Federal Loans

Free Application for Federal Student Aid (FAFSA)

Students wishing to apply for a loan within the Federal Direct Loan Program must file a Free Application for Federal Student Aid (FAFSA) each academic year.

When filing the FAFSA, students should make sure to utilize the Title IV Federal School Code for the appropriate campus. Specifically, the Federal School Code for the Florham Campus is 004738.

The Federal Direct Loan Program allows the student to defer repayment while enrolled minimally half time.

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loans are available to matriculated graduate and professional students enrolled at least half time or greater. The interest rate on an unsubsidized loan is fixed. A student may choose to either pay or accrue the interest while attending school.

Federal Direct Graduate Plus Loan

Students may apply to be prequalified for a Federal Direct Graduate PLUS Loan by visiting studentaid.gov/ If approved, they must notify the Financial Aid Office in order to have the loan request processed. Students can receive funding up to the budget cost of attendance less any other financial aid.

Direct Unsubsidized Stafford Loan Direct Graduate PLUS Loan Private / Alternative Loan
Interest Rate Fixed – The interest begins accruing from the first date of disbursement Fixed – The interest begins accruing from the first date of disbursement Fixed or Variable; depends on lender
Origination Fee Yes Yes Fees will vary based on lender and other factors they determine necessary
Credit Check Requirements Not required Adverse credit history check; possible endorser required Required; possible co-signer required
Deferment / Forbearance Available Available Depends on lender
Repayment After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period; Repayment term of 10 to 25 years After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period; Repayment term of 10 to 25 years. Depends on lender

 

Veterans’ Educational Benefits

Some veterans are eligible for monthly allowances (paid directly to the veteran) paid by the United States Veterans Administration. Funding eligibility is based on enrollment status as determined by the number of credits for a particular semester. Veterans applying for benefits must complete the Veteran Program Card at the beginning of each semester and submit it to the Office of Veterans Affairs.

Students who contributed to the Veterans Educational Assistance Program (VEAP-Chapter 32) may be eligible for benefits. In addition, dependents and spouses of veterans who died of service-related causes may also be eligible for benefits. Any questions regarding veterans and dependents of veterans benefits should be directed to the Office of Veterans Affairs at FDU’s Metropolitan Campus at 201-692-2368.