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Frequently Asked Questions


Below are answers to many of the questions that we receive throughout the year.  The questions are organized by the following categories:

FAFSA
Fordham’s Financial Aid  
Loan Information  
Billing Questions
Loan Repayment 
Fordham’s Revolving Loan Repayment

If you do not find an answer to your question here, please e-mail us at mailto:lawfinaid@fordham.edu.

FAFSA QUESTIONS:

What is Fordham Law School’s Federal school code for the FAFSA?

The Fordham Law School federal school code is 002722.  Fordham University has one federal school code for all of its undergraduate and graduate schools which corresponds to Fordham University, Bronx, New York.
 
When should I file the FAFSA?  

The earliest you can file the FAFSA form is January 1st for the upcoming year.  Students who have never filed a FAFSA should first apply for a Personal Identification Number (PIN) at http://www.pin.ed.gov.  The PIN allows you to electronically sign your FAFSA.  
 
Should I wait to be admitted to Fordham Law before filing the FAFSA?

No.  Although Fordham Law does not have a FAFSA deadline, you should complete the FAFSA as early as possible, but no later than June 1st, if you wish your loan proceeds to be credited to your tuition account prior to the start of the semester.   

Do I need to file my tax returns before completing the FAFSA?

No. You may use estimates of your income and you can update the FAFSA once you have the actual figures.  Fordham will receive the updates electronically.  

Does Fordham Law School require that I report my parents’ financial information on the FAFSA?

No.  As a student pursuing a graduate degree, you are considered independent by federal guidelines, and Fordham does not require that you submit parental information on the FAFSA.   However, Fordham does require parental information on a separate application available to admitted students to determine a student’s eligibility for Fordham’s need-based aid.  

I filed my FAFSA and have not received a Student Aid Report (SAR).  What should I do?

If you have completed the FAFSA online and have provided an e-mail address, you will be notified of your SAR by e-mail a few days after you have completed the FAFSA.  If you completed the paper FAFSA or did not give an e-mail address, your SAR will be delivered by mail. 

If you haven't received a (SAR), call the Federal Student Aid Information Center at 1-800-4-FED-AID (toll free) or 1-319-337-5665. You must provide them with your Social Security number and date of birth as verification. 

Am I required to file a FAFSA every year?

Yes.  After filing the FAFSA for the first time, you will receive a Renewal FAFSA Application which contains preprinted information from the previous year’s FAFSA.  

QUESTIONS CONCERNING FORDHAM’S FINANCIAL AID:

What is the difference between the Law School Financial Aid Office and the University’s Enrollment Services Office?

Law students’ financial needs are serviced by both the Law School’s Financial Aid Office and the University’s Enrollment Services Office.  The two offices have separate administrative functions.  The Law School’s Financial Aid Office, located at 33 West 60th Street, 9th Floor, determines eligibility for Fordham’s need-based grants and named scholarships.  The Office also provides guidance related to application procedures for Federal, private and bar loans, assists with credit issues, provides exit interviews and advice on loan repayment and loan repayment assistance programs.  Contact: lawfinaid@law.fordham.edu

The University’s Enrollment Services Office, located at 113 West 60th Street, 2nd Floor (Lowenstein Building), is responsible for processing your federal and private loans, distributing your tuition bill, the monthly tuition payment plan, processing refunds, assessing late fees and distributing 1098-T forms.  Contact:  212.636.6700 ext. 5.

How do I apply for Fordham’s Need-based Financial Aid?

In order to be considered for Fordham’s need-based aid, you must complete the Fordham Financial Aid Application which is available on the admitted students’ website.

When should I complete the Fordham Financial Aid application?  

First year students are strongly urged to complete the Fordham Financial Aid application shortly after being accepted to the Law School to insure that you are afforded full consideration for Fordham’s need-based grants and named scholarships. 

Continuing students who were determined ineligible for Fordham’s need-based aid in a prior year and whose parental financial circumstances have changed may complete the Fordham Financial Aid application no later than June 1st.  Applications are available upon request by e-mailing law lawfinaid@law.fordham.edu.   

