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.

Direct Loan Interest Rates for 2017-2018

Federal Direct Student Loans 2017-2018 Interest Rates Effective for Loans First Disbursed on or after July 1, 2017 and prior to July 1, 2018
Loan Type Borrower Type Fixed Interest Rate
Direct Subsidized Loans Undergraduate Students 4.45%
Direct Unsubsidized Loans Undergraduate Students 4.45%
Direct Unsubsidized Loans Graduate/Professional Students 6.00%
Direct PLUS 
Loans
Parents of Dependent Undergraduate Students
and Graduate/Professional Students
7.00%

2017-2018 FAFSA coming soon! File as early as October 1, 2016!

The FAFSA for the 2017-2018 award year can be filed three months earlier than ever before on October 1, 2016.

The 2017-2018 FAFSA will be using the 2015 income information so you do not have to wait until the end of the year to complete the application. You will no longer need to estimate income and tax information since you will be able to retrieve the data directly from the IRS, right from the first day the FAFSA is available. You can simply use the IRS Data Retrieval Tool (IRS DRT) to update your FAFSA with IRS tax return information. Get it out of the way and get it done before the holiday break!

The chart below is a helpful guide on when you can file each year’s FAFSA and what year’s income you can use.

IF YOU PLAN TO ATTEND COLLEGE FROM
YOU WILL SUBMIT THIS FAFSA
YOU CAN SUBMIT THE FAFSA FROM
USING INCOME AND TAX INFORMATION FROM
JULY 1, 2016 – JUNE 30, 2017
2016–17
JANUARY 1, 2016 – Through the end of Spring 2017 term
2015
JULY 1, 2017 – JUNE 30, 2018
2017–18
OCTOBER 1, 2016 – Through the end of Spring 2018 term
2015
JULY 1, 2018 – JUNE 30, 2019
2018–19
OCTOBER 1, 2017 – Through the end of Spring 2019 term
2016

If you have questions about the FSA ID, you can find the answers to frequently asked questions here. If you need assistance logging in with your FSA ID, contact us at 1-800-4-FED-AID (1-800-433-3243).

Sequestration Impacts to Financial Aid
Programs for the 2016-2017 Aid Year:

Student loan origination fees are increasing! Increased origination fees mean decreased disbursements of your loans. The Department of Education has released information indicating the Stafford Direct Loan student origination fee will increase for loans first disbursed after October 1, 2016. The loan fee for Direct Subsidized Loans and for Direct Unsubsidized Loans will be 1.069%. With such an increase, for example, the fee on a loan for $5,500 would increase to $58.74 (truncated to nearest cent, not rounded). The loan fee for Direct PLUS Loans (for both parent borrowers and graduate and professional student borrowers) is 4.276%. With such an increase, for example, the fee on a $10,000 Direct PLUS loan would increase to $427.60.

The following chart shows the sequester-required loan fees for FY 2016 and FY 2017.

Direct Loan Fees for FY 2016 and FY 2017
Loan Type Impacted Loans Loan Fee
Percent
Fee Example
Direct Subsidized
Loans and Direct
Unsubsidized
Loans
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
1.068 $58.74 on a
$5,500 loan
FY 2017
First disbursed on or after
October 1, 2016 and before
October 1, 2017
1.069 $58.79 on a
$5,500 loan
 
       
Direct PLUS
Loans (Parent
and Grad/Prof
Student
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
4.272 $427.20 on a
$10,000 loan
FY 2017
First disbursed on or after
October 1, 2016 and before
October 1, 2017
4.276 $427.60 on a
$10,000 loan
 
       
Loan fee calculations that result in more than two decimal places must be truncated (not rounded) to two digits after the decimal point (cents).

TEACH Grants first disbursed after October 1, 2016 will be reduced by 6.9% percent. A student who was eligible to receive the full TEACH Grant Scheduled Award amount of $4,000 would have the award reduced by $276 ($4,000 x 6.9%), resulting in an award amount of $3,724.

The following chart shows the FY 2016 and FY 2017 sequester required TEACH Grant Program reductions as they apply to the 2015-2016 and 2016-2017 award years.

