If you are having any difficulty using this website, please contact the Help Desk at Help@nullHofstra.edu or 516-463-7777 or Student Access Services at SAS@nullhofstra.edu or 516-463-7075. Please identify the webpage address or URL and the specific problems you have encountered and we will address the issue.

Financial Aid

Parent Services

E-BILL

View student's account statement and make payments online.

HOFSTRACARD

Add cash to your student's Dutch Debits account online!

Students can access these services through the Student Services menu within the portal.

Federal Loan Changes for 2013-2014

For loans first disbursed after July 1, 2013:

  • the interest rate for Subsidized Stafford loans for undergraduate students will increase from 3.4% to 6.8%.
  • for both Unsubsidized and Subsidized Stafford loans the origination fee will be 1.051%.
  • for both Parent and Graduate PLUS loan the origination fee will be 4.204%

Changes that could affect you now that the 2010-2011 New York state budget has been passed!

CHANGES TO TAP

  • All annual TAP awards are reduced by $75.
  • TAP awards are not available to graduate or professional students.
  • Private pension and annuity amounts excluded from New York state income tax are to be included in the calculation of income used to determine TAP award eligibility.
  • A new award schedule with a maximum New York income of less than $40,000 and a maximum award of the lesser of $3,025 or the actual tuition charged is established for independent students who are married with no tax dependents.
  • Students in default on any state or federal student loan are not eligible for TAP or any other New York state financial aid program.

Also, the application deadline for New York state financial aid programs is now June 30, consistent with the Free Application for Federal Student Aid (FAFSA) deadline.

NEW ACADEMIC STANDARDS HAVE BEEN ESTABLISHED FOR NONREMEDIAL STUDENTS FIRST RECEIVING STATE AID IN 2007-08 AND THEREAFTER.

Program: Baccalaureate Program
Calendar: Semester

Before Being Certified
for This Payment

1st
6 pt

2nd
12 pt

3rd
18 pt

4th
24 pt

5th
30 pt

6th
36 pt

7th
42 pt

8th
48 pt

9th**
54 pt

10th**
60 pt

A Student Must Have Accrued at
Least This Many Credits

0

6

15

30

45

60

75

90

105

120

With at Least This GPA

0

1.5

1.8

2.0

2.0

2.0

2.0

2.0

2.0

2.0

* * (The 9th and 10th payments are for approved 5 year program students only.)

The prior academic standards were:

Before Being Certified
for This Payment

1st
6 pt

2nd
12 pt

3rd
18 pt

4th
24 pt

5th
30 pt

6th
36 pt

7th
42 pt

8th
48 pt

9th**
54 pt

10th**
60 pt

A Student Must Have Accrued at
Least This Many Credits

0

3

9

21

33

45

60

75

90

105

With at Least This GPA

0

1.1

1.2

1.3

2.0

2.0

2.0

2.0

2.0

2.0

The Academic Standards for students in the HEOP program (NOAH) have not changed. They will be evaluated for TAP based on the prior academic standards.


FEDERAL EDUCATION LOANS ARE CHANGING!

The Financial Aid Office at Hofstra University is pleased to announce that the University will be transitioning from the Federal Family Education Loan Program (FFELP) to the Federal Direct Loan (DL) Program beginning with the 2010-2011 award year. We want to make this transition as seamless as possible for our students. We recognize that many Hofstra students rely on financial aid, including federal loans, and we hope to clearly explain some of these upcoming changes. If you have any further questions, now or throughout the transition, please call the Student Financial Services Office at (516) 463-8000.

Changes have been made to the federal student aid programs subsequent to the enactment of the Reconciliation Act of 2010 (HR 4872). Here are some changes that impact Hofstra students:

  • Elimination of the Federal Family Education Loan Program (FFELP). No new Stafford Subsidized, Stafford Unsubsidized, Parent PLUS, Graduate PLUS or consolidation loan may be disbursed through the FFELP after June 30, 2010. All loans for the 2010-2011 award year disbursed after July 1, 2010, will be processed through the Direct Loan Program.

For ease to our students, Hofstra has decided to also process all Summer loans for this coming summer through the Direct Loan Program.

What is the Direct Loan Program?

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's college education. Rather than a bank or other financial institution, the lender is the U.S. Department of Education.

What does this mean for you?

This transition benefits both parents and students in the following ways:

  • The interest rate on the PLUS loan will be 7.9 percent, which is lower than the current 8.5 percent interest rate through the Federal Family Education Loan Program (FFELP).
  • There are rebates for both the student and the parent on the disbursement of their loan funds.
    • For student Stafford Subsidized and Unsubsidized loans, the origination fee will be 1 percent (same as FFELP), but there is a 0.5 percent rebate at disbursement. The net disbursement is 99.5% of the gross loan amount. For parent PLUS and Graduate PLUS loans, the origination fee will be 4 percent (same as FFELP), but there is a 1.5 percent rebate at disbursement. The net disbursement is 97.5% of the gross loan amount.