How does the Law School Financial Aid Office determine that I need Fordham’s need-based Aid?

Fordham Law School uses the financial information provided in the Fordham Financial Aid Application to calculate your family contribution to determine eligibility for Fordham Law’s need-based financial aid.  The family contribution consists of a parent contribution, as well as a student contribution.
The parent contribution calculation begins with adjusted gross income (AGI) and subtracts federal, state, local and FICA taxes, as well as minimum living expenses, adjusted for the size of the family.  A percentage of this “adjusted income” is added to a contribution for assets.  The asset contribution is no more than 6% of net assets, adjusted for the age and retirement status of the older parent.  The total is adjusted by the number of family members enrolled in college at least half-time.

The minimum student contribution is determined by taking a minimum “self-help” amount of $3,500 annually plus one-third of the student’s assets reported on the Fordham application.  In addition, spousal income is considered as is a portion of student income for evening division students.

As an evening student, am I eligible for Fordham’s Financial Aid?

Yes.  To be considered for Fordham’s need-based financial aid, all students are required to complete the Fordham Financial Aid application and submit parental financial information.

I am married, work full-time, and no longer receive financial support from my parents.  Do I still have to provide parental information?

Yes.  In order to be considered for Fordham’s need-based aid, all students must provide parental information on Fordham’s Financial Aid application.   Reviewing the student’s parental financial information enables us to determine the neediest students, based on family size, age of parents and asset/income information and treat all applicants equitably.

We understand that there are sometimes special situations and individual circumstances that cannot accurately be reflected in the application.  If you would like us to consider your special circumstances, please include the detailed information on the financial aid application.  Or, you may call our office, send us an email, or make an appointment to meet with a financial aid representative. 
 
My biological or adoptive parents are divorced and have remarried.  Which parent has to complete the Fordham Financial Aid Application?
 
Fordham requires that both parents (biological or adoptive) submit their income and asset information in order for the student to be considered for Fordham’s need-based aid.  This information may be submitted on a separate application for each parent.   Please do not provide step-parents’ income and asset information in the Fordham application, as their information is not used to calculate a family contribution. 

I am estranged from one of my parents and do not have access to his/her information.  What should I do?

If you are estranged from one of your parents and have no way of acquiring his/her information, please complete the Fordham Law Financial Aid Application with as much parental information as you can. In the “Special Circumstances” section, please provide a detailed explanation of why you are unable to provide a parent’s information.  You can attach an additional sheet with your application, if necessary.  The more information you provide in the application, the better equipped we are to understand your family’s financial situation and provide you with an accurate financial aid package.

If I wish to be considered for one of the Named Scholarships listed at the Financial Aid website, how do I apply?

Upon submitting the Fordham Financial Aid Application, you will be considered for any and all Named Scholarships for which you are eligible.  There is no separate application.

I received an outside scholarship.  Must I notify the Law School Financial Aid?  

Yes.  Students are required to contact the Law School Financial Aid Office at lawfinaid@law.fordham.edu  as soon as possible after receipt of any outside, private scholarship assistance.  Any outside assistance you receive will affect your eligibility for other financial aid funds.  Students may receive up to the cost of attendance in financial aid for the academic year.  If an outside scholarship exceeds that maximum, then other aid for which you may no longer be eligible must be reduced or cancelled. 

How can I access my financial aid information at My.Fordham.Edu?

Only admitted and continuing students may access my.fordham.edu.  Click on the Student tab and log into Financial Aid.  Navigate across the tabs on top to see your cost of attendance, financial aid awards, view the financial aid documents received, see the disbursement dates and track your education loans. 

How do I renew my Fordham financial aid?

Merit scholarships are guaranteed renewable throughout your three or four years at the Law School.  Fordham’s grants are guaranteed renewable for all second-year students (day and evening) and for third-year evening students.  Rising third-year day and rising fourth-year evening students must complete a Summer Earnings Information Form no later than June 1st in order to renew their Fordham financial aid, as the aid may be reduced by one-half of the student’s summer earnings in excess of $15,000. 