TEACH Grant Awards
Award Year Impacted Awards Statutory Maximum Scheduled Award Amount Percentage Reduction from Statutory Award Amount Dollar Reduction Amount from Maximum Award Amount Adjusted Maximum Award Amount
           
2015-2016 First disbursed prior to October 1, 2015 (FY 2015 Sequester) $4,000 7.30% $292.00 $3,708.00
First disbursed on or after October 1, 2015 and before October 1, 2016 (FY 2016 Sequester) $4,000 6.80% $272.00 $3,728.00
           
2016-2017 First disbursed on or after October 1, 2015 and before October 1, 2016 (FY 2016 Sequester) $4,000 6.80% $272.00 $3,728.00
First disbursed on or after October 1, 2016 and before October 1, 2017 (FY 2017 Sequester) $4,000 6.90% $276.00 $3,724.00

Changes to TAP applications for 2017-2018!

Beginning October 1, 2016, the 2017-18 TAP application will become available to all eligible students. Students and, if necessary, parents will be required to input prior-prior year information, also known as PPY, onto the TAP application. Tax information for two years prior will be required for all subsequent TAP applications.

What does this mean?
TAP awards for the 2017-18 aid year will be based on 2015 New York State Taxable Income. For more information, please visit https://www.hofstra.edu/sfs/financialaid/financialaid_tap_qa.html

FAFSA changes for 2017-2018

    Students will be able to submit a FAFSA® earlier!
    • Students will be able to file a 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling students to complete and submit a FAFSA as early as October 1 every year. (There is NO CHANGE to the 2016–17 schedule. The FAFSA became available January 1 as in previous years.)
    Students will use earlier income information.
    • Beginning with the 2017–18 FAFSA, students will be required to report income information from an earlier tax year. For example, on the 2017–18 FAFSA, students (and parents, as appropriate) will report their 2015 income information, rather than their 2016 income information.
    • To avoid delays, please use the IRS Data Retrieval Tool if you and your family are eligible.
IF YOU PLAN TO
ATTEND
COLLEGE FROM
YOU WILL SUBMIT
THIS FAFSA
YOU CAN SUBMIT
THE FAFSA FROM
USING
INCOME AND TAX
INFORMATION
FROM
JULY 1, 2016 – JUNE 30, 2017
2016–17
JANUARY 1, 2016 – JUNE 30, 2017
2015
JULY 1, 2017 – JUNE 30, 2018
2017–18
OCTOBER 1, 2016 – JUNE 30, 2018
2015
JULY 1, 2018 – JUNE 30, 2019
2018–19
OCTOBER 1, 2017 – JUNE 30, 2019
2016

Direct Loan Interest rates for 2016-2017

Federal Direct Student Loans 2016-2017 Interest Rates Effective for Loans First Disbursed on or after July 1, 2016 and prior to July 1, 2017
Loan Type Borrower Type Fixed Interest Rate
Direct Subsidized Loans Undergraduate Students 3.76%
Direct Unsubsidized Loans Undergraduate Students 3.76%
Direct Unsubsidized Loans Graduate/Professional Students 5.31%
Direct PLUS 
Loans
Parents of Dependent Undergraduate Students
and Graduate/Professional Students
6.31%

Direct Loan Interest rates for 2015-2016


Federal Direct Student Loans 2015-2016 Interest Rates Effective for
Loans First Disbursed on or after July 1, 2015 and prior to July 1, 2016
Loan Type Borrower Type Fixed Interest Rate
Direct Subsidized Loans Undergraduate Students 4.29%
Direct Unsubsidized Loans Undergraduate Students 4.29%
Direct Unsubsidized Loans Graduate/Professional Students 5.84%
Direct PLUS 
Loans
Parents of Dependent Undergraduate Students
and Graduate/Professional Students
6.84%

Direct Loan Origination Fees for Loans for
2015-2016


Direct Loan Fees for FY 2015 and FY 2016
Loan Type Impacted Loans Loan Fee
Percent
Fee Example
Direct Subsidized
Loans and Direct
Unsubsidized
Loans
FY 2015
First disbursed on or after
October 1, 2014 and before
October 1, 2015
1.073 $59.01 on a
$5,500 loan
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
1.068 $58.74 on a
$5,500 loan
 
       
Direct PLUS
Loans (Parent
and Grad/Prof
Student
FY 2015
First disbursed on or after
October 1, 2014 and before
October 1, 2015
4.292 $429.20 on a
$10,000 loan
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
4.272 $427.20 on a
$10,000 loan
 
       
Loan fee calculations that result in more than two decimal places must be truncated (not rounded) to two digits after the decimal point (cents).

