Your eligibility for these awards is estimated using the information you report on the financial aid forms.  You must comply with all program requirements to receive these funds.  Please follow up on all requests for information from government agencies.

New York State TAP eligibility is currently based on the family's New York State taxable income and information submitted on the FAFSA and the New York State Express Tap Application (ETA). You will be automatically be sent an ETA if you are a New York State Resident, and listed at least one New York State school on your FAFSA.  An actual award certificate from New York State Higher Education Services Corporation (NYSHESC) will be sent to you.  This grant may only be used at colleges within New York State.  If you do not receive an award certificate from NYSHESC within four weeks after filing for TAP or within 3 weeks of the passing of the State budget (whichever is later), contact NYSHESC at 518-474-5642.

There are some states which allow students to carry state aid with them to colleges outside of their home state. These include: Vermont, Rhode Island, Maryland, and the District of Columbia. If applicable, check with your guidance counselor to determine how to file.

Stafford Loan

This loan is obtained from a bank or other lending institution and is insured by the federal government.  You are required to begin repayment once you are out of school or reduce your class load below six credits for a period of at least six months.  For new borrowers the interest rate is variable.  There are two types of Stafford Loan.

The Subsidized Stafford Loan is for students who demonstrate financial need.  The federal government pays the interest while you are in school.

The Unsubsidized Stafford Loan.  If based on financial need, you are not eligible to borrow all or some of the Subsidized Stafford Loan, you may borrow the Unsubsidized Stafford Loan.  The difference is that you, rather than the federal government, are responsible for the interest payments while you are in school.  You have the option to capitalize the interest, i.e., add the interest to your loan principal and defer payments until graduation.  Some banks capitalize interest once at repayment so the student does not incur compounded interest.  

Although an estimate of loan eligibility is provided in the award letter, you must complete and sign a loan application and promissory note.  Fordham processes Stafford Loans electronically.  After your deposit has been paid, you will receive directly from your guarantor (usually NYSHESC) a pre-printed Master Promissory Note.  Follow the instructions included with the application.

The chart below shows estimated monthly payments and total interest charges for loans of varying amounts, with standard repayment plans. Additional payment plans, such as graduated repayment and income-sensitive options, may also be available.  All students who have borrowed through the Federal Stafford Loan program must complete an ;entrance counseling session in order to receive funding and an exit counseling session prior to graduation.

Graduate PLUS Loan

Click here to view a detailed chart that compares the lenders and their benefits Graduate Plus Loan lenders.
This chart can help you decide whether the Grad Plus or Private Alternative loan is best for you.

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 as it is for an alternative loan.

Grad PLUS Eligibility Requirements

Students Must:

• File a FAFSA
• Be a U.S Citizen or Permanent Resident
• Be enrolledat least half time
• Not be in default on any prior federal student loan
• Be pursuing a degree in an accredited program
• Have no recent federal drug convictions
• Have taken advantage of their full Stafford Loan eligibility before receiving a Graduate PLUS loan
• Meet minimal credit requirements (absence of bad credit); Pre-screen may be available
• Complete separate PLUS MPN

Grad PLUS Features

• Student may borrow up to the full cost of education less other aid, annually
• Interest rate fixed at 8.5%
• No aggregate limit
• No co-signor requirement
• May be eligible for consolidation
• Defer principal and interest payments while in school and during periods of financial difficulty
• 3% origination fee
• On-line applications
• Borrowers have the same deferment, forbearance, and death and disability provisions as the Stafford Loan program

Keep in mind, this program starts July 1, 2006. Fordham University will not be able to certify any graduate PLUS loans until that day. You can get credit approved through your lender before July 1 though.

TEACH GRANT/LOAN

TEACH (Teacher Education Assistance for College and Higher Education) Grant (loan) is a merit based Federal Title IV program designed to encourage highly qualified teachers to serve in low-income schools in high-need fields.

Amount of Grant: The TEACH Grant Program provides up to $4,000 per year ($8,000 total for graduate studies) in grants to students who plan to teach full-time in high need subject areas at schools that serve students from low-income families. The awards for students enrolled less than full-time will be prorated depending on enrollment.

Teaching Obligation: Grant recipients agree to teach for at least four years within eight years of finishing their teacher preparation program and to teach high-need students in designated schools that serve low-income students. If you do not complete the four year teaching obligation, your grant will convert into an unsubsidized loan, which you will have to repay with interest calculated back to the date the funds were originally disbursed.

Note: The field you teach in must be a high need field in the state where you teach in order to satisfy your service requirement.

Examples of High-Need Fields
-Bilingual Education and English Language Aquisition
-Foreign Language
-Mathematics
-Reading Specialist
-Science
-Special Education
-A field designated by Federal or State government or LEA, approved by ED and listed in the annual Teacher Shortage Area Nationwide Listing

For the Documented High-Need Fields Website click here.

For Schools Servicing Low-Income Students click here.

Service Agreement: Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve (ATS) (service agreement), which is available electronically on the U.S. Department of Education web site. When you sign the service agreement, you are agreeing to repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were first disbursed, if you do not complete the teaching service requirement. If the grant is converted to a loan, it cannot be converted back to a grant. 

Eligibility: To be eligible for the TEACH Grant, you must:
-Be a U.S. citizen or eligible non-citizen
-Be enrolled in coursework or plan to complete coursework toward a career in teaching and/or in a high-need subject area. Not eligible for TEACH Grant if second post-baccalaureate program.
-Maintain Satisfactory Academic Progress and meet all other institutional requirements for maintaining enrollment
-Complete TEACH Grant counseling
-Sign a TEACH Grant Agreement to Serve each year
-Complete a Free Application for Federal Student Aid (FAFSA)
-Maintain at least a 3.25 cumulative GPA (4.0 scale). For first year graduate students will use undergraduate cumulative GPA, if there is no GPA, then must score above the 75th percentile on any nationally named standardized admissions test (GRE-SATs).

Documentation: You must confirm within 120 days of completing or otherwise ceasing enrollment in your teacher preparation program that you are fulfilling (or plan to fullfill) the terms and conditions of your service agreement. You must document your teaching service by the chief administrative officer at the school where you teach.

Application Process: Students who are interested in applying for TEACH Grant should: 
-Complete and submit a FAFSA at www.fafsa.ed.gov
-Submit to the Office of Financial Aid the TEACH Grant Application which has been certified by the Graduate School of Education.
-Complete the TEACH Grant initial counseling (web site to be named by the U.S. Dept of Ed)
-If approved, students will be required to sign a TEACH Grant Agreement to Serve (ATS) before their funds are released.

For the Federal Student Aid TEACH Grant Home page click here.

Important Notes:
-If you are not already committed to teaching a high-need subject in a low-income school, please use caution when considering this possible source of funds. If you do not complete the four-year teaching obligation, your grant will convert to an unsubsidized loan, which you will have to repay with interest calculated back to the date the funds were disbursed.
-Because total financial aid must not exceed the cost of attendance, receiving a TEACH Grant may reduce the recipient's eligibility for other sources of financial aid.

Disbursement: Awards will be split into two disbursements, with each disbursement equaling no more than half of the annual award amount.

You may request cancellation of all or part of your TEACH Grant award. If you request cancellation before the first day of the payment period or within 14 days after the school notifies you of your grant via an award letter, the school will return the funds and they will not be converted to a Direct Unsubsidized Stafford Loan.