Financial Aid

Office of Student Financial Services
206 Memorial Hall
126 Hofstra University
Hempstead, NY 11549-1260
Email: studentfinancialservices@hofstra.edu
Telephone: 516-463-8000
Fax: 516-463-4936
Hours: Monday through Friday, 9 a.m.-5 p.m. (9 a.m.-4 p.m. during the summer)
Evening hours vary; see the schedule at hofstra.edu/sfscalendar.

Students have the responsibility to plan ahead, anticipate costs, budget resources, and request aid for the entire academic period. Anticipated costs include not only tuition and fees, but also a reasonable estimate for books and supplies, transportation, room and board when applicable, and personal expenses.
 
Hofstra awards financial assistance to graduate students in the form of fellowships, scholarships, grants, loans and employment opportunities. Fellowships and scholarships are applied to tuition and awarded to qualified full- and part-time graduate students based on academic excellence and/or demonstrated need.

In addition, financial assistance is also available through state and federal agencies. Such support may depend on the financial need of the student. All scholarships, assistantships and grants, on a graduate level, are administered by the student’s respective academic department. Graduate students should contact their departments for additional information. Hofstra University awards scholarships and other financial assistance on a nondiscriminatory basis.

Requests for financial assistance will not influence a candidate’s consideration for admission in any way. Financial aid decisions will be made after the student has been accepted. New students will receive a financial aid award package by mail; continuing students will receive an e-mail to their Hofstra Pride account and can immediately access their awards online to accept or decline via the Hofstra portal.

Graduate and professional students must complete the Free Application for Federal Student Aid (FAFSA) at FAFSA.gov to be considered for federal aid. The toll-free telephone number for the FAFSA processor is 1-800-4-FEDAID. Hofstra’s federal school code is 002732. Students may be required to submit copies of income tax returns and other information in support of their federal student aid applications. The Hofstra University Office of Student Financial Services will notify students if any additional information is needed. We encourage continuing students to file the FAFSA every year by February 15 to be considered for federal aid. For more information regarding the FAFSA or federal student aid programs, call 1-800-4-FEDAID or visit FAFSA.gov or studentaid.gov. 

Federal Grant

The Teacher Education Assistance for College and Higher Education Grant provides grants of up to $4,000 per year to undergraduate and graduate students who intend to teach in a high-needs field in a public or private elementary or secondary school that serves students from low-income families. A service (work) obligation is required or the grant converts into an Direct Unsubsidized Stafford Loan. Students apply for this grant by filing the FAFSA.

Federal Satisfactory Academic Progress

The academic standing of all graduate students will be reviewed each academic year. In addition to the program requirements to be considered in good standing students must:

1. Maintain a 3.0 cumulative grade point average.
2. Complete 75% of the cumulative credit hours attempted.  Please note: Attempted hours include “W” and “UW” grades.
3. Complete a master’s degree within 150% of the program’s required credit amount.   For example, a 30-credit program must be completed within attempted 45 credits.

Pace is calculated by the cumulative total of hours completed divided by the cumulative total number of hours attempted.

Student Loans

Loans are available to assist students in meeting the cost of their education. To allow adequate processing time for bill payment and avoid late fees, students beginning classes in fall 2013 should apply for loans by June 1; students beginning classes in spring 2014 should apply by December 1. Please note: If you are attending in both fall and spring and you are applying for loans, please apply for the amount you need for the full academic year, not just one semester.

The federal government guarantees low-cost Stafford and Graduate PLUS loans to qualified students through the Direct Loan Program. The loans are originated by Hofstra to the federal government. Students must complete the Free Application for Federal Student Aid (FAFSA) annually to determine their DL eligibility. Loan counseling is required and must be completed for Stafford Loans and Graduate PLUS loans at studentloans.gov. DL loans must be certified prior to the end of the student’s enrollment period.

Stafford Loans

Federal Unsubsidized Stafford Loans
Federal Unsubsidized Stafford Loans are available for graduate students. Graduate students may borrow up to $20,500 per year. Federal Unsubsidized Stafford Loans carry a fixed interest rate of 6.8 percent with an origination fee of 1.051%. Interest begins accruing on this loan during the in-school period. If a student chooses not to pay the interest while in school, the interest is capitalized and added to the outstanding principal on an annual basis. Repayment of principal and accrued interest begins six months after the student graduates, leaves school, or becomes enrolled less than half-time (4.5 credits per semester at Hofstra).

For step-by-step instructions on how to complete your loan process, please visit hofstra.edu/learnaboutloans.

