TUITION AND FINANCIAL AID FAQ

We understand earning a master’s degree is a financial investment. We are committed to helping you understand ways of financing your graduate education.

Below are the most common questions we receive about financial aid. If you have any additional questions, please contact the financial aid office at financialaid@fordham.edu or call Phone Number: 718-817-3800.

FINANCIAL AID AT FORDHAM FAQ

Do I need to include my social security number (SSN) in my application for admission to be eligible for aid?
When should I apply for financial aid?
Are there any school specific supplemental financial aid forms I need to complete?
What is the minimum number of credits required to receive federal student aid?
When will I receive my financial aid award?
How will I receive my financial aid award notification?
Am I required to accept the full amount that I am offered on my award letter?
Does my Direct Loan eligibility cover the entire cost of the program?
How soon will loans disburse to my student account?
Can I use loans to cover additional expenses (housing, books, supplies, etc.,)?
Can I use loans to cover Residency?
Who can I contact at Fordham for financial aid questions?

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) FAQ

What is the FAFSA?
Where can I find the FAFSA?
What is the University FAFSA school code?
Do I need my parents’ tax information to complete the FAFSA if I live on my own?
What is the Expected Family Contribution (EFC)?
When should I complete the FAFSA?
What constitutes an academic year for federal student aid?
What federal student aid is available to graduate students?
Will I need to fill out the FAFSA each year?
Why am I not eligible for the Pell Grant or Federal Subsidized Loan?

DIRECT UNSUBSIDIZED LOAN FAQ

What criteria is used to determine eligibility for federal student aid?
What if I am currently in default or have defaulted on a prior federal student loan?
What is the aggregate loan limit?
How do I find out if I am near my aggregate loan limit?
What is the difference between a Direct Unsubsidized Loan and a Direct Subsidized loan?
How much am I eligible for with the Direct Unsubsidized Loan?
How do I apply for the Direct Unsubsidized Loan?
What is the current Direct Unsubsidized Loan interest rate?
Are there any additional loan fees for the Direct Unsubsidized Loan?

DIRECT GRADUATE PLUS LOAN FAQ

What is the Direct Graduate PLUS Loan?
Do Direct PLUS Loans affect my aggregate loan limit?
What are the eligibility criteria to apply for the Direct Graduate PLUS Loan?
What are the credit criteria to receive the Direct Graduate PLUS Loan?
What are my options if I'm denied the Direct Graduate PLUS Loan?
When can I apply for the Direct Graduate PLUS Loan?
How do I apply for the Direct Graduate PLUS Loan?
How much can I borrow from the Direct Graduate PLUS Loan?
What is the Direct Graduate PLUS Loan current interest rate?
Are there any additional loan fees for the Direct Graduate PLUS Loan?

LOAN REPAYMENT FAQ

Do I have to repay my student loans while I’m in school?
When do I have to repay my loan?
What are the repayment plan options and how do I select one?
Is there a repayment calculator or estimator that I can use?
Can I consolidate my graduate loans and my undergraduate loans?
Are there any loan forgiveness options available?

MILITARY EDUCATION BENEFITS FAQ

How do I apply for military education benefits?
What documents are required to process military education benefits?
What is the Yellow Ribbon Program (YRP)?
What is the difference between active and non-active duty?
What are the eligibility factors for the Post 9/11 GI bill?
What is the current tuition and fee payment rate, and Monthly Housing Allowance (MHA)?
Who can I contact at Fordham for questions about using Military Education Benefits?

FINANCIAL AID AT FORDHAM

Do I need to include my social security number (SSN) in my application for admission to be eligible for aid?

No, but we strongly suggest including your SSN on your application. Providing your SSN gives Fordham the ability to download your FAFSA and process your financial aid. If you already submitted your application without your SSN, please submit a copy of your social security card at my.fordham.edu/fasubmitdocs and email the Office of Student Financial Services at financialaid@fordham.edu letting them know you have filed a FAFSA.

When should I apply for financial aid?

You should file your FAFSA as you apply for admission. You can also submit your loan request at https://www.fordham.edu/finaid/gradunsub once you know how much you will need to borrow for the academic year. Your loan request should be submitted at least 2 weeks before the due date for your bill.

Are there any school specific supplemental financial aid forms I need to complete?

There is an Unsubsidized Loan Request Form and a Graduate PLUS Loan Request Form. Please complete them along with the Free Application for Federal Student Aid (FAFSA) to receive your loan(s). You do not have to complete the Graduate PLUS Loan Request Form if you completed a Graduate PLUS request on studentloans.gov and provided all the necessary details (including amount).