What does a rebate mean to you?

It means more money will apply to your cost of attendance here at Hofstra.

FFEL Program

Direct Loan Program

Origination Interest Rate

Rebate Interest Rate

Amount applied to your cost of attendance at Hofstra

Origination Interest Rate

Rebate Interest Rate

Amount applied to your cost of attendance at Hofstra

Amount borrowed in a Stafford loan:

$1,000.00

1.00%

None

$990.00

1.00%

0.50%

$995.00

Amount borrowed in the parent PLUS or Graduate PLUS:

$5,000.00

4.00%

None

$4,800.00

4.00%

1.5%

$4,875.00

Important to note: The rebate is an up-front interest rebate given at the time of loan disbursement. The borrower must make the first 12 payments on time (while in repayment), or the rebate amount will be added to the principal balance of the loan, thereby increasing the loan amount that must be repaid.

  • There are more repayment options for students. The repayment options for students with Federal Direct Loans are similar to those of FFELP loans. However, under the DL Program, there are two new options – the income contingent repayment plan (the amount you pay toward your debt is tied into your income, allowing greater repayment flexibility) and Public Service Loan Forgiveness.

What do you do now?

Borrowers of federal student loans for the 2010-2011 award year and beyond will no longer receive loan funds through a private lender, but through the federal government’s Direct Loan Program. Private/alternative loans will continue through private lenders/banks.

You must complete the following in order to receive your loans for the 2010-2011 award year:

For Stafford loans:
You will need to complete a new Master Promissory Note (MPN) with the U.S. Department of Education and complete an new entrance counseling session. After May 1, 2010, visit www.studentloans.gov. Under "Manage My Direct Loan," click on "Sign In" to complete your MPN and entrance counseling session. The entrance counseling session is interactive and online, and informs students how to manage their educational expenses and how to be responsible borrowers. Note: You will need a federal PIN to complete this process. For PIN information, visit www.pin.ed.gov. For assistance, please call 1-800-557-7394.

For Parent PLUS loans for dependent undergraduate students:
Your parent will need to complete a new Master Promissory Note (MPN) with the U.S. Department of Education. After May 1, 2010, visit www.studentloans.gov. Under "Manage My Direct Loan," click on "Sign In" to complete your PLUS MPN and PLUS application. Note: You will need a federal PIN to complete this process. For PIN information, visit www.pin.ed.gov. For assistance, please call 1-800-557-7394.

For Graduate PLUS loans:
If you want a Graduate PLUS loan, you must complete the Grad PLUS application on www.studentloans.gov or send a written request to your SFS counselor. You will then need to complete a new Master Promissory Note (MPN) with the U.S. Department of Education and complete an new entrance counseling session. Visit www.studentloans.gov. Under "Manage My Direct Loan," click on "Sign In" to complete your MPN and entrance counseling session. Note: You will need a federal PIN to complete this process. For PIN information, visit www.pin.ed.gov. For assistance, please call 1-800-557-7394

NOTE: For MAC users, you must use Mozilla Firefox to access www.studentloans.gov. The website is not compatible with Safari.

If you would like more information about Direct Lending, visit one of these sites:

  • In-School Consolidation: Borrowers who have loans in the Direct Loan Program, Federal Family Education Loan Program (FFELP), or loans purchased by the Department under Ensuring Continued Access to Student Loans (ECASLA ) may consolidate those loans into a Direct Consolidation loan between July 1, 2010, and July 1, 2011. The borrower must have at least one loan in two of the three categories named, and have not yet entered repayment on at least one of those loans.
  • Income-Based Repayment (IBR): Beginning July 1, 2014, new borrowers will qualify for IBR if the borrower's standard repayment exceeds 10 percent of discretionary income (reduced from the current 15 percent), and the income-based repayment amount is lowered to 10 percent of the borrower's discretionary income. (Discretionary income is the amount of the borrower's AGI that exceeds 150 percent of the poverty line for the borrower's family size.) Loan forgiveness occurs after 20 years of repayment rather than the current 25 years.
  • Mandatory Pell Add-Ons: Pell Grant maximums in future years will change to reflect an appropriated base with a mandatory add-on. This means that increases to the Pell Grant will occur each year. From 2014-2015 through 2017-2018, increases to the mandatory add-on would be based on estimated changes to the consumer price index (CPI). For more information on the CPI, visit www.bls.gov/CPI.

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.

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
Subsidized Stafford Loans
(Undergraduate Students)

Interest Rate
Other Stafford Loans
(Graduate or Unsubsidized)

2007-08

6.8%

6.8%

2008-09

6.0%

6.8%

2009-10

5.6%

6.8%

2010-11

4.5%

6.8%

2011-12

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.



Parent Services

E-BILL

View student's account statement and make payments online.

HOFSTRACARD

Add cash to your student's Dutch Debits account online!

Students can access these services through the Student Services menu within the portal.