LOAN QUESTIONS:

What is the Federal Direct Unsubsidized Loan and how do I apply?

The Federal Direct Unsubsidized Loan is not need-based. The maximum a student may borrow in the Federal Direct Unsubsidized Loan program is $20,500.  This is not a subsidized loan and, therefore, interest will accrue on this loan from the date of disbursement.  Interest rates will be established each year for the period 7/1 through 6/30.  The rate will be the sum of a uniform "index rate" plus an "add-on" that varies depending on the type of loan.  The interest rate once established is a fixed rate and will apply for the life of the loan.  For Federal Direct Unsubsidized loans borrowed after 7/1/13 and prior to 6/30/14, interest will accrue at the rate of 5.41%. 

Students are advised to review the section on Federal Loans at the Financial Aid Website and then consult the Applying for Aid section for step by step instructions on how to apply.  

As of July 1, 2012, the Federal Direct Subsidized Loan became unavailable to graduate and professional school students. 

What is the Federal Direct Graduate PLUS Loan and how do I apply?  

The Federal Direct Graduate PLUS Loan (Grad PLUS) is a non-need, credit-based loan available to law students who have an absence of bad credit.  Interest begins to accrue on this loan from the date of disbursement.  Interest rates will be established each year for the period 7/1 through 6/30.  The rate will be the sum of a uniform "index rate" plus an "add-on" that varies depending on the type of loan.  The interest rate once established is a fixed rate and will apply for the life of the loan.  For Grad PLUS loans borrowed after 7/1/13 and prior to 6/30/14, interest will accrue at the rate of 6.41%. 

Most students borrow the maximum in Federal Direct Unsubsidized Loans first.  The Grad PLUS Loan is then used as a supplement to the Federal Direct Unsubsidized Loan.  Further information on the Grad PLUS Loan can be found at the Financial Aid website under Loans.  To apply, consult the Applying for Aid section of the website for step by step instructions.

What are my other loan options, if any?  

Private loans, or alternative loans as they are sometimes referred to, are available to law students with very good credit to cover educational expenses. A co-signer may be required in order to obtain a private education loan. Private loans lack important consumer protections, such as deferment, loan forgiveness, flexible repayment options, and they cannot be included in a Federal Loan Consolidation.  Many have variable interest rates that change every quarter, with no cap on the interest rate.  Please consult the Financial Aid website for further information on obtaining a private loan.  

When can I expect my loan proceeds to hit my tuition account? 

One half of your total loan proceeds will be applied to your tuition account three days prior to the start of each semester.  

I did not borrow the maximum in the Federal Direct Unsubsidized Loan.  How can I borrow more and what is the deadline for applying for additional loan funds?

Complete another Federal Direct Stafford Loan Request Form. You can apply for a federal loan for the current academic year up to the last day of class.  Since loan processing time takes at least 2 to 3 weeks, you should apply no later than three weeks prior to the scheduled end of classes.

I have run out of money and need to borrow an additional Grad PLUS Loan.  What do I do?

You may borrow up to the cost of attendance less any financial aid you received for the academic year.  To determine the remaining amount that is available for you to borrow, go to my.fordham.edu and click on the Student tab then log into Financial Aid.  Your cost of attendance and all financial aid for the academic year will be listed under the Awards tab.  If your last Grad PLUS Loan request is older than 90 days, another credit check will be required. Go to studentloans.gov to complete the section Request a PLUS Loan.  Then complete the Grad PLUS Loan Request Form. If your last Grad PLUS Loan request is less than 90 days old, you need only complete the Grad PLUS Loan Request Form or e-mail us the additional amount you wish to borrow.

BILLING QUESTIONS: 
 
When will my Tuition Payments be due?

Tuition charges will be applied to your tuition account in mid-July for the fall semester and mid-December for the spring semester.  Payment is due generally within two-three weeks after the charges have been applied to your account.

Is there a Tuition Payment Plan?

Yes.  On behalf of Fordham University, Tuition Management Systems (TMS), an affiliate of Key Bank, offers a Tuition Payment Plan on either a ten or twelve month yearly basis or on a semester basis with five monthly payments.  Further information can be obtained at www.afford.com/fordham.  

