Apply for a Federal Stafford Loan
By filing your FAFSA, you initiated the financial aid process. For many students an award package will include an award for a Federal Stafford Loan, which is a federal loan program that is guaranteed by the Federal government, and no credit check is performed.
What it is
Stafford loans come in subsidized and unsubsidized varieties, although the interest rate is subsidized for both. No payments are due while students are enrolled in school at least half time, or during the six months following the last date of enrollment. The amount you can borrow each year depends on your grade level. The Federal Stafford Loan interest rate is fixed at 3.4% for loans first disbursed after 7/1/11. In your first year, you can borrow up to $3,500; in your 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. Learn more about Federal Stafford loans >>
How to apply for/ accept your loan offer
If you are awarded a Federal Stafford Loan, the award notice will be sent to you as part of your Financial Aid Acceptance Agreement. You will need to log on to my.hofstra.edu and select "Hofstra Online Information System" to accept or decline your awards. If you choose to accept the loan offer, you must 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.