Eligibility

The Hofstra University Office of Student Financial Services is here to assist students and their families with the challenge of financing post-secondary education. It is important that you read all available information carefully and keep up-to-date on University policies. Staff is available in Room 206, Memorial Hall, for walk-in assistance or by telephone at (516) 463-8000.

Application Process

The Free Application for Federal Student Aid (FAFSA) is the only required application. The federal formula is used to determine eligibility for financial aid, but please remember you must reapply each year you are seeking assistance. We encourage you to file online at www.FAFSA.gov to speed the process.

You and your parent(s) will need to request a PIN from the U.S. Department of Education at www.PIN.ed.gov to sign the Web version electronically. If you do not have a PIN, you MUST print the signature page and submit it as quickly as possible. When you are completing the FAFSA, please use Hofstra's school code 002732. While it should be filed as early as possible each year, you should not file before January 1. Applications filed before January 1 for the coming summer/fall semester will not be processed by the federal processor and will not be returned. Filing by February 15 every year is encouraged to permit sufficient time for processing for the fall semester.
In addition to federal financial aid, New York residents may be eligible for the Tuition Assistance Program (TAP). Upon completing the FAFSA, a link will be provided to apply for TAP. If you miss the link, wait approximately 5 working days then apply for TAP directly at http://www.hesc.ny.gov/.

If you are offered a Federal Stafford Loan, and it is your first loan with Hofstra, you will be required to complete an entrance interview explaining the aspects of the loan program before the funds can be released and complete a master promissory note (MPN) at www.studentloans.gov . The offer of a Federal Stafford Loan will be mailed to new students via your Financial Aid Acceptance Agreement. You may log on to the Hofstra Online Information System to accept or decline your awards. Continuing students must accept or decline awards online. Processing of the Federal Stafford Loan may take up to 10 working days to complete, so please do not delay.

Determining Eligibility

General Eligibility Requirements are the following:

• Regular student in a degree program
• High school graduate or GED holder
• U.S. citizen or eligible non-citizen
• Not in default or owe a repayment to any federal program
• Make satisfactory academic progress in your program

Independent Student Status
You will be considered independent if you:

• are born before January 1, 1988 for 2011-2012; before January 1, 1989 for 2012-2013
• are married
• are working on a master's or doctorate program
• are currently serving on Active Duty in the U.S. Armed Forces
• are a veteran of the U.S. Armed Forces
• have children who receive more than half of their support from you
• have dependents (other than children or spouse) that live with you and receive more than half of their support from you
• are an orphan or ward of the court, both parents are deceased, or in foster care
• are an emancipated minor as determined by a court in your state of legal residence
• are in legal guardianship as determined by a court in your state of legal residence
• were determined by your high school or school district homeless liaison that you were an unaccompanied youth who was homeless
• were determined by a director of an emergency shelter or transitional housing program funded by the U.S. department of Housing and Urban Development that you were an unaccompanied youth who was homeless
• were determined by a director of a runaway or homeless youth basic center or transitional living program that you were an unaccompanied youth who was homeless or were self-supporting and a risk of being homeless

Need-Based Awards

Eligibility for need-based financial aid is derived from the Need Analysis calculation from the FAFSA form. A formula established by Congress is applied to the information you provide on your application resulting in an expected family contribution (EFC). The difference between the annual costs of attending school (COA) and the EFC is your need (COA-EFC=Need).

Cost of Attendance
Because there is more to pay for a student than tuition, the COA includes more than just tuition and fees. The elements that are included are:

• Tuition & Fees
• Room & Board
• Books & Supplies
• Transportation
• Personal Expenses
• Expenses to assist a disabled student attend classes (if applicable).

Available Financial Aid Programs
The financial aid awarded by the Financial Aid Office consists of the general categories: grants, scholarships, loans and work awards. All programs are awarded based on the eligibility criteria established by federal or state law or University policy.

Grants

Federal Pell Grant is a federal grant that does not have to be repaid. It is awarded based on the EFC calculated by the federal processor. Grants may be made to students enrolling for as few as one class if eligible.

Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant awarded by the University based on exceptional need from an annual allocation. First consideration must be given to those students eligible for Pell grant.

Tuition Assistance Program (TAP) is a state grant awarded to full time students whom reside in New York state and whose net taxable is under $80,000. Award amounts are established and made by the New York Higher Education Services Corporation (HESC). This is a grant that does not have to be repaid.

