<p>Hi, </p>
<p>I recently got a letter from Fordham regarding financial aid and I have a few questions to anyone who could answer them. </p>
<p>It lists three things:</p>
<p>Fordham Metro Grant (I would be a commuter)
Fordham Tuition Award
Federal Direct Unsub Loan Eligibility</p>
<p>It says "this is a package including funds form different sources" also that I must file with FAFSA annually </p>
<p>I don't know what this means, does it mean I can apply for these grants and might not get them, or I definitely have them and just need to file with FAFSA and TAP?</p>
<p>Overherethere –
- The requirement to file FAFSA each year is an expectation for receiving aid at virtually all colleges, at least for U.S. residents.
- Did the letter show amounts? Usually the letter will show the Cost of Attendance (COA), and show specific amounts for each grant (Metro Grant, Tuition Award) and Loan. Since they’ve mentioned unsubsidized Stafford loans, if this is a financial aid offer letter then it would seem that they have put a package together that meets your “need” as FAFSA defines it.</p>
<p>If you’d like to share more details from the letter (the specific amounts for each item suggested, not your personal identifying information 
) then we can probably help you interpret it.</p>
<p>Yeah no problem, </p>
<p>Fordham Metro Grant $6000 total (for commuters only)
Fordham Tuition Award $8400 total (Renewable annually based on filing the FAFSA.)
Federal Direct Unsub Loan Eligibility $5500</p>
<p>$19900 total</p>
<p>then they gave me the University charges for the 2012-12 academic year </p>
<p>$42057</p>
<p>Going to Fordham for $22,000 seems too good to be true, especially considering I checked no for financial aid. </p>
<p>I will be going to the school monday to check this out, I really need to know because its probably my biggest deciding factor on the school.</p>
<p>I don’t think it will be quite that low – for one thing, they’ve packaged in a loan of $5500 this year – so you’d really be paying $22K (next year) + $5.5K+accrued interest from the date of the loan after you graduate. (Though perhaps your folks would help with this while you’re in school so that you don’t have debt afterwards?) </p>
<p>Assuming that you don’t have to pay your folks for room & board, and perhaps not for transportation, this might be pretty close – and that looks like a very good package for someone who did not request financial aid!</p>
<p>Okay so do you think I could just not use the $5500 loan at all and just use the other two grants? I would rather just somehow pay the $5500 instead of taking out a 6% loan.</p>
<p>So now with the other two grants i’d have around $14,400 in aid and $42000 - 14000=~$28,000, does this seem more realistic? Are the other two grants guaranteed ?</p>
<p>thanks again</p>
<p>Yes, you are free to decline any loan offered. (And great if you can do it without the loans!)</p>
<p>You’d need to ask Fordham if the Metro grant is renewable IF YOUR FINANCIAL CIRCUMSTANCES ARE RELATIVELY SIMILAR NEXT YEAR <== (because that is a key condition) – Also ask if either grant in subsequent years is dependent on a certain gpa.</p>
<p>It sounds like the package is one that might work for you – congratulations!</p>
<p>Yes, that is your package, and if you don’t want the $5500, you don’t have to take it. In fact to get it, you have to sign a promissory note and go through a process. You can also change your mind and apply for all or some of it during the year, if it turns out you need it.</p>
<p>You did not get a financial aid package The tuition award is a merit award and the Commuter amount is automatic for everyone, but Fordham insists on a FAFSA from everyone getting award money. Did you file this year? If not, you should do so. At least that was once their procedure.</p>