Fordham University            The Jesuit University of New York

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Federal Direct PLUS Loan

Federal Direct PLUS Loan

Based upon the parent's credit worthiness, they may borrow up to the student's cost of attendance minus all other aid in a Direct PLUS Loan. Please review the Federal PLUS credit criterion . A valid 2013-14 FAFSA must be completed for the student to be eligible for PLUS loan funds.

Interest Rate: 6.41%
Origination Fees: 4.288%

Click Here to Apply for a 2013-2014 Federal Direct Plus Loan

Parents must fill out the form below as well as complete a credit check on

Click on the links below for detailed information about the Direct PLUS Loan:


Application Process
Master Promissory Note (MPN) & Entrance Counseling
Repayment Options
Rates and Fees
Cost of Attendance
Loan Limits
Deferment and Forbearance
Calculate Your Monthly Payments
Direct Loan Glossary
Additional Resources

Application Process

Students must have filed a 2013-2014 FAFSA to receive a PLUS loan.

Steps for parents to obtain a 2013-2014 Federal Direct PLUS Loan: 
Step 1: Secure a Federal Direct PLUS credit decision:

  • Go to and sign in using your Federal Student Aid PIN (from
  • Click on the “Request PLUS Loan” link on the left side of the screen under the “PLUS Loan Process” heading.
  • Select “Parent PLUS” as your loan type and complete credit check.
  • Be sure to select 2013-2014 as the Award Year on Step 2
  • Do NOT click the option to borrow the maximum loan amount for which you are eligible. This will cause a delay in processing in most cases.

Step 2: If you are approved:

  • Complete your MPN if you have not previously borrowed a Parent PLUS Loan at Fordham. Click the “Complete MPN” link on the left side of the screen and choose the “Parent PLUS Option” to complete your MPN.

Step 3: Complete and Submit your 2013-2014 PLUS Request Form

If you are credit denied:

You have 3 options:

  • Appeal your credit decision. Parents can start this process by selecting the “Document Extenuating Circumstances” link on
  • Reapply with an endorser.
    • The endorser must be “credit worthy” and willing to promise to repay the loan if the parent borrower fails to do so.
    • To endorse a loan the endorser must log in to and select the “Endorse Direct PLUS Loan” option.
    • They will be asked for a Loan Reference Number. This is the number that was provided after the parent was denied.
    • If the endorser is approved, the parent must complete another MPN on
  • Receive an additional Direct Unsubsidized Loan ($4,000 for Freshman or Soph./$5,000 for Jr. or Sr.)
  • The additional loan will be posted to your financial aid package.
  • For the loan to be processed, the student must log into the Financial Aid channel of their my.fordham account. When they click the “Apply Online” tab they will be asked if they would like to receive their full eligibility, less or not receive any additional unsubsidized loan.


To be eligible, the student must be:

  • accepted and matriculated in a degree granting program
  • making satisfactory academic progress
  • enrolled at least half-time

The parent borrower or endorser must also meet the credit criteria requirements .


Master Promissory Note (MPN) & Entrance Counseling

The MPN is your promise that you will repay these funds. It can be completed at . Parents who received funds from the Direct PLUS Loan program at Fordham in prior years do NOT have to complete another MPN unless they are using an endorser.


Repayment Options

Repayment begins 60 days after Fordham receives the final disbursement of your PLUS Loan. You can defer repayment of Direct PLUS Loans while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child's school).

Below is a brief description of repayment options. Please click on each plan for further details.

Standard Repayment Plan

Repayment is up to 10 years and monthly payment is fixed.

Graduated Repayment Plan

Repayment is up to 10 years. Payments are lower at first then increase every two years.

Extended Repayment Plan

Repayment is up to 25 years. Payments may be fixed of graduated.

Income Based Repayment Plan (IBR)

Repayment is up to 25 years. Your maximum monthly payments will be 15 percent of “ discretionary income”. Your payments change as your income changes. If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

Pay As You Earn (PAYE)

You must be a new borrower on or after 10/1/2007. Repayment is up to 20 years. Your maximum monthly payments will be 10 percent of “discretionary income”. Your payments change as your income changes. If you have not repaid your loan in full after making the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

Income Contingent Repayment Plan (ICR)

Repayment is up to 25 years. Payments are calculated each year and are basedonyour adjusted gross income, family size,andthetotal amount of your Direct Loans. If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.


Rates and Fees

The interest rate for Federal Direct PLUS loans is 6.41%. The origination fee is 4.288%.

Interest begins to accrue on the date of loan disbursement and continues to accrue during in-school, grace and deferment periods. Interest accrued during in-school, grace and deferment periods may be paid or capitalized.

Origination fees are deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.



The initial loan you request should cover all terms in which you would like to borrow. We encourage you to make just one loan request for the year to avoid adjustments to your aid later on in the year. It also helps you avoid incurring additional fees during the year due to any new legislation (Sequestration is an example). Your loan can always be decreased during the year at your request.

You will be notified when funds are posted to your account. If you subsequently decide you do not need these funds, you must notify Student Financial Services in writing. The timing of your loan disbursements depends on the loan period you choose. Your total loan amount is spread across the number of semesters or trimesters you plan to attend. For example:

  • If you are attending the fall & spring terms, there will be two disbursements. Half of your loan will disburse at the beginning of the fall term and the other half at the beginning of the spring term.
If you are attending only one term, there will be one disbursement at the beginning of the term and your total loan amount will be sent to Fordham in one payment .

Cost of Attendance (COA)

The Cost of Attendance (COA) is an amount used to determine your maximum financial aid eligibility for an academic year. The COA consists of standard school expenses (tuition, fees and books) and an estimate of a student's standard living expenses (housing, food, transportation, and other miscellaneous expenses). Each student's financial needs are different, so the estimated COA may be less depending on the student's circumstances.

Fordham University adjusts COA amounts annually based on a combination of factors including data from the Bureau of Labor Statistics and other sources. It is meant to provide for moderate, but reasonable living expenses in the NY area.


Loan Limits

Annual Loan Limit: Up to Cost of Attendance Minus Other Aid

Aggregate Lifetime Limit: None



This is a period during which repayment of the principal and interest of your loan is temporarily delayed. During a deferment/forbearance, you do not need to make payments. You are responsible for paying the interest that accrues (accumulates) during the deferment period, but your payment is not due during the deferment period. You can request a deferment or forbearance by contacting your loan servicer.

Your loans are automatically put into deferment if you are a student in a degree granting program and enrolled at least ½ time.

See the federal student aid web site for further details .



A Direct Consolidation Loan allows you to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments. This is especially helpful for students whoseloans are with different servicers. Research has shown that students with multiple servicers are more than 30% more likely to default. You can apply for consolidation at .

See the federal student aid web site for further details .


Calculate Your Monthly Payments

Use the federal loan repayment comparison calculator to estimate what your monthly payment would be on different repayment plans.


Additional Resources – Apply or get details about federal loan consolidation. – Great resource for information about all federal aid/loan programs. – This is where you complete your MPN, entrance counseling or apply for a PLUS loan. – Log in and get a complete listing of all your loans as well as the servicer for each. You can also complete exit counseling on this site.

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