Loans are available to assist students in meeting the cost of their education. To allow adequate processing time for bill payment and avoid late fees, students beginning classes in fall 2019 should apply for loans by June 1, 2019; students beginning classes in spring 2020 should apply by December 1, 2019. Please note: If you are attending in both fall and spring and you are applying for loans, please apply for the amount you need for the full academic year, not just one semester.
Direct Loan (DL) Program
The federal government guarantees low-cost Unsubsidized Stafford and Graduate PLUS Loans to qualified students through the Direct Loan Program. The loans are originated by Hofstra to the federal government. Students must complete the Free Application for Federal Student Aid (FAFSA) annually to determine their DL eligibility. Direct Loans must be certified prior to the end of the student's enrollment period.
- Federal Unsubsidized Stafford Loans
Federal Unsubsidized Stafford Loans are available for graduate students. Graduate students may borrow up to $20,500 per year (not to exceed the student's cost of attendance). A 1.062 percent loan fee is withheld from disbursement. The interest rate is fixed at 6.6 percent. Interest begins accruing on this loan during the in-school period. If a student chooses not to pay the interest while in school, the interest is capitalized and added to the outstanding principal on an annual basis. Repayment of principal and accrued interest begins six months after the student graduates, leaves school, or becomes enrolled less than half time (4.5 credits per semester at Hofstra). The aggregate limit for all Stafford Loans borrowed is $138,500.
- Federal Graduate PLUS Loans
Federal Graduate PLUS Loans are available to graduate students to assist with educational expenses. These loans require a credit check, and the Direct Loan Program has final discretion on approval. Students must be enrolled at least half time (4.5 credits per semester at Hofstra) and meet all other federal eligibility criteria. The interest rate of the Federal Graduate PLUS Loan is fixed at 7.6 percent. A 4.264 percent loan fee is withheld from disbursement. The annual limit is the student's cost of attendance minus any other type of financial aid received. No aggregate limit exists. Repayment of principal and accrued interest begins six months after the student graduates, leaves school, or becomes enrolled less than half time (4.5 credits per semester at Hofstra), unless deferment is not selected on the application. A FAFSA must be filed and the Federal Unsubsidized Stafford Loan annual limit must be exhausted to enable the student to apply for the Federal Graduate PLUS Loan.
Steps to Apply
- File the FAFSA after October 1 (every year) using tax information from two years prior (e.g., 2019-2020 FAFSA
requires 2017 tax information).
- Accept offered loans at my.hofstra.edu (every year).
- Complete the Direct Loan requirements for Graduate/Professional Students at studentloans.gov.
- Entrance Counseling (one-time requirement)
- Loan Agreement for an Unsubsidized Loan (Master Promissory Note (MPN); one-time requirement)
- Apply for a PLUS Loan (every year)
- Loan Agreement for a PLUS Loan (MPN; one-time requirement)
Please note that Hofstra University is required to submit loan information to the National Student Loan Data System (NSLDS). This information is accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the data system as well as borrowers.
Alternative Student Loans
Alternative student loans are private loans offered by lenders to help meet educational costs. These loans usually have variable interest rates, which, unlike loans from the Direct Loan (DL) Program, are not set by the federal government. Most lenders require students with limited credit history to have a cosigner. Some alternative loans can be borrowed retroactively to cover outstanding bills. For help in choosing a lender and evaluating loan benefits, visit hofstra.edu/learnaboutloans.
For a list of alternative student loan lenders, please visit http://www.finaid.org/.
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