Consumer Information

Hofstra University provides financial aid in the form of scholarships, grants, employment opportunities, and educational loans to approximately 80 percent of its student body annually. The application process begins when students complete and submit the Free Application for Federal Student Aid (FAFSA). This can be accomplished by using FAFSA on the Web. The results of the FAFSA are provided to Hofstra electronically. The University then determines eligibility for students using a combination of programs in an attempt to both reward academic achievement and meet their demonstrated financial needs based on a federally mandated formula of:

   COST OF EDUCATION
-  EXPECTED FAMILY CONTRIBUTION
= NEED

Available Financial Aid Programs

SCHOLARSHIPS

Hofstra offers a variety of undergraduate merit and need-based awards during the admissions process. Other scholarships are available to continuing undergraduate students from the various University schools and departments. Graduate students who are interested in exploring scholarship opportunities should contact their respective academic departments. Please refer to the University Bulletin for more information.

GRANTS

FEDERAL PELL GRANTS: Federal Pell Grants are awarded to full-time and part-time undergraduate students. Eligibility is based on students` financial needs per federal methodology. Award amounts for 2009-2010 range from $400 to a maximum of $4,731. All students applying for financial assistance will first be considered for a Federal Pell Grant.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG): Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded to undergraduates with exceptional financial need. Priority is given to students receiving Federal Pell Grants.

TUITION ASSISTANCE PROGRAM (TAP): New York Tuition Assistance Program grants are awarded based on information provided on the FAFSA, and supplemental information requested on the TAP express form. Undergraduate and graduate recipients must be New York State residents attending an in-state college or university full-time. Students must meet the academic renewal criteria, which are evaluated at the end of each semester.

AID FOR PART-TIME STUDENTS (APTS): Aid for Part-Time Students is awarded to New York residents who enroll in 3 to 11 credit hours. Applications are available in the Hofstra Financial Aid Office, Room 202, Memorial Hall.

LOANS

FEDERAL PERKINS LOANS: Federal Perkins Loans are offered to both undergraduate and graduate students based on demonstrated need. The loans carry a 5 percent simple interest rate. Prior to receiving the proceeds from the loans, students must complete a Master Promissory Note (MPN). Interest charges do not accumulate while students are enrolled in school.& Repayment begins nine months after students graduate, otherwise enrollment ceases, or drops below half-time enrollment status.

FEDERAL SUBSIDIZED STAFFORD LOANS: Federal Subsidized Stafford Loans are need-based loans made available to students by participating commercial lenders and other lending institutions. The maximum amounts students can borrow each year is based on their grade levels in school. For example for 2009-2010, freshmen can borrow up to $3,500, sophomores $4,500, while juniors and seniors are eligible to borrow up to $5,500. The Subsidized Stafford annual loan limit for students enrolled in graduate or professional programs of study is $8,500, for each academic year. Subsidized Stafford Loans carry a fixed rate of 5.6 percent. All students must complete Master Promissory Notes (MPN). Repayment begins six months after students graduate, otherwise enrollment ceases, or drops below half-time enrollment status.

FEDERAL UNSUBSIDIZED STAFFORD LOANS: Unsubsidized Stafford Loans are not based strictly on demonstrated need. Undergraduate students are given an additional 2,000 per academic year. Independent undergraduates, graduates, and professional students can borrow additional money in this program. The amounts that can be borrowed annually in this program also vary by class levels. This loan also has a fixed at 6.8 percent. Interest accrues and can compound on this type of loan. Repayment begins at disbursement unless you tell your lender to capitalize your loan. Students can receive a combination of Unsubsidized and Subsidized Stafford Loans. For additional, more specific information regarding Stafford Loan eligibility and loan aggregates, please go to Student Aid on the Web, or Mapping Your Future.

FEDERAL PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS): PLUS loans are fixed rate 8.5% loans made available to the parents of dependent undergraduate students to assist with educational expenses. The maximum amounts that parents can borrow are equal to Hofstra`s cost of attendance minus other aid their students are receiving. These loans require credit checks and repayment of both principal and interest, beginning while students are in school. Parents must complete a Master Promissory Note (MPN).

ALTERNATIVE LOANS: The University recognizes that students may also need to use alternative sources of financing to help offset the cost of attending Hofstra. Various lenders offer alternative loan programs to students. Students should be consumers and compare the programs offered in terms of interest rates and repayment terms. This type of educational loan is not underwritten or subsidized by the federal government. Students typically must be creditworthy, or have a creditworthy co-signer. For additional information, go to http://www.hofstra.edu/LearnAboutLoans.

