Per federal regulation, student and parent borrowers have the right to cancel or adjust their federal loan(s) within 14 days of disbursement notification.
Borrowers can request a loan adjustment outside of the 14-day timeframe, however, a credit balance must exist on the student’s account to cover the amount of the return.
Borrowers must notify Fordham financial aid, in writing, if they want their loan(s) canceled or adjusted and specify the following: loan type, amount, and term. Students must use their Fordham email, and parents must use the email provided on the loan application.
Federal loans are subject to an origination fee that deducts from the loan before disbursement. Borrowers must factor the origination fee into the reduction of loan funds. The Department of Education offers detailed information on these loan fees.
Students and parents who wish to cancel or adjust their loan(s) bear no repayment responsibility on returned loan funds to the lender.