You will also need to complete Entrance Counseling, and electronically sign the Loan Agreement Master Promissory Note (MPN) in order for your loans to disburse. Both can be completed at studentloans.gov.

What is the minimum number of credits required to receive federal student aid?

Students must be enrolled at least half time to be eligible for federal student/aid loans. The number of credits that constitute half time status varies by program. For the Online MSM and MSSMC program, half time is defined as 6 credits.

When will I receive my financial aid award?

You should receive your financial aid award notification within ten business days of completing your FAFSA, Unsubsidized Loan Request Form and submitting any documentation requested by the financial aid office. Please check my.fordham.edu/finaid to ensure you have no outstanding request for documentation from the financial aid office.

How will I receive my financial aid award notification?

You will be emailed when you have been awarded aid/loans. The email will prompt you to view your awards at my.fordham.edu/finaid

Am I required to accept the full amount that I am offered on my award letter?

If you would like to decrease your any education loan or have loan proceeds returned, email the financial aid office at financialaid@fordham.edu. Your email should come from your Fordham email address, include your Fordham ID, and how much funding you would like returned.

Does my Direct Loan eligibility cover the entire cost of the program?

Students are eligible for up to $20,500 in each academic year. The academic year starts with the fall term and ends with the summer term. Each fall you become eligible for another $20,500 assuming you have not yet reached the aggregate borrowing limit for graduate students of $138,500. We encourage students who need more than $20,500 to look into a Graduate PLUS Loan. If approved, students can borrow up to their full Cost of Attendance in a Graduate PLUS Loan. Per semester/year costs vary on the rate in which you progress through your program.

How soon will loans disburse to my student account?

Loans generally disburse to a student’s account as early as three business days prior to the start of each term. Refunds to students are processed after the end of the add/drop period.

Can I use loans to cover additional expenses (housing, books, supplies, etc.,)?

The total cost of attendance (COA) for the academic year includes tuition, fees, and a moderate amount for living expenses. If you have loan eligibility beyond your direct charge, you are able to use loan proceeds to cover expenses such as books, supplies, and other miscellaneous expenses.

Can I use loans to cover Residency?

Residencies do not meet the federal guidelines required to receive federal aid/loans.

Who can I contact at Fordham for financial aid questions?

For tuition and financial aid questions, email Student Financial Services at financialaid@fordham.edu or call Phone Number: 718-817-3800.

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is the application the Department of Education uses to determine if you are eligible to receive federal student aid.

Where can I find the FAFSA?

The FAFSA is available online at Studentaid.ed.gov. The FAFSA is a free application; you will not be asked to pay.

What is the University FAFSA school code?

The Fordham University FAFSA school code is 002722.

Do I need my parents’ tax information to complete the FAFSA if I live on my own?

If you are applying for graduate school, you are considered an independent student, and do not need to include your parents’ information to complete the FAFSA.

What is the Expected Family Contribution (EFC)?

The Expected Family Contribution (EFC) is a measurement of your ability to contribute toward your educational costs. As a graduate/professional student your EFC is not a factor in your eligibility for federal student loans.

When should I complete the FAFSA?

The FAFSA is available every October 1st for the upcoming academic year. New students planning to use federal student aid should complete a FAFSA while applying for admission. The FAFSA must be completed each academic year in order to remain eligible for federal student aid.

Free Application for Federal Student Aid (FAFSA) due dates
Start Term FAFSA Year
October 2019 Fall 2019-2020
January 2020 Spring 2019-2020
April 2020 Summer 1 2019-2020
July 2020 Summer 2 2019-2020

 

Keep in mind that summer terms (both April and July) are part of the previous school year. In order to receive aid for the summer you must complete the previous year's FAFSA no later than June 30.

What constitutes an academic year for federal student aid?

The academic year for Fordham starts in the fall term. The fall, spring and summer terms make up a full academic year. For example, the 2019-20 academic year starts with fall 2019 and ends with summer 2020.

What federal student aid is available to graduate students?

The types of federal student aid graduate students are eligible to apply for include the Federal Direct Unsubsidized Loan and the Federal Direct Graduate PLUS loan.

Will I need to fill out the FAFSA each year?

Yes, you will need to complete the FAFSA for each academic year in which you plan on applying for federal student aid.

Why am I not eligible for the Pell Grant or Federal Subsidized Loan?

The Department of Education awards Federal Pell Grants and Subsidized loan to eligible undergraduate students who have not yet completed their bachelor degrees and who demonstrate financial need. The Department of Education does not evaluate need nor income for loans at the Graduate/Professional level. Therefore, graduate students are not eligible for the Federal Pell Grant nor the Direct Subsidized Loan.