I have a credit balance on my tuition account, but my refund hasn’t been processed.  What do I do?

Refunds are generally automatic.  If you do not receive a refund within ten days after a credit balance has appeared on your tuition account, kindly contact the student accounts office at stuaccounts@fordham.edu or call 212-636-6700 and your refund will be processed within 24 hours.

How do I enroll in Direct Deposit so that my refund is deposited directly into my checking/savings account?

To have your refund check deposited directly in your checking/savings account, you must complete a Direct Deposit Application.  The Form must be returned, together with a voided check, either in person to the Enrollment Services Office, 2nd Floor, Lowenstein Building, or by mail to Fordham University, Thebaud Hall 205, 441 Fordham Road, Bronx, NY 10458.   
 
I received my tuition bill, but my Fordham Financial Aid does not appear on my bill.  What should I do?

If you received your tuition bill and your Fordham Financial Aid is not reflected on the bill, please e-mail the financial aid office at lawfinaid@law.fordham.edu.   

LOAN REPAYMENT QUESTIONS:

What if I don’t know the current holders of my law school loans?

Log on to http://www.nslds.ed.gov. The National Student Loan Data System is the Department of Education’s central data base which will list all your federal loans. You will need your PIN to access the data base. If you lost or forgot your PIN, request one at www.pin.ed.gov/PINWebApp/pinindex.jsp.

To obtain private loan information, log on to annualcreditreport.com.

For information concerning your Fordham Revolving Loans, e-mail Kathleen Keenan at kkeenan@law.fordham.edu.


When will repayment of my Law School loans begin?

Federal Direct (Stafford) Subsidized and Unsubsidized Loans have a six-month grace period. Lenders have the option of choosing to begin tolling the grace period from the last date of enrollment (which is the last day of the examination period) or from the graduation date.

Federal Grad PLUS Loans disbursed prior to 7/1/08 have no grace period and borrowers will be called upon to begin repayment of these loans within 30 to 60 days after graduation.

Federal Grad PLUS Loans disbursed after 7/1/08 have an automatic six-month, post-enrollment deferment so repayment of those loans will begin when you begin repayment of your Stafford/Direct Subsidized and Unsubsidized Loans.  Interest continues to accrue on these loans during the post-enrollment deferment period.

Fordham Revolving Loans carry a six-month grace period and June 1 is used as the separation date. Interest will begin to accrue on your Revolving Loans on December 1st and repayment will begin on January 1st.

Private loans have a 6-9 month grace period, depending upon the lender.

What is the rate at which my law school loans are accruing interest?

  • Subsidized Stafford and Federal Direct Subsidized (Stafford) Loans borrowed after 7/1/06 and prior to 6/30/12 do not accrue interest until the loans go into repayment. Then interest accrues at the fixed rate of 6.8%.
  • Unsubsidized Stafford and Federal Direct Unsubsidized (Stafford) Loans borrowed after 7/1/06 and prior to 6/30/13 accrue interest at the fixed rate of 6.8% from the date of disbursement. 
  • Federal Direct Unsubsidized (Stafford) Loans borrowed after 7/1/13 and prior to 6/30/14 will accrue interest at the fixed rate of 5.41%.
  • Grad PLUS Loans borrowed prior to 7/1/10 accrue interest from the date of disbursement at the rate of 8.5%.
  • Federal Direct Grad PLUS Loans borrowed after 7/1/10 and prior to 7/1/13 accrue interest from the date of disbursement at the fixed rate of 7.9%.
  • Federal Direct Grad PLUS Loans borrowed after 7/1/13 and prior to 6/30/14 will accrue interest at the fixed rate of 6.41%.
  • Fordham Revolving Loans accrue interest beginning at the end of the six-month grace period at the fixed rate of 8%.
  • Private Loan interest rates are variable and change every three months.

How do I distinguish among the lender, loan holder and servicer?

