description of the change in financial resources that prompts your request and the amount of funding needed to continue your studies with your contact information.
June 16, 2008
INcreased Stafford Loan Limits under H.R. 5715
President Bush signed into law the "Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715)". This new legislation gives all Stafford Loan borrowers an additional $2,000 in unsubsidized loan eligibility. Fordham University will process this additional eligibility for all students who are eligible. Email the financial aid office at financialaid@fordham.edu if you do not wish to borrow this additional amount.
| Annual Stafford Loan Limits |
| All Dependent Undergraduates |
| |
Maximum Subsidized Eligibility |
Unsubsidized Eligibility
(New) |
Total Stafford Loan
Eligibility |
| Freshmen |
$3,500 |
$2,000 |
$5,500 |
| Sophmores |
$4,500 |
$2,000 |
$6,500 |
| Juniors & Seniors |
$5,500 |
$2,000 |
$7,500 |
|
| All Dependent Undergrads with a PLUS Denial & Independent Undergrads |
| |
Maximum
Subsidized
Eligibility |
Unsubsidized Eligibility
(New) |
Total Stafford Loan
Eligibility |
| Freshmen |
$3,500 |
$6,000 |
$9,500 |
| Sophmores |
$4,500 |
$6,000 |
$10,500 |
| Juniors & Seniors |
$5,500 |
$7,000 |
$12,500 |
|
| Graduate Students |
| |
Maximum
Subsidized
Eligibility |
Unsubsidized Eligibility
|
Total Stafford Loan
Eligibility |
| All Grad Students |
$8,500 |
$12,000 |
$20,500 |
Aggregate Stafford Loan Limits:
Undergraduate Dependent Students: $31,500 (no more than $23,000 of which can be subsidized)
Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
Graduate & Professional Students: $138,500 (no more than $65,500 of which can be subsidized)
October 3, 2007
Decrease in Subsidized Stafford Loan interest rates for Undergraduates
On September 27 2007, President Bush signed the College Cost Reduction and Access Act of 2007.
Decrease in Subsidized Stafford Loan interest rates for Undergraduates:
Among its more popular provisions, this act effectively cuts the Stafford subsidized interest rates over the next 5 years for eligible undergraduate students:
Year Interest Rate
2007-08 6.80%
2008-09 6.00%
2009-10 5.60%
2010-11 4.50%
2011-12 3.40% (This rate is in effect for one year.)
To pay for these decreases, the government will significantly cut subsidies to the lenders who provide these funds.
These cuts will likely decrease the repayment benefits and origination fee subsidy that many students receive. Please contact your lender regarding the terms of your Stafford loan.
Increase in Federal Pell Grant
In addition, this will also provide an increase in the Federal Pell Grant program over the next 5 years. The maximum Pell grant award will increase by:
$890 to $4,731 for 2008-9 and 2009-10
$690 to $5,000 for 2010-11 and 20011-12
$1090 to $5,400 for 2012-13
August 29, 2007
Fordham Introduces the Dewar Tuition Refund Plan
Given the substantial financial commitment that students and their families make to payfor a Fordham University education, it is increasingly important to protect your investment. Of particular concern are students who due to illness or accident may be required to leave school during a semester. This can result in subsequent loss of time invested in studies and also the loss of funds already invested in a particular semester’s costs. Fordham University would like to make you aware of an optional insurance program the Tuition Refund Plan (TRP) through A.W.G. Dewar, Inc., TRP is a private program that supplements Fordham University’s tuition refund policy as published in the University Catalogue. For more information, please click here.
Clarification of the Attorney General Inquiry
Some of the media coverage of Fordham University’s agreement with the Office of the Attorney General has been confusing, especially regarding refunds to students with student loans from certain institutions.
Though Citibank has made loans to Fordham students, Fordham did not have a revenue sharing agreement with Citibank. No refunds are due to students who borrowed from Citibank.
Fordham University will be making refunds ONLY to students who had loan funds disbursed by Educational Finance Partners (EFP) between June 30, 2005 and March 31, 2006 (the period during which the University had a revenue sharing agreement with EFP). Noother institutions or time periods are covered by Fordham’s agreement with the Office of the Attorney General.
Borrowers who are due refunds will receive a written notice from the University.
Financing Fordham On-Line
Fordham University develops an On-Line Financial Planning tool to help create a plan for financing the students education over the four year college career.
Continue to the Financing Fordham On-Line website
529 Savings Plan
A state sponsored college savings program allowing individuals to accumulate tax-advantaged funds to pay college expenses for a beneficiary.
Continue to the 529 plan website
Graduate PLUS Loan
The PLUS loans for graduate students give another option to graduate students who need more funding than the Stafford Loan Program can offer. As part of the Deficit Reduction Act of 2005, the Graduate PLUS Loan program allows graduate/professional students to borrow the PLUS loan. Effective July 1, 2006 graduate students will be able to borrow the Federal PLUS loan. Even though the loan is named PLUS, it is in the graduate student’s name (not their parents). It allows you to borrow up to your Cost of Attendance minus any other aid.The rate is fixed at 8.5% so students should exhaust their Federal Stafford Loan eligibility before applying for the Graduate PLUS Loan. There is also a credit check required for this loan but the credit criteria is less strict than it is for an alternative loan.
Academic Competitiveness (ACG) Grants & National Science and Mathematics Access to Retain Talent (SMART) Grants
Academic Competitiveness Grants, Section 401A of the “Higher Education Reconciliation Act of 2005” establishes a grant program for students who have concentrated in math/science or a foreign language critical to U.S. National Security.
Grants for first or second year undergraduate students are called "Academic Competitiveness Grants (ACG)." Grants for third or fourth year undergraduate students are called "National Science and Mathematics Access to Retain Talent Grant (SMART)."
The grant program is managed by the Academic Competitiveness Council chaired by the Secretary of Education consisting of officials from federal agencies already managing federal programs that promote mathematics and sciences.
Academic Finance Corporation (AFC) Scholarship
Academic Finance Corporation (AFC) is proud to award $50,000 in scholarships to help students pay for their first year college expenses. The $50K Giveaway awards two $5,000 scholarships and sixteen $2,500 scholarships. It's free to enter, there’s no essay to complete and eligibility is not based on GPA, major or financial need.
Continue to the Academic Finance Corporation Scholarship
Chase Smart Start Scholarship Program
Additional information and an online application are now available on the
Continue to the Chase Smart Start website.
Detailed Lender Comparison Charts
To aid in the selection of which lender to use for your Stafford or Alternative Loan we have prepared the following loan comparison charts:
Undergraduates
- Click here to view a detailed chart on the Federal Loan Program.
- Click here to view E-MPN Instructions on Stafford Loan preferred lenders.
- Click hereto view a detailed comparison chart on PLUS Loan preferred lenders.
- Click here to view a detailed comparison chart on our preferred lenders for Alternative Loans.
Graduates
- Click here to view a detailed chart on the Federal Loan Program.
- Click here to view E-MPN Instructions on Stafford Loan preferred lenders.
- Click here to view a detailed comparison chart on Graduate PLUS Loan preferred lenders.
- Click here to view a detailed comparison chart on our preferred lenders for Alternative Loans.
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