DIRECT UNSUBSIDIZED LOAN

What criteria is used to determine eligibility for federal student aid?

The Direct Unsubsidized Loan is not based on income. In order to apply for federal student aid, you must:

  • Be a U.S. citizen or eligible noncitizen
  • Have a valid Social Security Number (SSN)
  • Be registered with Selective Service, if you are male (must register between the ages of 18 and 25)
  • Be enrolled or accepted for enrollment in an eligible degree program
  • Be enrolled at least half-time in an eligible program
  • Maintain satisfactory academic progress
  • Not currently be in default on previous student loans borrowed through FSA
  • Not have exceeded the maximum aggregate loan limit
  • Have filed a valid FAFSA

Learn more about federal student aid eligibility criteria on the Federal Student Aid website.

What if I am currently in default or have defaulted on a prior federal student loan?

Visit the National Student Loan Data System (NSLDS) and contact your lender for details on how to clear the default. Students in default are not eligible for additional federal loans until the default is cleared.

What is the aggregate loan limit?

The aggregate loan limit is the total amount that you may borrow for undergraduate and graduate study. In addition to borrowing limitations based on the cost of attendance for the program, students are also limited in terms of lifetime borrowing.

The aggregate loan limit for all federal loans, including undergraduate and graduate study, is $138,500. You can learn more about graduate annual loan limits on the Federal Student Aid website.

How do I find out if I am near my aggregate loan limit?

You may visit the National Student Loan Data System website to view your federal student loan borrowing history. Please note that private education loans are not listed on this site.

What is the difference between a Direct Unsubsidized Loan and a Direct Subsidized loan?

Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on subsidized loans while you are enrolled in their undergraduate program. The Direct Unsubsidized Loan are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. The Unsubsidized loan begins accruing interest as soon as funds are disbursed. Learn more about the difference between unsubsidized and subsidized loans.

How much am I eligible for with the Direct Unsubsidized Loan?

Most graduate level students are potentially eligible to receive up to $20,500 per academic year from the Direct Unsubsidized Loan. Learn more about graduate annual loan limits.

How do I apply for the Direct Unsubsidized Loan?

To apply for the Direct Unsubsidized Loan, you must complete and submit the Free Application for Federal Student Aid (FAFSA).

What is the current Direct Unsubsidized Loan interest rate?

The Direct Unsubsidized Loan interest rate is determined on an annual basis. Learn more about interest rates on the Federal Student Aid website.

Are there any additional loan fees for the Direct Unsubsidized Loan?

There is a loan origination fee that is a percentage of the total loan amount. The loan origination fee is deducted proportionately from each loan disbursement you receive. Information on Unsubsidized loan origination fees can be found on the Interest Rates and Fees page of the Federal Student Aid website.

DIRECT GRADUATE PLUS LOAN

What is the Direct Graduate PLUS Loan?

The Direct Graduate PLUS Loan is a federal loan that graduate or professional degree students can use to help pay education expenses in addition to the Direct Unsubsidized Loan. Learn more about Direct PLUS Loans.

Do Direct PLUS Loans affect my aggregate loan limit?

Only Direct Subsidized/Direct Unsubsidized Loans (formerly referred to as Stafford loans) and federal loans made through the Federal Family Education Loan (FFEL) Program count toward your aggregate loan limit.

What are the eligibility criteria to apply for the Direct Graduate PLUS Loan?

A credit check will be conducted when applying for the Direct Graduate PLUS Loan. In addition to the federal student aid eligibility criteria listed above, applicants cannot have an adverse credit history.

What are the credit criteria to receive the Direct Graduate PLUS Loan?

One of the eligibility requirements to receive a Graduate PLUS Loan is that you must not have an adverse credit history. A credit check is performed to determine whether a Graduate PLUS Loan applicant meets this requirement. A list of what constitutes adverse credit history can be found on the Federal Student Aid website.

What are my options if I'm denied the Direct Graduate PLUS Loan?

If you are denied the Graduate PLUS loan, you may reapply with an endorser or follow the instructions on the Department of Education's website to appeal the denial.

When can I apply for the Direct Graduate PLUS Loan?

You can apply for the Direct Graduate PLUS Loan within 180 days of the start of your program, or once you are enrolled.

How do I apply for the Direct Graduate PLUS Loan?