Sequestration Impacts to Financial Aid Programs for the 2015-2016 Aid Year:


A TEACH Grant where the first disbursement is on or after October 1, 2015 and before October 1, 2016 requires a reduction of 6.8 percent from the award amount for which the student would otherwise have been eligible.

The following chart shows the FY 2015 and FY 2016 sequester required TEACH Grant Program reductions as they apply to the 2014-2015 and 2015-2016 award years.

TEACH Grant Awards
Award Year Impacted Awards Statutory Maximum Scheduled Award Amount Percentage Reduction from Statutory Award Amount Dollar Reduction Amount from Maximum Award Amount Adjusted Maximum Award Amount
           
2014-2015 First disbursed prior to October 1, 2014 (FY 2014 Sequester) $4,000 0.89% $35.60 $3,964.40
First disbursed on or after October 1, 2014 and before October 1, 2015 (FY 2015 Sequester) $4,000 7.30% $292.00 $3,708.00
           
2015-2016 First disbursed on or after October 1, 2014 and before October 1, 2015 (FY 2015 Sequester) $4,000 7.30% $292.00 $3,708.00
First disbursed on or after October 1, 2015 and before October 1, 2016 (FY 2016 Sequester) $4,000 6.80% $272.00 $3,728.00

Iraq-Afghanistan Service Grants

An Iraq-Afghanistan Service Grant where the first disbursement is on or after October 1, 2015 and before October 1, 2016 requires a reduction of 6.8 percent from the award amount for which the student would otherwise have been eligible (i.e., the maximum Federal Pell Grant award amount for the relevant award year). Hofstra does not currently have any student enrolled for the 2013-2014 award year that is eligible for this grant.

Direct Loan Interest rates for 2014-2015

The chart below displays the resultant interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2014 and before July 1, 2015.

Federal Direct Student Loans 2014-2015 Interest Rates Effective for
Loans First Disbursed on or after July 1, 2014 and  prior to July 1, 2015
Loan Type Borrower Type Index
Fixed Interest Rate
10-Year Treasury Note
Add-On Fixed Interest Rate
Direct Subsidized Loans Undergraduate Students 2.612% 2.05% 4.66%
Direct Unsubsidized Loans Undergraduate Students 2.612% 2.05% 4.66%
Direct Unsubsidized Loans Graduate/Professional Students 2.612% 3.60% 6.21%
Direct PLUS 
Loans
Parents of Dependent Undergraduate Students
and Graduate/Professional Students
2.612% 4.60% 7.21%

Sequestration Impacts to Financial Aid
Programs for the 2014-2015 Aid Year:

1) Student loan origination fees are increasing! Increased origination fees mean decreased disbursements of your loans. The Department of Education has released information indicating the Stafford Direct Loan student origination fee will increase for loans first disbursed after October 1, 2014. The loan fee for Direct Subsidized Loans and for Direct Unsubsidized Loans will be 1.073%. With such an increase, for example, the fee on a loan for $5,500 would increase to $59.01 (truncated to nearest cent, not rounded). The loan fee for Direct PLUS Loans (for both parent borrowers and graduate and professional student borrowers) is 4.292%. With such an increase, for example, the fee on a $10,000 Direct PLUS loan would increase to $429.20.

The following chart displays the sequester required loan fees for both the FY 2014 and FY 2015.

Direct Loan Fees for FY 2014 and FY 2015

Loan Type Impacted Loans Loan Fee Percent Fee Example
Direct Subsidized Loans and Direct Unsubsidized Loans FY 2014
First disbursed on or after 
December 1, 2013 and 
before October 1, 2014
1.072 $58.96 on a $5,500 loan
FY 2015
First disbursed on or after
October 1, 2014 and before
October 1, 2015
1.073 $59.01 on a $5,500 loan
 
Direct PLUS Loans (Parent and Grad/Prof Student) FY 2014
First disbursed on or after
December 1, 2013 and
before October 1, 2014
4.288 $428.80 on a $10,000 loan
FY 2015
First disbursed on or after 
October 1, 2014 and 
before October 1, 2015
4.292 $429.20 on a $10,000 loan
Loan fee calculations that result in more than two decimal points must be truncated (not rounded) to two decimal points (cents).

