Direct Loan Checklist for Graduate Students

New Students should claim their Fordham AccessIT ID before taking the steps below. They should also ensure that their admissions department has an official copy of their undergraduate transcript.

Follow These Steps To Receive Your Federal Direct Unsubsidized Loan

  1. Secure a Federal Student Aid ID (FSA ID)
  2. File the Free Application for Federal Student Aid (FAFSA)
  3. Respond to all requests for additional documentation. Check the financial aid portal for details about any missing documents. 
  4. Submit your Federal Direct Unsubsidized Loan Request
  5. If this is your first time borrowing at Fordham, complete a Master Promissory Note and Entrance Counseling Session

If additional borrowing beyond the Direct Unsubsidized Loan ($20,500 annual limit) is needed, we suggest considering the Federal Direct Graduate PLUS Loan.

Important Details

  • Make your loan request 2-3 weeks before you need it to be in place.
  • Approved loans typically disburse to student accounts 2-3 business days before the start of a term.
  • The total amount you request is spread evenly across the number of terms in the loan period you request. For example, if you request a $6,000 loan for fall,spring and summer, $2,000 (gross) will be scheduled  for each term.
  • Federal Direct Loans cannot be used to cover prior balances for terms that have already finished classes. There are some private education loan options that can be used to cover balances from prior terms.
  • The summer term is considered a “trailer” to the academic year. The summer 2022 term is a part of the 2021-22 academic year. You must have a valid 2021-22 FAFSA to receive federal loans in the summer 2022 term. The 2021-22 FAFSA is only available until June 30th, 2022.
  • There is a 1.057% origination fee assessed by the Department of Education that is deducted from each loan disbursement. Make sure you consider this fee when calculating how much you need to borrow for each semester.