Federal Work-Study
The Federal Work-Study Program (FWSP) provides part-time employment for students. Awards are need-based and are part of the financial aid package. Students who are awarded FWS are responsible for securing jobs through the Hofstra Student Employment Office in The Human Resources Center.

Verification
Students applying for federal financial aid may be selected for verification. If selected, students are required to provide additional documentation in support of their applications for federal student aid. The documentation can include, but is not necessarily limited to, copies of parent and student federal income tax returns. Your financial aid award is considered an estimate and may be subject to change until the verification process is complete.

Satisfactory Academic Progress

Satisfactory academic progress is defined as proceeding toward successful completion of degree requirements. The Office of Financial Aid at Hofstra is required by federal regulation to determine if students are meeting the requirement. The official academic record of the University is reviewed to determine student compliance with this policy.

Student Aid Programs Under This Policy

Federal Pell Grant, Federal Supplemental Opportunity Grant (SEOG), Federal Work Study (FWS), Federal Perkins Loan, Federal Stafford Loan and Federal Parent Loan (PLUS).

Components of Satisfactory Academic Progress

1. Students are provided a maximum number of hours to complete their degrees;
2. Students are required to maintain a cumulative, retention grade point average;
3. Students must successfully complete at least 75 percent of the total, cumulative hours attempted.

Maximum Time Frame

At Hofstra, the average number of hours required to complete a first bachelor's degree is 124. Students are given 150 percent of the average time required to complete a degree in credit hours. Therefore students must complete their first bachelor's degree within 186 hours.

Cumulative Grade Point Average

All undergraduates who have attempted less than 58 hours must maintain a 1.7 cumulative grade point average. Undergraduates who have attempted 58 hours or more must maintain a 2.0 cumulative grade point average.

Hours Successfully Completed

All students must complete 75 percent of the cumulative hours they attempt. This includes all hours attempted at any college or university that have transferred to Hofstra. For example, a student who has attempted 58 hours must have successfully completed 44 hours (58 x .75 = 43.5 rounded to 44).

Annual Review

Academic records are reviewed at the conclusion of the spring semester once grades are posted. Students who satisfy the conditions of the progress policy remain eligible to receive federal student assistance. Students who are receiving state grants, athletic awards, and/or other forms of scholarships must meet the retention requirements specific to those awards.

Failure to Maintain Academic Progress

Students who exceed the maximum number of hours allowed for degree completion become immediately ineligible for federal student assistance. However, students have the opportunity to appeal and provide documentation to the financial aid office that explains why the student has exceeded the maximum hour threshold.

Probationary Status

Students who fail to meet either the cumulative grade point average requirement or the percentage of cumulative hours attempted criteria will be placed on probation for the following academic year. During the probationary period, students must complete the necessary number of hours and/or increase their cumulative grade point averages in keeping with the satisfactory academic progress policy. Students who fail to do so will become ineligible for federal student assistance.

Appeal Opportunity

Students who are notified of their ineligibility may submit a written appeal and any supporting documentation to the Office of Financial Aid. An appeal form is included with the letter of ineligibility. The appeal and supporting documentation must be received by the deadline referenced in the ineligibility letter. An appeal, if submitted, should speak in detail to mitigating or extenuating circumstances that affected the student's academic performance, e.g., severe physical injury or mental trauma.

State Grants

NEW YORK STATE TUITION ASSISTANCE PROGRAM (TAP): These are grants awarded by the state of New York to state residents who are in full-time attendance at colleges and universities located in the state of New York. The application process begins each year with the Free Application for Federal Student Aid (FAFSA). The next step is completing a TAP Express Application online at www.tapweb/tow. Hofstra's TAP codes are: 0300 Undergraduate - 5265 Graduate - 5268 Law .

As per New York State guidelines, students must maintain satisfactory academic progress and program pursuit in order to renew a TAP award. These requirements are detailed on the Web site listed above.

Hofstra uses the following chart to determine satisfactory academic progress for students who received their first TAP award prior to the academic year 2006/2007:

**Only students in the NOAH program may be eligible to receive more than 8 payments.

Hofstra uses the following chart to determine satisfactory academic progress for students who receive their first TAP award in the academic year 2006/2007 or thereafter:

**Only students in the NOAH program may be eligible to receive more than 8 payments.

Satisfactory Academic Progress Chart for All Graduate Students:

Program pursuit requires the student receive a passing or failing grade in a certain percentage of the full-time minimum course load of 12 credits. During the first year of study, a student must secure a passing or failing grade in a minimum of 6 credits per semester, (50 percent of the minimum full-time course load); during the second year, 9 credits per semester (75 percent of the full-time course load); and during the third and fourth years, 12 credits per semester (100 percent of the minimum full-time course load). Grades of W, UW and permanent INC are not acceptable in meeting the pursuit requirement.