The lender is the bank or lending institution from which you borrowed. The loan holder is the organization that currently owns your loan. The servicer is the agency employed by the lender/loan holder to service the loans. Servicing includes billing, collecting payments, processing requests for deferment, forbearance, cancellation, and answering your inquiries. Once in repayment, you generally contact the servicer of your loan.

What is the difference between a deferment and a forbearance on my Federal loans?
 
During periods of deferment and forbearance, your loan repayments are suspended. The difference between the two with respect to your Federal loans is in the interest accrual. Federal Subsidized Stafford and Federal Direct Subsidized Stafford Loans do not accrue interest while the student is in school, during the grace period, during periods of deferment and for three consecutive years during repayment under the Income Based Repayment Plan and the Pay As You Earn Repayment Plan, if your payment does not cover that interest.

During periods of forbearance, interest is always charged. 
 
What is the Income Based Repayment Option?
 
The income based repayment option, or IBR as it is called, is one of the many repayment options available to you on your Federal Family Education Loan Program and Federal Direct loans. To be eligible, you must be experiencing a “partial financial hardship.” If your payment under IBR is less than your payment under the Standard (ten-year) Repayment option, then you are experiencing a partial financial hardship.

Your payment under IBR will be 15% of discretionary income. Discretionary income is the difference between your AGI and 150% of the poverty guideline amount that corresponds to your family size and the state in which you reside.

Payments are adjusted annually.  Any balance remaining after 25 years will be forgiven.
 
Under IBR if your monthly payment does not cover the interest that accrues on the loans each month, the Government will pay any unpaid interest on the Subsidized portion of your debt for up to three consecutive years from the date you first entered IBR. After three years and for all other types of loans, the unpaid interest that accrues will be capitalized, i.e., added to the principal balance, when you are no longer eligible for IBR.

What is the Pay As You Earn Repayment Option?

The Pay As You Earn Repayment Option, or PAYE as it is called, is the newest repayment option available on Federal Direct Loans and Federal Direct Consolidation Loans only.  To be eligible, you must be a new borrower as of October 1, 2007, AND you must have a Direct Loan disbursement after October 1, 2011, AND you must be experiencing a partial financial hardship.

You are a new borrower if you had no outstanding balance on a Direct Loan or FFEL Program loan as of Oct. 1, 2007, or had no outstanding balance on a Direct Loan or FFEL Program loan when you received a new loan on or after Oct. 1, 2007.  

If your payment under PAYE is less than your payment under the Standard (ten-year) Repayment option, then you are experiencing a partial financial hardship.

The Direct Loan disbursement after 10/1/11 can be a Direct Consolidation Loan, but it cannot include a loan borrowed prior to 10/1/07. 

The PAYE repayment option limits loan repayments to 10% of Discretionary Income (5% less than IBR). Discretionary Income is the difference between your Adjusted Gross Income and 150% of the poverty guideline amount that corresponds to your family size and the state in which you reside.

Payments are adjusted annually. Any balance remaining at the end of 20 years will be forgiven.

Under PAYE if your monthly payment does not cover the interest that accrues on the loans each month, the Government will pay any unpaid interest on the Subsidized portion of your debt for up to three consecutive years from the date you first entered PAYE. After three years and for all other types of loans the unpaid interest that accrues will be capitalized, i.e., added to the principal balance, when you are no longer eligible for PAYE, but the amount capitalized will not exceed 10% of the amount owed when you first entered PAYE.


If I have two or more Federal loan lenders/servicers and I opt for the Income Based Repayment option, is the IBR calculated payment divided among my lenders?
 
Yes, if you are scheduled to pay $422 a month on your Federal loans, that payment must be divided among all your Federal loan lenders in proprotion to the loan amount held by each.  
 
Suppose my IBR payment exceeds the Standard (ten-year) Repayment amount and I am no longer eligible for IBR payments.  What are my choices?
 
You may remain in IBR or PAYE and continue paying your Federal loans on the Standard (ten-year) Repayment Plan until your loans are paid in full or you reach the 25 year (IBR) or 20 year (PAYE) forgiveness.  Or, until you reach the 120 payments required to take advantage of the Federal Public Service Loan Forgiveness Program. 