In order to apply for the Direct Graduate PLUS loan, you must first complete the Free Application for Federal Student Aid (FAFSA). Once you have completed the FAFSA, apply for the Direct Graduate PLUS Loan by completing the credit application on the Federal Student Aid website. You do not have to complete the Graduate PLUS Loan Request Form if you completed a Graduate PLUS request on studentloans.gov and provided all the necessary details (including amount). Also complete the Graduate PLUS Loan Agreement Master Promissory Note (MPN) at studentloans.gov.

How much can I borrow from the Direct Graduate PLUS Loan?

If approved for the Grad PLUS Loan, you can borrow up to the cost of attendance as determined by Fordham.

What is the Direct Graduate PLUS Loan current interest rate?

The Direct Graduate PLUS Loan interest rate is determined at the beginning of each academic year, and is available on the Federal Student Aid website’s Interest Rates and Fees page.

Are there any additional loan fees for the Direct Graduate PLUS Loan?

There is a loan origination fee that is a percentage of the total loan amount. The loan origination fee is deducted proportionately from each loan disbursement you receive. Information on Direct Graduate PLUS Loan origination fees can be found on the Interest Rates and Fees page of the Federal Student Aid website.

LOAN REPAYMENT

Do I have to repay my student loans while I’m in school?

You are not required to pay your student loans while you are in school as long as you are enrolled at least half-time. Your unsubsidized loan will go into repayment six months after you graduate, fall below half-time status, take a leave of absence or withdraw from the program.

When do I have to repay my loan?

After you graduate, leave school or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you will be notified of your first payment due date. Payments are usually due monthly. You are not required to pay while in school, however if you choose to, there is no penalty to prepay. Learn more about repayment timelines.

What are the repayment plan options and how do I select one?

The Department of Education (DOE) offers multiple options for repayment. You may visit the DOE website for more information on loan repayment plans.

Is there a repayment calculator or estimator that I can use?

Yes, please visit the DOE website for repayment calculators.

Can I consolidate my graduate loans and my undergraduate loans?

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan including both graduate and undergraduate loans. The result is a single monthly payment instead of multiple payments. Learn more about loan consolidation.

Are there any loan forgiveness options available?

Please review the Department of Education website for more information on federal loan forgiveness programs.

MILITARY EDUCATION BENEFITS

How do I apply for military education benefits?

To begin the process of applying for eligible military education benefits, visit the U.S. Department of Veterans Affairs website.

What documents are required to process military education benefits?

Visit Vets.gov to complete the Education Benefits Application, which generates a request for a Certificate of Eligibility (COE). Once approved for benefits, the VA will mail the COE to you within 6-8 weeks of submitting the application.

What is the Yellow Ribbon Program (YRP)?

The Yellow Ribbon Program allows degree-granting private colleges and universities in the United States to voluntarily enter into an agreement with the VA to fund tuition expenses that exceed the annual maximum cap for the resident tuition and fees at public institutions. Veterans who are utilizing Post-9/11 GI Benefits and who are entitled to 100% of their benefit may be eligible. To participate in the Yellow Ribbon program, you must be using Post-9/11 GI benefits at 100% eligibility, not on active duty, and not a military spouse. There are a limited number of Yellow Ribbon awards available.

Fordham has been committed to assisting Veterans achieve in their higher education. We are an approved Yellow Ribbon Program University. Our commitment to this program guarantees that ALL tuition and fees are fully covered for admitted veterans who are classified in the VA’s maximum benefit category of eligibility.

What is the difference between active and non-active duty?

Active Duty is in the military full time and is not currently eligible for the Yellow Ribbon Program (YRP). Non-Active Duty is someone who is not currently serving or is no longer serving in any capacity of military service of the United States and is eligible for the YRP if at 100 percent per the COE.

What are the eligibility factors for the Post 9/11 GI bill?

You are potentially eligible if you have at least 90 days of aggregate active duty service after Sept.10, 2001, and are still on active duty, or if you are an honorably discharged Veteran or were discharged with a service-connected disability after 30 days, you may be eligible for this VA-administered program. Learn more about the Post-9/11 GI Bill.

What is the current tuition and fee payment rate, and Monthly Housing Allowance (MHA)?

The tuition and fee payment rate, and MHA are determined at the beginning of each military academic year on August 1st. The current rate table is located on the Education and Training page of the U.S. Department of Veterans Affairs site.

Who can I contact at Fordham for questions about using Military Education Benefits?

Visit Fordham Veterans Association for more information including the Veteran’s Checklis and Veterans Admissions FAQs. You may also contact Anne Treantafeles, the Veteran’s Entry Academic Adviser at Phone Number: 212-636-6602 or email atreatafele@fordham.edu.