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Financial Aid

Federal loans are generally only available to students in a degree-seeking program. The Department of Education makes exceptions for students who are taking preparatory coursework necessary to enter a new field of study. Students in the Fordham Post-Baccalaureate Pre-Medical/Pre-Health Program are eligible for this exception.

This exception for federal aid is extended only to the Federal Direct Loan Program and only for one consecutive 12-month period for a minimum of 6 credits per semester. The 12-month period begins the first day of the semester in which the student borrows in the Fordham Post-Baccalaureate Pre-Medical/Pre-Health Program.

Federal Direct Loans

Students may be eligible for the Direct Stafford Loan (student loan) or the Direct Parent PLUS Loan (parent loan). However, only parents of students who are considered "dependent" by the FAFSA are eligible for the Parent PLUS Loan. Details and application instructions for both are below:

Direct Stafford Loan

Loan Terms
  • Fixed interest rate of 6.21% for 2014-15
  • 1.072% origination fee deducted from each loan disbursement

Eligibility

To be eligible, you must be:
  • making satisfactory academic progress
  • enrolled for at least 6 credits
  • not be in default on any federal student loan

Eligibility for subsidized loans is need based. The government pays the interest during in-school periods for subsidized loans. For unsubsidized loans interest begins to accrue at disbursement. Students may pay this interest while in school but are not required to. Any unpaid interest accrued while in school will be capitalized at repayment.

Annual Direct Subsidized/Unsubsidized Loan Limits

Up to $5,500 of your loan eligibility can be subsidized. The amount is determined by your FAFSA Information.
  • Dependent Students (as determined by FAFSA): $5,500
  • Independent Students (as determined by FAFSA): $12,500

Applying

  1. File the FAFSA at http://fafsa.ed.gov. When asked for your "Year In School", enter "5th Year/Other Undergraduate".
  2. Complete a Master Promissory Note (MPN) and Entrance Counseling Session at http://studentloans.gov
  3. Fill out the Direct Loan Request Form and return it to your campus's financial aid office.

Your loan will be processed within 5-7 business days of completing this process. If we need any additional information from you we will email your Fordham email address and send you a paper letter.

Repayment Plans

The Department of Education offers a variety of Repayment Options.

Direct Parent PLUS Loan

Loan Terms
  • Fixed interest rate of 7.21% for Direct PLUS loans.
  • 4.288% origination fee deducted from each loan disbursement

Eligibility

To be eligible, you must be:
  • making satisfactory academic progress
  • enrolled for at least 6 credits
  • not be in default on any federal student loan

The parent borrower or endorser must also meet the credit criteria requirements.

If a parent is denied based on credit, they can reapply using an endorser (cosigner).

  • The endorser must be "credit worthy" and promise to repay the loan if the parent borrower fails to do so.
  • To endorse a loan the endorser must log in to studentloans.gov and select the "Endorse Direct PLUS Loan" option.
  • They will be asked for a Loan Reference Number.  This is the number that was provided after the parent was denied.
  • If the endorser is approved, the parent must complete a MPN on the studentloans.gov.

Loan Limits

Parents can borrow up to the student's full Cost of Attendance less any other aid or loans.

Applying

Follow the instructions on our direct PLUS Loan Request Form to apply.

Repayment Plans

The Department of Education offers a variety of Repayment Options.