Once you are ineligible for IBR or PAYE, any unpaid interest on your debt will be capitalized under IBR, thereby increasing your principal balance.  Under PAYE, the unpaid interest will also be capitalized, but the amount capitalized will be limited to 10% of your debt when you entered PAYE.

You may leave IBR or PAYE. If you leave IBR or PAYE, the interest will be capitalized as mentioned above and you will be placed into the Standard (ten year) Repayment Plan based on the term remaining on your debt.  For example, For Stafford and Grad PLUS Loans, you will have ten years minus the time you have been in repayment on IBR or PAYE to complete repayment.  Consolidation loans may have a 10-30 year repayment term, depending upon the amount of your debt, minus the time you have been in repayment under IBR or PAYE.  If your loans have only a ten-year repayment term, leaving IBR or PAYE may result in a large payment which you will be required to make for one month before you may change repayment plans.  Or, if you cannot afford that large payment, you may ask for a reduced payment forbearance for that one month.

Borrowers who leave IBR or PAYE may come back if they demonstrate a “partial financial hardship.”


Is there an application for IBR?
 
Yes. There is an on-line e-application at http://www.studentloans.gov.  You may use this application to apply for IBR, PAYE, ICR or the payment plan with the lowest monthly repayment amount for which you are eligible.  Repayments on these income driven repayment plans are based on your prior year’s income and you must affirm in the application that the information on you prior year’s tax return substantially represents your current financial situation.  Applying on line allows you to release your prior year’s tax return electronically.  If you did not file a tax return or your current income is significantly lower than that reflected on your tax return, you must submit the Alternative Documentation of Income form.  This cannot be done electronically as it is only in paper form.  Be sure to note whether the on-line application has been sent to all your loan servicers.  

What is the interest payment benefit under IBR?
 
If your monthly IBR payment does not cover the monthly interest that accrues on your Federal Subsidized Stafford or Federal Direct Subsidized Loans, the government will pay the unpaid interest on those loans for up to three consecutive years from when you first enter IBR or PAYE repayment. After three years, and for all other types of Federal loans, the interest that accrues and is unpaid will be capitalized, i.e., added to the loan principal.  It is this new principal balance upon which future interest is calculated, when you are no longer eligible for IBR or PAYE.  

I have authorized my bank to pay my loans every month on the first of the month, but I am not getting the 1/4% interest rate reduction.  Why not?
 
Automatic Debit or ACH allows your loan servicer to take your monthly installment from your checking or savings account each month on a specified day. For this you will get the 1/4% interest rate reduction. Authorizing your bank to pay your loans on a specified day each month is not the same.

If I file for bankruptcy, will my education loans be discharged?
 
No. Education loans will not be discharged in bankruptcy unless you can prove undue hardship on you, your family and your dependents. Undue hardship means you are unable to work, i.e., have no means of earning a living. To prove undue hardship, you must make a separate petition to the court.  

What is the difference between delinquency and default?
 
You are delinquent in repaying your loans if you fail to make a scheduled payment by the due date.  You have defaulted on your Federal loans if the delinquency continues for more than 270 days.  
 
Suppose I have defaulted on my Federal loans.  Is there a way to bring those loans out of default? 
 
 Yes.  Rehabilitation is a process by which a borrower may bring a Federal loan out of default by complying with specific Federal requirements:
 
• You must request rehabilitation
• You must make nine on-time monthly payments in an amount determined by the lender
• Once you complete the required payments, you will receive a Rehabilitation Agreement from the guarantor, which you must fill out, sign and return in order to complete the rehabilitation program.
• Upon completion of the Rehabilitation Agreement, your lender must return your loan account to regular repayment status and remove the default from your credit history.
 
This is a one-time and one time only opportunity.  
 
I have a problem concerning my Federal loans that I cannot resolve with my lender/servicer.  Is there someone that I might contact?
 
