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Graduate School of Business Administration
Loans
Student Loans
This page contains an overview of the loans available to all Fordham University students. For more information on these options, please contact the Office of Enrollment Services at (212) 636-6700 or financialaid@fordham.edu.
- FAFSA and Stafford Loans
- New York State Tuition Assistance Program (TAP)
- GRAD Excel Loan
- CitiAssist Loan
- The Education Resource Institute (TERI) Loan
- Fordham GBA Loan Program
FAFSA and Stafford Loans
Fordham uses the Free Application for Federal Student Aid (FAFSA) to determine the financial need of each student. Students are strongly encouraged to use the online application available at http://www.fafsa.ed.gov , which can save up to three weeks of processing time. Once the FAFSA is completed the student will receive the Student Aid Report. The FAFSA information is used to determine the student’s eligibility for Federal Student Loans.
School Code: 002722
FAFSA/SAR: (800) 4FED-AID
New York State Tuition Assistance Program (TAP)
For New York State residents only, the New York State Higher Education Service Corporation (NYSHESC) determines TAP awards based on New York State net taxable income and dependency status. The student will receive an award certificate from NYSHESC. Fordham University must be listed on the award certificate. If Fordham University is not listed on the certificate, a TAP change form must be completed. The range of possible TAP grants for graduate students is $75 to $550.
In order to be considered for TAP, file a FAFSA. If you are a NYS resident and listed at least one New York State school on your FAFSA, a separate Express TAP Application (ETA) will be sent to you directly from NYSHESC.
School Code: 5042
TAP/NYSHESC: (518) 474-5642
Grad Excel Loan
This educational loan program is sponsored by Nellie Mae, a private non-profit organization. Students may borrow from $2,000 to $20,000 a year. Interest rates are based on the prime rate plus 2 to 4 percent. Borrowers may choose between two variable interest rate options. Repayment of principal and interest may be deferred while enrolled at least half-time.
Additional information and applications are available at www.nelliemae.com.
CitiAssist Loan
The CitiAssist Loan is an educational loan program that can assist students in meeting the educational costs that exceed the Federal Stafford Loan Program’s annual limits. The CitiAssist Loan includes benefits such as no loan fees, special interest rate pricing for Fordham students, no payments while in school, flexible repayment options, a co-signer release option, and flexible loan limits allowing students to borrow costs of attendance minus financial aid. There is no minimum loan amount. For more information go to www.citiassist.com.
The Education Resource Institute (TERI) Loan
TERI offers two types of graduate loans:
Graduate Loan—No Fee Option: No fees—ever. Students may borrow up to the cost of education ($1000 minimum to $45,000 maximum), less financial aid received, if creditworthy or with a creditworthy co-borrower. Students make no payments while in school, and payments are due after a six-month grace period following graduation.
Graduate Loan—Low Rate Option: Low interest rate. Students may borrow from $1000 to $20,000 annually based on good credit. Students may borrow up to the cost of education, less financial aid received, if creditworthy or with a creditworthy co-borrower. Students make no payments while in school, and payments are due after a six-month grace period following graduation.
For more information and to apply online visit www.teri.org.
Fordham GBA Loan Program
This institutional loan program, which is made out by Fordham University and serviced through ACS, Inc., is made available to 30 Graduate School of Business students (20 in the Fall and 10 in the Spring) who need additional funds to supplement Stafford Loans or tuition reimbursement plans.
The program allows students who are enrolled in at least six credits at the time of application to borrow up to $5,000 per academic year at an interest rate of 8 percent. The interest does not accrue while a student is enrolled for six or more credits per semester. Awards are determined both on merit and financial need. Interest and principal payments begin after a six-month grace period following graduation or if enrollment drops below six credits per semester, excluding official leaves of absence.
GBA loans are made available via GBA Direct during the first week of classes of the Fall and Spring terms. Once a student is awarded a GBA Loan, the Admissions Office will send the student a written award notice including:
- Financial Aid Award Offer Form (to indicate acceptance of the loan)
- Truth-In-Lending Statement (terms of the loan)
- Personal Credit Information Form (confidential credit information and references)
These forms must be completed and delivered to the Admissions Office. The Admissions Office will not accept partially completed forms for the GBA Loan. Once the forms have been completed, the student is required to make an appointment with the Admissions Office in order to sign, in-person, a Promissory Note. The loan will not be posted to the student’s account until the Promissory Note has been signed in person, and the student has completed the Entrance Interview. Once the Promissory Note has been signed, the $5000 is posted to the student’s account and deducted from the overall cost of tuition by Enrollment Services.
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