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CONTINUING STUDENTS
Beginning in the 2008-2009 academic year, financial aid awards will be posted on your My.Hofstra.edu pages. Check your e-mail for a notice from us that will tell you when your financial aid package has been created and is ready for viewing on the Web.
The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Stafford Loans for undergraduate students starting July 1, 2008. These reductions are available only to undergraduate students, not graduate students, and only for the subsidized Stafford loans, not unsubsidized Stafford loans. The interest rates are illustrated in the following table.
| Phased-in Cuts in Interest Rates on Subsidized Stafford Loans for Undergraduate Students |
||
|---|---|---|
|
Year |
Interest Rate |
Interest Rate |
|
2007-08 |
6.8% |
6.8% |
|
2008-09 |
6.0% |
6.8% |
|
2009-10 |
5.6% |
6.8% |
|
2010-11 |
4.5% |
6.8% |
|
2011-13 |
3.4% |
6.8% |
|
2012-13 |
6.8% |
6.8% |
Stafford Loans have loan fees of 4%, which are deducted from the disbursement. These fees consist of a 3% origination fee and a 1% default fee (previously "guarantee fee"). Starting July 1, 2006, the default fee will be mandatory. (Previously guarantee agencies could waive the fee and many did.) The origination fee will drop from 3% from 3% to 2% on July 1, 2006, and will drop by a further 0.5% each successive July 1, until it is phased out entirely on July 1, 2010.