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.
Federal Pell Grant
Funded by the federal government, eligibility is determined by filing the Free Application for Federal Student Aid (FAFSA). You will receive a Student Aid Report (SAR) indicating your eligibility for this grant. You will be directed to check and correct all data as necessary. Please follow the instructions in Part I of your SAR. If you do not receive your SAR within four weeks of filing, call 319-337-5665. Only undergraduate students are eligible for this grant and amounts can range from $400 to $4310.
New York State Grant - Tuition Assistance Program (TAP)
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. Click here to check on your TAP status.
Other State Grants
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
Click here to view a detailed chart on the Federal Loan Program.
Click here to view a detailed comparison chart on Stafford Loan preferred lenders.
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.
Federal Parent Loan for Undergraduate Students (PLUS) and Additional Stafford Eligibility
Click here to view a detailed chart on the Federal Loan Program.
Parents may borrow up to the cost of attendance minus any financial aid (this difference can include the expected family contribution) through the PLUS Loan. The lender will perform a credit check. Students whose parents are denied a PLUS loan may be eligible for additional Unsubsidized Stafford Loan funding. Independent students may also borrow additional Unsubsidized Loan funds.
Interest rate varies annually (nine percent cap) and will begin accruing once loan funds are fully disbursed
Ten year standard repayment period
Repayment begins while student is still enrolled (60 days after loan is fully disbursed)
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.
Stafford Repayment Plan
Loan Balance at Repayment
6.80% Estimated Monthly Payment
Term of Loan
6.80% Total Note
6.80% Total Interest
$3,500
$50.00
90
$4,471.00
$971.00
$5,500
$63.29
120
$7,594.80
$2,094.80
$6,625
$76.24
120
$9,148.80
$2,523.80
$7,500
$86.31
120
$10,357.20
$2,857.20
$8,500
$97.82
120
$11,738.40
$3,238.40
$10,000
$115.08
120
$13,809.60
$3,809.60
$15,000
$172.62
120
$20,714.40
$5,714.40
$18,500
$212.90
120
$25,548.00
$7,048.00
$22,625
$260.37
120
$31,244.40
$8,619.40
$25,000
$287.70
120
$34,524.00
$9,524.00
$30,000
$345.24
120
$41,428.80
$11,428.80
$35,000
120
$48,333.60
$13,333.60
$40,000
$460.32
120
$55,238.40
$15,238.40
$45,000
$517.86
120
$62,143.20
$17,143.20
$50,000
$575.40
120
$69,048.00
$19,048.00
$55,000
$632.94
120
$75,952.80
$20,952.80
$60,000
$690.48
120
$82,857.60
$22,857.60
$65,000
$748.02
120
$89,762.40
$24,762.40
$70,000
$805.56
120
$96,667.20
$26,667.20
$75,000
$863.10
120
$103,572.00
$28,572.00
$80,000
$920.64
120
$110,476.80
$30,476.80
$85,000
$978.18
120
$117,381.60
$32,381.60
$90,000
$1,035.72
120
$124,286.40
$34,286.40
$100,000
$1,150.80
120
$138,096.00
$38,096.00
$120,000
$1,380.96
120
$165,715.20
$45,715.20
$140,000
$1,611.12
120
$193,334.40
$53,334.40
$160,000
$1,841.29
120
$220,954.80
$60,954.80
$180,000
$2,071.45
120
$248,574.00
$68,574.00
PLUS Repayment Plan
Loan Balance at Repayment
8.5% Estimated Monthly Payment
Term of Loan
8.5% Total Note
8.5% Total Interest
$5,500
$68.19
120
$8,182.80
$2,682.80
$6,625
$82.14
120
$9,856.80
$3,231.80
$7,500
$92.99
120
$11,158.80
$3,658.80
$8,500
$105.39
120
$12,646.80
$4,146.80
$10,000
$123.99
120
$14,878.80
$4,878.80
$15,000
$185.98
120
$22,317.60
$7,317.60
$18,500
$229.37
120
$27,524.40
$9,024.40
$22,625
$280.52
120
$33,662.40
$11,037.40
$25,000
$309.96
120
$37,195.20
$12,195.20
$30,000
$371.96
120
$44,635.20
$14,635.20
$35,000
$433.95
120
$52,074.00
$17,074.00
$40,000
$495.94
120
$59,512.80
$19,512.80
$45,000
$557.94
120
$66,952.80
$21,952.80
$50,000
$619.93
120
$74,391.60
$24,391.60
$55,000
$681.92
120
$81,830.40
$26,830.40
$60,000
$743.91
120
$89,269.20
$29,269.20
$65,000
$805.91
120
$96,709.20
$31,709.20
$70,000
$867.90
120
$104,148.00
$34,148.00
$75,000
$929.89
120
$111,586.80
$36,586.80
$80,000
$998.89
120
$119,866.80
$39,866.80
$85,000
$1,053.88
120
$126,465.60
$41,465.60
$90,000
$1,115.87
120
$133,904.40
$43,904.40
$100,000
$1,239.86
120
$148,783.20
$48,783.20
$120,000
$1,487.83
120
$178,539.60
$58,539.60
$140,000
$1,735.80
120
$208,296.00
$68,296.00
$160,000
$1,983.77
120
$238,052.40
$78,052.40
$180,000
$2,231.74
120
$267,808.80
$87,808.80
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