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. Upon filing this form, the resulting Student Aid Record (SAR) or Institutional Student Information Record (ISIR) must be filed with the Office of Financial Aid.

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. Students have up to 10 years to repay the loan, with a minimum payment of $50.00 per month after graduation or ceasing attendance.

Federal Direct Unsubsidized Loan

Effective July 1, 2012 the Federal Direct Unsubsidized Loans are available to matriculated students enrolled minimally half time or greater. A graduate or professional student may borrow up to a maximum of $20,500.00 per academic year based on the Cost of Education and any other financial aid. Students in Graduate Health Professional Programs are eligible for additional funding through the Federal Direct Unsubsidized Loan. 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 www.studentloans.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 at 5.84 % - The interest begins accruing from the first date of disbursement Fixed at 6.84 % - The interest begins accruing from the first date of disbursement Variable; depends on lender
Origination Fee

1.073 %

4.292 %

Fees will vary based on lender and other factors they determine necessary
Credit Check Requirements Not required Required; possible cosigner 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 If you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six-months after you ceased to be enrolled at least half-time. 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 16 dependents of veterans benefits should be directed to the Office of Veterans Affairs at FDU's Metropolitan Campus at 201-692-2368.