2) TEACH Grants first disbursed after October 1, 2014 will be reduced by 7.3% percent. A student who was eligible to receive the full TEACH Grant Scheduled Award amount of $4,000 would have the award reduced by $292 ($4,000 x 7.3%), resulting in an award amount of $3,708.

TEACH Grant Awards
Award Year Impacted Awards Statutory Maximum Scheduled Award Amount Percentage Reduction from Statutory Award Amount Dollar Reduction Amount Adjusted Maximum Scheduled Award Amount
 
2014-2015 First Disbursed on or 
after October 1, 2013 and  Before October 1, 2014  (FY 2014 Sequester)
$4,000 0.89% $35.60 $3,964.60
First Disbursed on or 
after October 1, 2014 and  Before October 1, 2015  (FY 2015 Sequester)
$4,000 7.30% $292 $3,708.00

3) Any Iraq-Afghanistan Service Grant award where the first disbursement is made after October 1, 2014 must be reduced by 7.3 percent from the award amount for which the student would otherwise have been eligible to receive. Hofstra does not currently have any student enrolled for the 2013-2014 award year that is eligible for this grant.

Further Impacts to Financial Aid Programs Because of the Sequester:

  1. You will see increases to your student loan origination fees. Increased origination fees means decreased disbursements of your loans. The Department of Education has released information indicating the Stafford Direct Loan student origination fee will increase for loans first disbursed after December 1, 2013 to 1.072 percent. With such an increase, for example, the fee on a loan for $5,500 would increase to $58.96. The Parent and Graduate PLUS loan origination fees will also increase to 4.288 percent. With such an increase, for example, the fee on a $10,000 Direct PLUS loan would increase to $428.80. (updated October 28, 2013)
  2. TEACH Grants first disbursed after October 1, 2013 will be reduced by 0.89% percent. A student who was eligible to receive the full TEACH Grant Scheduled Award amount of $4,000 would have the award reduced by $35.6  ($4,000 x 0.89%), resulting in an award amount of $3,964.40. Schools were originally notified that the reduction would be 7.2 percent. (updated January 2, 2014)
  3. Any Iraq-Afghanistan Service Grant award where the first disbursement is made after October 1, 2013 must be reduced by 7.2 percent from the award amount for which the student would otherwise have been eligible to receive.  Hofstra does not currently have any student enrolled for the 2013-2014 award year that is eligible for this grant.   (updated October 28, 2013)

For more information, click here.

Impacts to First-Time Borrowers on or after July 1, 2013

On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21) (Public Law 112-141) was enacted which added a new provision to the Direct Loan statutory requirements (see HEA section 455(q)) that limits a first-time borrower's eligibility for Direct Subsidized Loans to a period not to exceed 150 percent of the length of the borrower's educational program.

Get more information on what this means to you.

How will the Sequester impact your
financial aid?

What is sequestration?

Sequestration is an across-the-board spending cut mechanism utilized by the federal government that will impact most defense and non-defense discretionary programs. It is designed specifically as a deficit reduction measure and is scheduled to occur over 10 years. Sequestration is the result of the Super Committee's failure to reach an agreement on a deficit reduction deal in 2011.

What does sequestration mean to your financial aid?

