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Summer Federal Direct Subsidized/Unsubsidized Loan
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All Summer 2013 Loan Requests should be submitted no later than June 15, 2013
As of July 1, 2013, the origination fee on all Federal Unsubsidized Loans will increase from 1% to 1.051%. Therefore, students should complete all the requirements to receive your summer loan(s) before June 15, 2013. This legislation was part of the federal Sequester budget cuts that went into place on March 1, 2013.
In addition, loans processed after July 1, 2013 will be more at risk of being delayed because they will be processed manually with the Dept. of Education.
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Students who borrowed their full eligibility in the previous fall and spring terms will not be eligible for summer 2013 Direct Subsidized/ Unsubsidized Loans. They should consider the Federal Direct PLUS Loan as an option or a private alternative education loan.
Eligibility for subsidized loans is need based. The federal government pays (subsidizes) the interest during in-school and grace periods for subsidized loans. For unsubsidized loans, the interest which accrues during in-school and grace periods is paid by the student in repayment. Students are not required to make payments on Direct Subsidized/Unsubsidized loans until after their in-school and grace periods are over. The interest rate is 6.8% for Direct Unsubsidized loans and 3.4% for Subsidized loans.
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Click here for the 2013 Summer Direct Subsidized/Unsubsidized Loan Request Form
Annual Subsidized/Unsubsidized Loan Limits
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All Dependent Undergraduates
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Subsidized Eligibility
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Unsubsidized Eligibility
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Total Sub/Unsub Loan Eligibility
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Freshmen
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$3,500
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$2,000
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$5,500
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Sophomores
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$4,500
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$2,000
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$6,500
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Juniors & Seniors
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$5,500
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$2,000
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$7,500
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All Dependent Undergrads with a PLUS Denial & Independent Undergrads
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Subsidized Eligibility
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Unsubsidized Eligibility
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Total Stafford Loan Eligibility
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Freshmen
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$3,500
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$6,000
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$9,500
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Sophomores
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$4,500
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$6,000
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$10,500
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Juniors & Seniors
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$5,500
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$7,000
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$12,500
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Lifetime Aggregate Loan Limits
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Dependent Undergraduate Students
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$31,000 of which $23,000 can be subsidized
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Independent Undergraduate Students
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$57,500 of which $23,000 can be subsidized
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You must complete a FAFSA, Master Promissory Note and Entrance Counseling Session to receive your Stafford Loan Funds. Students who borrowed Stafford Loans at Fordham since the 2010-2011 academic year do NOT have to complete another MPN or Entrance Counseling Session
You can confirm that Fordham has received your completed MPN and Entrance Counseling Session confirmation by clicking on the Documents tab of the Financial Aid section of your my.fordham.edu account.
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