Federal Graduate PLUS Loans

Federal Graduate PLUS Loans are available to graduate students to assist with educational expenses. These loans do require a credit check, and the Direct Loan Program has the final discretion on approval. Students must be enrolled at least half-time (4.5 credits per semester at Hofstra) and meet all the other federal eligibility criteria. The interest rate of the Federal Graduate PLUS Loans is fixed at 7.9 percent with an origination fee of 4.204%. The annual limit is the student’s cost of attendance minus any other type of financial aid, and no aggregate limit exists. Accepting Federal Graduate PLUS Loans on the award notification will allow processing of loans to begin. First-time borrowers must complete entrance counseling and the electronic master promissory note. (For step-by-step instructions on how to complete your loan process, please visit hofstra.edu/learnaboutloans.) Repayment begins 60 days from the final disbursement for the loan period, unless payment is deferred. A FAFSA must be filed and Federal Stafford annual limits must be exhausted to enable the student to apply for the Federal Graduate PLUS Loan.

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.

Alternative Student Loans

Alternative student loans are private loans offered by lenders to help meet educational costs. These loans usually have variable interest rates, which, unlike loans from the Direct Loan (DL) Program, are not set by the federal government. Most lenders require students with limited credit history to have a co-signer. Some alternative loans can be borrowed retroactively to cover outstanding bills. For help choosing a lender and evaluating loan benefits, visit hofstra.edu/learnaboutloans.

For a list of alternative student loan lenders, please visit finaid.org/loans/privatestudetnloans.phtml.

Links are provided as a general information resource for the use of visitors to the website. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the websites whose links appear.

Approximately 30 percent of FAFSAs are selected for verification each year. This is done to make certain that the information reported is accurate. 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 data element in the application does not fit generally recognized patterns (not necessarily that the element is incorrect; it merely must be verified), or that the student was selected at random. The University’s Office of Financial Aid may also select files for verification if there appears to be a conflict of information. If a student’s application is selected for verification, the student is notified on the Student Aid Report (SAR).

If a student’s application is selected for verification, the following documentation must be submitted to the Office of Financial Aid:

• 2013-2014 Independent Verification Worksheet
• Signed copy of student’s (and spouse’s, if applicable) 2012 federal income tax return transcript and all schedules (W-2 forms alone cannot be used for verification). Please call the IRS at 1-800-829-1040 and ask for a tax transcript for 2012.
• Other documents as needed.

Federal financial aid cannot be disbursed and Stafford Loans may not be certified until verification is complete. Estimated financial aid awards will be rescinded if verification has not been completed within specified deadlines. In this case, any deferred tuition and fees become due immediately. Please keep in mind that you will be notified of any adjustments that are necessary and corrections will be made for information that is not accurate, which may affect your ability to receive aid. If corrections are made to your FAFSA as a result of the verification process, you will be sent an updated SAR from the federal processor. Notification of revised awards will be mailed to new students; continuing students will receive an e-mail to their Hofstra Pride account and can immediately access their awards online through the Hofstra portal.

Verification must be completed no later than 90 days past the last day of your enrollment for each academic year. Corrections involving the federal processor must be made prior to mid-August.

In order to receive Stafford or Federal Graduate PLUS Loans, verification must be completed prior to the last date of the semester for which the student wishes to borrow funds.

Office of Student Employment
The Office of Student Employment provides on-campus employment programs for graduate students while enrolled at the University in at least half-time semester hours. The office is located in the Human Resources Center on the North Campus, and provides services on a walk-in basis.

Graduate student positions include graduate assistant, resident director and tutors. Federal Work-Study programs may also be available for students who have completed a FAFSA. For all on-campus graduate student positions, applicants must hold a baccalaureate degree and be enrolled in at least half-time semester hours in graduate-level classes at Hofstra University.

For a listing of current employment opportunities, please visit this link. Job listings are also posted on bulletin boards located on the second floor in the Sondra and David S. Mack Student Center. For further information, please contact the Office of Student Employment.

Graduate Assistantships
Graduate assistantships are part-time positions on campus which offer a compensation package that includes tuition waiver. Some assistantship positions also offer a stipend or hourly wage. For all graduate assistantship positions, applicants must hold a baccalaureate degree and be accepted as a fully matriculated student in a master’s, law or doctoral level program at Hofstra University.

Office of Vocational Rehabilitation or the Commission for the Blind and Visually Impaired
Funds for educational purposes may be available to people who have physical or mental disabilities or visual impairments which are handicaps to employment. Please contact your local office for further information. Their telephone number can be located in your telephone directory under State Agencies.

Veterans GI Bill^® Benefits
Funds for educational purposes are available to veterans of the Armed Forces. Contact the Veteran’s representative, Leslie Bennett at 516-463-8000 for individual information.
GI Bill^® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at www.benefits.va.gov/gibill.

Private Agencies
Private agencies such as religious organizations, unions, foundations and social, civic and cultural groups may offer scholarships to students. Please contact the organization in which you participate to see if they offer scholarships. Please also visit fastweb.com or finaid.org for additional outside scholarship information.