Federal Direct Loans are provided directly to students through the Federal Direct Loan Program. The amount you can borrow each year depends on your grade level. (Subsidized Loans for Undergraduate students also depend on financial need.) The Federal Stafford Loan (Subsidized and Unsubsidized) interest rate for undergraduate students is fixed at 5.50% and the Federal Unsubsidized Stafford Loan interest rate for graduate students is fixed at 7.05%, for loans with an award period beginning after July 1, 2018.
Undergraduate students borrowing a Subsidized Loan in their first year can borrow up to $3,500; in their second year, up to $4,500; and in succeeding years, up to $5,500, with an additional $2,000 in Unsubsidized Stafford loan money. The combined Subsidized and Unsubsidized Stafford Loan aggregate limit is $31,000. The Stafford Loan annual limit for a student enrolled in a graduate or professional program of study is $20,500. All Stafford Loans for graduate and professional program students are Unsubsidized. A graduate or professional student's unpaid principal amount of Stafford Loans (including all SLS and Direct Stafford loans received or any portion of an outstanding consolidation loan that fully repaid such loans) may not exceed $138,500. If you qualify for the interest subsidy based on need, the federal government will pay the interest while you are in school until six months after your studies have ended. You must then begin repayment of principal and interest.
If you are awarded a Federal Stafford Loan, you'll be notified in your Financial Aid Acceptance agreement. New students will need to accept or decline this award.
The federal government requires that in order to qualify for a Federal Stafford Loan, you must:
- Be a U.S. citizen or permanent resident of the United States.
- Be pursuing a degree at an accredited program in an eligible institution.
- Be enrolled in that program half time or more.
- Not be in default on a prior federal loan.
- Have no recent federal drug convictions.
- If male and born after 1959, have registered for the draft.
If you do not have sufficient need to qualify for a Subsidized Loan, you may qualify for an Unsubsidized Loan. You are responsible to pay the interest that accrues on this loan while you are in school. Repayment of principal and interest begins six months after your studies have ended. Students interested in Federal Stafford Loan funding must be enrolled at least half time (6 credits each semester for undergraduates and Law School students and 4.5 credits each semester for other graduate students). Loans usually disburse to your account on or about 10 days prior to the start of each term. Please note: Disbursement may not occur if you have not completed all the requirements and/or submitted all the required documentation. Please check the loan disclosure statement from the Federal Direct Loan Program for more information. 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 Office of Student Financial Services 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 rmail or visit them in person in Memorial Hall on the second floor.
Important Note: If you are a first time borrower at Hofstra, you must complete an entrance interview before your loan is processed. We recommend that you complete this requirement as soon as you decide that you want a loan to avoid delays in processing. You can follow this link to complete your entrance interview right now. Exit Interviews are required upon graduation, or when enrollment becomes less than half time at Hofstra.
| Credits Earned | Academic Level | Stafford Eligibility Subsidized / Unsubsidized |
Unsubsidized Stafford Eligibility |
|---|---|---|---|
| 0-29 | 1 | $3,500/$2,000 | $4,000* |
| 30-59 | 2 | $4,500/$2,000 | $4,000* |
| 60-89 | 3 | $5,500/$2,000 | $5,000* |
| 90+ undergraduate | 4 | $5,500/$2,000 | $5,000* |
| Graduate programs | ALL | N/A | $20,500 |
* Independent Undergraduate Students only. Dependent students and their parents may borrow through the Parent Loan for Undergraduate Students (PLUS) program to supplement the student Stafford eligibility. If a parent is denied PLUS loan funding, students may be eligible for additional unsubsidized funding. Federal Stafford subsidized loan eligibility may vary based on family contribution, cost of attendance, and other factors.
Please note that Hofstra University is required to submit loan information to the National Student Loan Data System (NSLDS), and that information is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.