|
|
Stafford Loan for Undergraduate Students
Click here to view a detailed chart on the Federal Loan Program.
Click here to view a detailed comparison chart and E-MPN Insturctions on Stafford Loan preferred lenders.
Please review the following process carefully:
1. File for your Federal Student Financial Aid (SFA) PIN.
2. File a Free Application for Federal Student Aid (FAFSA) or renewal FAFSA at least three months before you need the loan proceeds.
3. Review your Student Aid Report (SAR) and submit all corrections to the federal processor. (Make sure Fordham is listed) Reply to all requests for additional documentation from Fordham , New York State and the federal processor.
4. When you accept the Stafford Loan offered to you on your financial aid award letter, Fordham University will process your loan through the New York Higher Education Services Corporation (HESC) or your selected guarantor.
If you have not already signed a Master Promissory Note (MPN), your guarantor will send one to you. Choose your lender and E-sign your MPN or sign and mail your Pre-approved MPN to your guarantor.
If you have already completed an MPN, your loan will be guaranteed immediately by the guarantor.
5. For information on choosing a lender, click here.
6. Your guarantor informs your selected lender and Fordham University of the guarantee.
7. Students borrowing for the first time at Fordham are required by federal regulations to complete an “Entrance Interview” before proceeds of the loan (one-half each semester) can be credited to your student account. If you have not done so already you can complete the "Entrance Interview" on-line here.
8. All loans are disbursed in two disbursements. Once at the beginning of the loan period, once at the midpoint of the loan period.
9. If you have previously borrowed less than your full eligibility for this year, and you wish to borrow an additional amount, please complete a loan request form. (After clicking the submit button be certain that you get a confirmation stating; "Thank you for completing your loan request on-line. ")
10. If you have completed all of the prior steps and would like to check the status of your Stafford loan you may link to one of the following sites: Oasis or Electronic loan Status. (Approximately 10 business days after the completion of all the above necessary steps, you should expect to see your loan online).
What to Expect throughout the loan process:
1. Once all the above steps have been completed you willsee an Estimated Stafford Loan credit on the account.
2. Approximately 3 days prior to the start of classes Fordham University will receive an Electronic Funds Transfer (EFT). This will automatically cancel the estimate on the account and post the actual Stafford loan credit. At this point in time the Stafford loan process becomes complete.
3. If at any point in time you do not see either an Estimated or Actual Stafford loan credit on your account and you have accepted your Stafford loan please contact the Office of Student Financial Services.
Please help us make our Tuition and Financial Aid Website better for you by completing the Website Satisfaction Survey.
|
|
|
