Outside Gift & Scholarship Policy
Students must report all outside scholarships, awards, or additional resources to the Financial Aid Office.
If the total aid and available resources received exceed the student’s unmet need, the Financial Aid Office will adjust the federal and institutional awards so that they do not exceed the documented financial need.
The outside aid will first be used to cover unmet financial need as calculated from the student expense budget (i.e. the institutional cost of attendance) less the family contribution, and less all financial aid. After unmet need has been exhausted, the Financial Aid Office will first make adjustments to federal student loans and/or employment as necessary. Fordham institutional aid will only be adjusted if the amount of the additional resources exceeds the combination of unmet need, loans and work.
For undergraduate Presidential Scholarships and Scholarships based on semifinalist standing in the National Merit, National Achievement, or Hispanic Recognition competitions, the actual amount of the scholarship will equal the total tuition for the academic year less any Federal Pell Grant, all state assistance (for example, New York State Tuition Assistance (TAP) Program or Scholarships, or other state aid), and any other tuition specific resources. The scholarships will be further adjusted for only half of other non-tuition specific outside resources or scholarships and the student may use the other half for additional educational expenses.
In general, Fordham institutional aid will be adjusted to ensure the total aid will not exceed the cost of tuition minus all tuition specific aid.