  1. You will see increases to your student loan origination fees. Increased origination fees means decreased disbursements of your loans. The Department of Education has released information indicating the Stafford Direct Loan student origination fee will increase from 1 percent to 1.051 percent. With such an increase, for example, the fee on a loan for $5,500 would increase from $55 to $57.80, an increase of $2.80. The Parent and Graduate PLUS loan origination fees will also increase from 4 percent to 4.204 percent. With such an increase, for example, the fee on a $10,000 Direct PLUS loan would increase from $400 to $420.40, an increase of $20.40.
  2. There will less campus-based funding available for the 2013-2014 award year. Funds provided by the federal government for the Supplemental Educational Opportunity Grant (SEOG) and the Federal Work Study (FWS) programs will be decreased. The Department of Education has not released the official decreased awards yet, but it could mean less FWS jobs in 2013-2014 and less SEOG funding to award students.
  3. TEACH Grants first disbursed after March 1, 2013 will be reduced by 6.0 percent. A student who was eligible to receive the full TEACH Grant Scheduled Award amount of $4,000 would have the award reduced by $240.00 ($4,000 x 6%), resulting in an award amount of $3,760.00. Schools were originally notified that the reduction would be 12.6 percent. (updated June 6, 2013)
  4. Any Iraq-Afghanistan Service Grant award where the first disbursement is made after March 1, 2013 (including both 2012-2013 and 2013-2014 awards) must be reduced by 10.0 percent from the award amount for which the student would otherwise have been eligible to receive.  Hofstra does not currently have any student enrolled for the 2012-2013 award year that is eligible for this grant.   The sequester requires reductions of 10 percent from the award amount for which the student would otherwise have been eligible, not from the Scheduled Award amount of $5,550. For a student whose award would have been at the 2012-2013 Scheduled Award amount of $5,550, the institution must reduce the award by $555.00 ($5,550 x 10%), resulting in an award of $4,995.00.  For the 2013-2014 award year, for a student whose award would have been at the 2013-2014 Scheduled Award amount of $564.5, the award must be reduced by $2,133.81 ($5,645 x 10%), resulting in an award of $5,080.50.  Schools were originally notified that the reduction would be 37.8 percent.  (updated April 29, 2013)

What can you do about it?
Congress does have the power, at any time, to stop sequestration. So contact your congressperson to advocate for educational funding and to end sequestration. To find your congressperson in the House of Representatives visit here.

Financial Aid 101

  • Financial aid programs
  • How and when to apply
  • Criteria for eligibility
  • Helpful resources

Watch the recorded webinar

Temporary Extension of 3.4% Rate on Subsidized Student Loans!

On Friday, June 29, 2012, Congress passed legislation to extend the 3.4%interest rate on subsidized Stafford student loans for Undergraduate Students for one year. The bill temporarily delays the rate from doubling to 6.8% as of July 1. Experts estimate that this change will reduce costs for these borrowers by as much as $1,000 over the life of repayment or $6 to $9 per monthly payment.

In order to pay for part of the $6 billion cost of temporarily extending the 3.4% rate, Congress agreed to permanently limit eligibility for subsidized loans to 150% of the length of the student’s academic program. This means students in a four-year program will be eligible for subsidized student loans for the equivalent of six years. The student who reaches this limitation could continue to receive unsubsidized Stafford loans if he or she is otherwise eligible.

The legislation mandates that the Department of Education issue regulations on how to determine the aggregate period of eligibility for less than full-time students, students enrolled in preparatory coursework necessary for enrollment in a program leading towards a degree, and students enrolled in a teacher certification program who are not also regular students at the institution.

Financial Aid Satisfactory Academic Progress Update

There has been a change in the law that affects Federal Pell Grant eligibility for the 2012-2013 financial aid year and beyond. This change limits the total number of years a student may receive a Pell Grant to the equivalent of six years* of full-time enrollment or 12 semesters.

*For information on how the “equivalent of six years” is calculated, click on the following link:www.studentaid.ed.gov/pell-limit

Financial Aid Satisfactory Academic Progress Update

Hofstra University has made changes to its Satisfactory Academic Progress (SAP) policy for students who are receiving federal financial aid to reflect the University's academic standing policies that can be found online in the Hofstra University Undergraduate Bulletin and/or Graduate Studies Bulletin.

Federal student aid includes the following: Federal Pell Grant, Federal Supplemental Education Opportunity Grant (SEOG), Federal Teacher Education Assistance for College and Higher Education Grant (TEACH), Federal Perkins Loan, Federal Direct Stafford Loan for Students, Federal Direct PLUS Loan for Parents (PLUS), and Federal Direct Graduate PLUS Loan for Graduate Students (Grad PLUS).

er federal regulations, the new SAP requirements will be implemented effective with the annual review in June 2012.

For more information regarding the new SAP requirements, click here.

Previous Updates


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.