Federal Parent PLUS Loans
The Federal PLUS loan allows parents of dependent undergraduate students to borrow money to assist with education costs. You can request an amount equal to the entire cost of attendance at Hofstra minus other financial aid, including scholarships. To request a PLUS loan you must complete a FAFSA and PLUS application every year. While there are many ways parents may choose to finance the cost of attendance, we recommend the PLUS loan as an attractive option for many reasons.
Competitive fixed interest rate – 7.9%
· Repayment begins 60 days after the second disbursement, but can be deferred up to four years (for further information contact Direct Loan Servicing Center at 1-800-848-0979).
· The payment term is 10 years or more with flexible repayment options.
· No prepayment penalties.
· Repayment incentives offered for "on-time" payments.
· Income tax deduction may apply; please consult your tax adviser.
· The Grad PLUS loan has a mandatory 4.204% origination fee which is deducted from the loan at time of disbursement
How to Apply
- File the FAFSA after January 1 every year at www.fafsa.gov with Hofstra's school code (002732). For assistance, call 1-800-433-3243
- After May 1, log on to www.studentloans.gov
- Under "Manage My Direct Loan," click on "Sign In" using the parent federal PIN number. For PIN information/assistance, visit www.pin.ed.gov or call 1-800-433-3243.
- Complete the Parent PLUS Loan application (complete for every PLUS Loan borrowed). For step-by-step assistance, call the Direct Loan Servicing Center at 1-800-557-7394.
- Complete the Master Promissory Note for the Parent PLUS Loan (one-time requirement). For step-by-step assistance, call the Direct Loan Servicing Center at 1-800-557-7394.
- For deferment information, call the Direct Loan Origination Center at 1-800-848-0979.
- Complete the "Title IV Authorization for Parents" form included in the Financial Aid Award package or available at www.hofstra.edu/sfsforms (one-time requirement).
- Plain language disclosure.