Frequently Asked Questions

Do I have to file for Federal Student Aid every year?
When are the deadlines?
Yes, you must apply each year! The priority annual deadlines for continuing students is March 15th. FAFSA applications are available for processing starting January 1st of the upcoming year.

What determines whether or not I will receive financial aid?
The Primary factor is financial need.  Financial Need is based on determining the educational cost (tuition & fees, room & board, books & supplies and a personal allowance) minus the Estimated Family Contribution (based on federal and institional formulas).  The result of these two factors determine the need for federal financial assistance.

What are some of the common mistakes people make while filing for financial aid?
Some of the most common are:

• Not filing early enough
• Not reading the instructions
• Not fully completing the applications
• Not using the correct social security number
• Not signing it properly either electronically or on paper

Why does my award change each year?
At Hofstra, eligibility for financial aid is based on federal and institutional estimates of your family's ability to contribute to the cost of education. A typical award includes grants, loans and federal work-study.

Keep in mind that your award is likely to change each year for one or more of the following reasons:

• The cost of education goes up
• Your family's income changes
• The number of children in college changes

What should I do if I decide to attend another institution?
You must officially drop your HOFSTRA classes to avoid being charged for classes that you do not attend.


What happens if I fail to complete the application process?
Failure to complete the application process in a timely manner may result in loss of aid and an immediate demand for payment of tuition and other debts.

How do I know my application was processed?
How can I verify that HOFSTRA will receive the results?
About four weeks after sending in the FAFSA, you should receive a Student Aid Report (SAR). This is verification that you filed the FAFSA and that it has been processed. Check to make sure HOFSTRA is one of the schools listed in Step Five. Questions about FAFSA processing can be directed to theFederal Student Aid Information Center at 1-800-4FEDAID.

It has been a while since I have filed my application but I still have not received my SAR. What can I do?
Contact the Federal Student Aid Information Center at 1-800-4FEDAID to find out the status of your file.

Do I need to send a copy of my SAR to the Financial Assistance Office?
No. Provided that you listed Hofstra (code: 002732) as one of the schools in Step Six, we will receive the information electronically. Therefore, you do not need to send your SAR to our office.

Hofstra is not listed on my SAR, but I called the processors and they said you could request my record if I give you the PIN number. Is this correct?
Yes. If you did not list Hofstra's school code, but you have a copy of your SAR, contact our office, and under certain circumstances we can electronically request your information. Another alternative is to call 1-800-4FEDAID and request that they add Hofstra electronically by providing them with your DRN # (located in the upper-right corner of your SAR.)

What is a Federal Stafford Loan?
The Federal Stafford Loan is a private lender, state/private guaranteed loan backed by the federal government. Interest rates are low and variable.

What is the difference between the Subsidized and Unsubsidized Federal Stafford Loan?
With the Federal Subsidized Stafford, the interest is paid by the government while you are in school.  Conversely, the interest on the Unsubsidized stafford loan is accruing while you are in school and the student is responsible for the accrual upon the first disbursement of the loan.  You have the option of paying the interest or deferring it until after you graduate, at which time it will be added to the principle of the loan.

What is EFT? Should I use it?
EFT or Electronic Funds Transfer,  is used by lenders to transfer federal loan funds from lenders to schools without the use of paper checks. This method of disbursing loan funds shortens the length between receiving funds  and the student having access to the funds.

It's likely I'll have to borrow every year to pay for my college expenses. How much should I borrow so that I know I can afford to pay it back?
Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment table to calculate how much you will have to pay each month. Then decide how much to borrow. You can use the criteria lenders use when they consider an applicant's ability to repay: the total monthly payment for all debts should not exceed 8 percent of your gross monthly salary.  For a sample calculator please click on the link.

What if my educational or career plans change, or something happens after I'm out of school and working?
A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loan more difficult than you expected. In some cases, and at the lender's option, you may be permitted to temporarily stop making your payments, or your lender may accept smaller payments than scheduled. This is called a forbearance. In addition, for some loans, you may defer repayments temporarily, which may help. The promissory note for each loan you borrow outlines the specific terms under which you may be granted a deferment. Contact your lender if you think you may need to make arrangements.

What happens if I don't pay back my loan?
Not paying back your student loan can have serious consequences. If you go into default, your lender can require you to repay the entire amount immediately, including all interest plus collection and late payment charges. The lender can sue you and can ask the federal government for help in collecting from you. The Internal Revenue Service may withhold your income tax refund and apply it toward your loan. You cannot get any additional federal student aid until you make satisfactory arrangements to repay your loan. Also, the lender may notify credit bureaus of your default. This may affect your credit rating, which will make it difficult to obtain credit cards, car loans, home mortgages, etc in the future.

If I borrow from more than one loan program, I may have to pay several different lenders at the same time. May I consolidate my payments?
If you've borrowed from more than one type of loan program, you may be able to consolidate some of the loans and use one payment plan to repay the loans. In general, federal loans may be consolidated into one new loan at an interest rate of the weighted average of the original interest rates of the loans being consolidated. As mentioned you can consolidate Federal loans with other federal loans, and you can consolidate Alternative loans with alternative loans, but you can not consolidate Federal loans with Alternative loans.  The length of the extension depends on the total amount of the loans consolidated.

Is the FAFSA required to apply for scholarships?
Many scholarships require you to file the FAFSA. It is highly recommended that students complete the FAFSA in order to be considered for the best award package.

What scholarships can I apply for at Hofstra?
Beginning in May of each year, the student should check with the Office of Financial Aid for our office's scholarship application. This application is used only for those endowment awards for which the Office of Financial Aid has decision authority. You should also contact your academic department for scholarships.

Financial Aid also maintains the list of endowment awards that is accepted by students for the current academic year. The list is continuously updated. Please review the list regularly for those awards that are accepted by students for the current academic year.

Why was my file selected to be verified?
Many student files are selected by the Federal Processor in the process of applying for aid. Some files are randomly selected while others are selected because of appearing to be error prone. If the student's file is selected, requested documentation should be submitted to the Office of Student Financial Assistance at Hofstra immediately because of specified deadline date requirements.

Will a bad grade, dropping or withdrawing from classes affect my eligibility for aid?
Yes, it might. Our office is required to monitor a student's grade performance, check completion of hours and make sure a student stays within a time frame for seeking a degree. A student would want to make themselves familiar with our academic progress policies and seek counseling immediately from our office if the student has an academic progress concern.