Yes.  There is a Student Loan Ombudsman to be used only when all other approaches to resolve a student loan problem fail.  The Ombudsman can be reached at 1-877-557-2575 or visit http://www.ombudsman.ed.gov


FORDHAM REVOLVING LOAN QUESTIONS:

Who is servicing my Fordham Loan?

Affiliated Computer Services, Inc. (ACS) is Fordham’s Loan Servicer

Has Fordham sold my loans to ACS?

No.  Fordham has hired ACS to perform billing and collection on its behalf.

What is my loan account number?

Your Fordham Revolving Loan account number is 48400-your social security number-01.   For security purposes, your social security number has been decoded.  To obtain the decoded number, log on to ACS's website at http://www.acs-education.com. or check your Disclosure Statement.

At what rate is interest accruing on my Fordham Loan(s)?

8% per annum.

How Do I Contact ACS?

By telephone: 1-800-826-4470

Can I check my loan balance on line?

Log on to ACS’s website at http://www.acs-education.com.

When will the first payment of my Fordham Revolving Loan(s) become due?

May graduates - January 1st
September graduates - April 1st
February graduates - September 1st

Can I make my payments on-line? 

Log on to ACS’s website at http://www.acs-education.com and make a payment through ACS’s Express Pay.

Are credit card payments accepted?

Yes.

Suppose I have lost my coupon payment booklet, where do I mail my payment?

ACS, Inc. - Education Services
CPS Monetary Processing
P.O. Box 7061
Utica, NY 13504-7061

Be sure to include your account number on your check: 48400-your social security number-01, so there’s no confusion as to which account to apply your payment, as ACS may be servicing another of your Federal loans.

How are payments applied to my Fordham Revolving Loans?

Payments are first applied to any outstanding fees, then to interest and lastly to the outstanding principal.  

Is there a penalty for accelerating payment on my Fordham Revolving Loans?

No.  Payments in excess of the required installment will be applied directly to reduce principal, decreasing the unpaid balance upon which interest will accrue for the next interest calculation period.

At what point is my payment considered late?

Payments are due on the first of each month.  You have a fifteen-day grace period each month to get your payment to ACS.  If your payment is not processed by the close of business on the 15th of the month, a $10 late fee will be assessed.

I’ve moved.  How do I update my address with ACS?

Log on to ACS’s website at http://www.acs-education.com and update your address or e-mail kkeenan@law.fordham.edu.  

How do I obtain a deferment on repayment of my Fordham Loan(s)?

E-mail kkeenan@law.fordham.edu.  ACS has no authority to grant you a deferment on repayment of your Fordham Loans.  

Does Fordham have a Loan Forgiveness Program?

Yes.  Fordham’s Loan Forgiveness Program is available to all graduates who borrowed from Fordham’s Revolving Loan Fund.  To be eligible, graduates must be employed in government service, federal, state or city, or in a non-profit public interest organization qualified under Section 501(c)(3) of the Internal Revenue Code.  There is a maximum income level that participants in the program may not exceed. Graduates have three years from the date of graduation to apply.

What is the maximum qualifying income for participation in Fordham’s Loan Forgiveness Program?

The maximum qualifying income is $68,000 for calendar year 2013.

What is the application deadline for Fordham’s Loan Forgiveness Program?

The application deadline is November 1st or within one month after the graduate obtains qualifying employment.  Graduates have three years from the date of graduation to apply for this Program. 

As a participant in Fordham’s Loan Forgiveness Program, will I be required to make payments on my Fordham Loan(s)? 

No interest will accrue and no payments need be made on your Fordham Revolving Loans while you are a participant in Fordham’s Loan Forgiveness Program.  If you participate in the Program for three full years, one-third of your Revolving Loan(s) will be forgiven.  After four full years of participation in the program, another one-third will be forgiven.  If you complete five full years of participation, you will owe Fordham nothing on your Fordham Revolving Loans.  

Are Judicial Clerks eligible for Fordham’s Loan Forgiveness Program?

Yes.  

If I have a question concerning my Fordham Revolving Loans not answered here, whom should I contact? 

E-mail Kathleen Keenan at kkeenan@law.fordham.edu or call 203-746-0163.