Information Regarding a TAP Waiver of Standards of Academic Progress

If a student does not meet the Standards of Academic Progress, s(he) may apply for a one-time waiver of the standards and, if granted, the student will maintain her/his TAP award for the semester. A waiver will be considered if the student has experienced, and can provide documentation, of an isolated incident or an extenuating circumstance that prevented her/him from meeting the standards. The waiver provision does not exist to provide one additional term of eligibility for all students who fail to meet pursuit of progress requirements. It is expected that most students who fail to meet pursuit of progress requirements will not be granted the waiver and will not receive any further state awards until they have regained good academic standing.

How to Apply for a TAP Waiver

New York State regulations require a student to meet all eligibility criteria to receive TAP.  Students will be notified by mail if they may be eligible for a waiver.  If you are identified as eligible you will recieve a letter from Student Accounts.  You must write a brief cover letter, addressed to "To Whom It May Concern" that is no more than one page in length, explaining why you are requesting the waiver. Your letter should be based on one of the following reasons:

Medical Waiver: Used for a prolonged or lingering illness that prevented you from successfully completing classes. A letter from a physician on his/her letterhead indicating that you had been under the physician's care for an extended period of time must document this illness and treatment.. This also applies to hospitalization.

Change of Major Waiver: Used when you were taking the correct number of credits (more than 12), and subsequently changed your major and dropped or failed classes that are not relevant to your current major. Dropping core classes does not count, since they are required for all majors. This waiver can only be used when a change of study form has been filed during the semester in question. You must present a copy of the date stamped change of major form. The date must coincide with the semester in question.

Other Reasons Waiver: Used when a students has experienced unavoidable and extraordinary events that may have occurred during the semester in question. Examples of such waivers include hospitalization of a family member (parent, sibling, etc.); death of a family member; police or court problems, etc. You must provide documentation, i.e., hospitalization records, doctor's note on their letterhead, death certificate, court papers, police report, lawyer's note on their letterhead, etc.

All documentation/letters provided must be date-specific to the semester that TAP was lost.

Please remember that these are New York State requirements. Everything is considered confidential, and all documentation submitted is only seen on a need-to-know basis.

Changes in Enrollment

Eligibility for financial aid may be tied to the number of credits enrolled. Undergraduate students are considered full-time with 12 or more credits, three-quarter time with 9 to 11 credits, half-time with 6 to 8 credits, and less than half-time with less than 6 credits. Graduate students are considered full-time with 9 or more credits, and half-time with 4.5 credits. For Graduate Students, to be considered full-time for the New York State Tuition Assistance Program (TAP), 12 or more credits are required. Financial aid may be adjusted if the number of credits a student is taking changes.

Please remember that dropping a class or classes may affect a student's financial aid eligibility within a term, and may also affect his/her eligibility to continue to receive assistance. For additional information, please contact the Hofstra Financial Aid Office.

Semester Withdrawals

If it becomes necessary to withdraw from all classes during a semester, federal regulations require that federal student aid be adjusted based on the number of weeks a student completes prior to withdrawal.* Students should contact the Hofstra Financial Aid Office and ask to speak with a financial aid counselor regarding the effect of withdrawal.

*Students must officially withdraw from the University through the Center for Academic Advisement.

BILL PAYMENT

Payments and Anticipated Aid

All students are sent billing statements at their permanent home addresses with instructions for making payments. All billing statements list University-assessed charges less any anticipated aid.

Even if the bill does not reflect anticipated aid, the student is responsible for payment by the due date reflected in the billing statement. Financial aid posted to the student's account after the bill has been paid in full for the semester results in the student receiving a refund.

Failure to apply for financial aid in a timely manner does not relieve the student from meeting all University payment deadlines.

Please note: All current University charges for tuition, fees, room and meals must be paid in full BEFORE students are allowed to register for the following semester's classes.

All University charges are listed on the Hofstra Web site.

For new full-time freshmen and transfer undergraduate students entering in the fall 2007, the following estimated annual expenses are provided to assist you with your planning:

*These costs are not billed by the University to students, but are out-of-pocket expenses that students may incur.

**Please note that some programs have different tuition rates. On-campus housing costs will vary with the room and meal plan choices students select. The costs for books and supplies, personal expenses and transportation are estimates.

Student Refunds

If personal payments and/or financial aid posted to a student's account creates a credit balance, the student is issued a refund. Generally, refunds are issued within 14 days of a credit balance being created. Please contact the Hofstra Office of Student Accounts at (516) 463-6680, option 3 for more information.