Loans

Federal Stafford Loans are low fixed interest rate federal loans made for students. Students are offered 2 types of Stafford loans (Subsidized and Unsubsidized - interest rates vary depending on subsidized versus unsubsidized) and enter repayment 6 months after graduation. Students are eligible for the following levels of awards: freshman $3,500, sophomore $4,500, junior $5,500, senior $5,500. They are also offered an additional 2,000 in Unsubsidized funds.

PLUS loans are low 7.9% fixed interest rate loans available to the parents of dependent undergraduate students to help with educational expenses. Parents may borrow up to an amount equaling the COA minus any other aid received. Repayment of these loans begins within 45-60 days after disbursement.

Perkins loans are low 5.0% fixed interest rate student loan for both undergraduate and graduate students with exceptional financial need. The University is the lender of these federal funds.

Scholarships

Scholarships are generally awarded by Hofstra and other organizations for academic or other merit. When you apply for admission, your academic credentials are evaluated for scholarships. As you continue through your program with the University, scholarships are possible based on academic excellence. Students can also contact their major department chairperson or Dean’s Office to inquire about scholarship opportunities. Please refer to the Scholarship Award letter for the renewal conditions for each award. If you receive a scholarship from an outside source such as a community group, business or other organization, please forward a copy of the award notice you received to Student Financial Services. The award must be accounted as part of your financial aid package. Obtaining scholarships from outside sources can require a bit of research, but there are tools to help you with that research.

Good Web sites to try:

• www.fastweb.com
• www.finaid.org

Verification

The federal processor uses a system of edits, or flags, which produces a selection of certain applications for verification. If a student's application is selected for verification , this may mean that a date element in his or her application does not fit generally recognized patterns ( not necessarily that the element is incorrect; it merely must be verified), or that the student was simply selected at random. The Office of Financial Aid may also select files for verification if there appears to be a conflict of information. If a student is selected for verification, the student is notified on the Student Aid Report

Satisfactory Academic Progress

Students must maintain satisfactory academic progress to receive funds under the Federal Work-Study, Federal Perkins Loan Program, Federal Supplemental Educational Opportunity Grant, Federal Pell Grant or Federal Stafford Loan. Students not meeting these guidelines will not be renewed for additional assistance. The appeals process is handled by the Academic Records Committee. These are the guidelines for satisfactory academic progress.

Satisfactory Academic Progress: In addition to maintaining a GPA that meets the University minimum standard of 2.0 for satisfactory degree completion, full-time undergraduates are expected to enroll in at least 12 or more credits each semester and successfully complete at least 24 of those credits each academic year for student aid eligibility. Part-time enrollment requires successful completion of credits as indicated below:

Part-Time Enrollment Criteria

Only successfully completed credits will be considered under this standard. Credits attempted (those enrolled at the beginning of each enrollment period) that were dropped, have earned a failing grade, been assigned an incomplete, or are otherwise not satisfactorily completed do not count toward the required number of successfully completed credits.

Academic records are reviewed at the end of each spring semester to determine academic progress and future student aid eligibility. Students who have met the minimum credit requirements each semester (earning at least 24), who are in good standing with their department, and who have not exceeded the maximum credit limit for program completion, are considered to be making satisfactory academic progress and are eligible for student aid in subsequent semesters.

Probationary Status

Full-time degree or certificate students who do not successfully meet the eligibility requirements stated above will be given a one-time probationary period of one academic year to re-establish their eligibility. During the probationary period, students must successfully complete a minimum of 24 credits for full-time status or the minimum number of part-time credits as listed above. Those not making progress will be dropped to unsatisfactory and be denied student aid for any upcoming enrollment period until the deficient number of credits is completed.

Maximum Time Frame

A maximum time frame is required for completion of a degree or certificate program and will be 150 percent of the normal completion time measured in credits. For example, an undergraduate program requiring 124 credits will extend to 186 credits.

Disbursement

Student aid usually disburses to the student’s account on or about 10 days prior to the start of each term. For the Fall semester, grants and scholarships will disburse on or after September 1. TAP (New York State Tuition Assistance Program) will disburse to the student’s account approximately 7-8 weeks into the term after the absolute last day to register. Please note: disbursement may not occur if the student has not completed all the requirements and/or submitted all the required documentation.

Students have the right to cancel all or part of the loan or disbursement prior to or after the funds have been disbursed to the university. Prior to the disbursement of the loan students should contact the Hofstra Student Financial Services Suite and request that the loan be canceled or reduced. After the loan has been disbursed to the university, students need to contact the Office of Student Financial Services and request that all or a portion of the loan funds be returned to their lender. You can contact the Office of Student Financial Services via E-mail or visit them in person in Memorial Hall on the second floor.