Financial aid for students pursuing online master’s degrees is available in the form of federal student loans, for qualified candidates.
How do I receive financial aid?
Complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov
- Include the Hofstra University federal school code, 002732, in the application.
- Verify the information. Applicants will receive a Student Aid Report (SAR) within 24 hours after the FAFSA is processed. If any corrections are necessary, go to fafsa.gov to make corrections.
- Hofstra University disseminates all financial assistance award information electronically via email to the student’s Hofstra Pride email account. After admission to Hofstra University, student will accept/deny their offered financial aid via the Hofstra portal (my.hofstra.edu). Student will receive login information from the University when accepted.
What type of loans can I receive?
Students may be packaged with two types of loans. This includes the Federal Direct Stafford Loan and a Graduate PLUS loan. The Federal Direct Stafford loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each academic period (Fall, Spring, Summer). The annual Federal Direct Stafford loan amount is $20,500. Students who apply for and meet the federal eligibility requirements can receive the Federal Direct Stafford loan regardless of income. The financial aid office will determine the amount (up to $20,500 in one year). The Grad PLUS loan is a credit based loan which requires an application with the US Department of Education.
The US Department of Education sets an aggregate limit of the amount of debt a student can receive from the federal government using the Federal Stafford Loan. If you have reached the aggregate of $138,500 you will not be eligible to receive any Federal Stafford Loans. You may still be eligible for Graduate PLUS loans.
How do I accept my financial aid package?
To accept your aid, you will enter the portal at my.hofstra.edu and from the options on the left, select Financial Aid Services and follow the steps below:
1) Click on Award Summary by Aid Year
2) Select aid year (2018-2019) and submit
3) Click on Accept Award Offer tab
For funds to disburse you must complete the requirements for the loans you are borrowing with. After accepting your awards, you will be instructed on what requirements must be completed for funds to disburse to your account, (i.e. Master Promissory Note, Entrance Counseling, Grad PLUS application), on studentloans.gov.
My Grad PLUS application was denied, what can I do?
The Grad PLUS loan unlike the Federal Stafford Loan is a credit based loan. The credit review is not looking at income-to-debt ratios but instead emphasizes the borrower’s debt payment history. If you believe that this denial is based on incorrect information or extenuating circumstances exist relating to the adverse credit history you may file an appeal with the US Department of Education. An appeal may be made on the studentloans.gov website or you may contact the department at 1-800-557-7394. Please note that the Office of Student Financial Services cannot submit appeals on student’s behalf or grant approval.
You may also seek a credit worthy endorser for the Grad PLUS loan, similar to a co-signer. The endorser to a Grad PLUS loan will be legally obligated to repay the Grad PLUS loan if the student borrower is unable to do so. If you choose to utilize an endorser they must complete an endorser addendum at studentloans.gov. The amount that the Grad PLUS loan will be certified up to will only be the amount that the loan is endorsed to.
When will loans disburse to my account?
Federal funds will disburse approximately 10 days prior to the first day of classes for each term. No exceptions can be made to the date of disbursal per federal regulations. All requirements must be completed on the studentloans.gov for funds to disburse. You will receive an email to your Hofstra Pride email notifying you when your loans disburse to your account. Once funds disburse to your account any credit on your account may be requested as a refund.
How do I request my refund?
Refund requests may be submitted online through your student account at my.hofstra.edu by following these steps:
1) Click on Hofstra Online on the left side of the screen.
2) Then under Student Services, click on Student Accounts
3) Next, select the Student Refund Request Form.
When can I expect to receive a refund?
Refund requests typically take up to 15 business days to be processed and an email will be sent to your Pride account once it is complete. Please note that the Financial Aid Office is unable to advance funds, expediate refund requests or overnight refunds. You must follow the same refund policies that are in effect for all other students.
How can I submit payment?
You may submit payment online by following the Making Payments Online Instructions or by sending a check directly to: Hofstra University, Office of the Bursar/Student Accounts, 126 Hofstra University, Memorial Hall 205, Hempstead NY 11549.
Students paying by check should include their Hofstra ID on sent checks.
Why is there an Accounts Receivable hold on my student account?
Student accounts that are not paid in full are assessed late payment fees according to the published schedule and an Accounts Receivable hold is placed on the account. All balances must be paid prior to the course and access to the system will not be allowed until payment has been made. The University reserves the right to withhold transcripts until all financial obligations have been satisfied.
Please check your Hofstra Portal to ensure that your student account is paid in full, along with your Hofstra Pride email as all communications are sent to this address.
Will a bad grade, dropping or withdrawing from classes affect my eligibility for aid?
Yes, it might. Per federal requirements the Office of Student Financial Services must monitor a student’s grade performance, check completion of hours and make sure a student within a time frame for seeking a degree.
What are the Satisfactory Academic Progress requirements for my federal student aid?
The official student record as maintained by the Office of Academic Records is reviewed to determine a student’s compliance with satisfactory academic progress. We evaluate students’ progress toward meeting their degree requirements to determine whether they remain eligible for federal aid. Satisfactory Academic Progress is reviewed annually on an academic year basis. This review typically occurs after every two enrolled semesters. Students must:
- Maintain a 3.0 cumulative grade point average.
- Complete 75% of the cumulative credit hours attempted. Please note attempted hours include “W” and “UW” grades.
- Complete a master’s degree within 150% of the program’s required credit amount.
What is the National Student Loan Database System Requirement I have on the portal?
The National Student Loan Database System Requirement (NSLDS) is a requirement by the US Department of Education for your eligibility of the Federal Stafford Loan to be reviewed by Hofstra University. The aggregate for the Federal Stafford Loan is $138,500. If you have reached the aggregate you will not be eligible for the Unsubsidized Stafford Loan. Review of NSLDS is completed by the Office of Student Financial Services and does not require further action from students.
What is the Unusual Enrollment Requirement I have on the portal?
The US Department of Education has regulations in place to identify students with unusual enrollment histories. An unusual enrollment history may have legitimate reasons for enrollment at multiple institutions over a period of time. However, when this flag has been made on your account the Office of Student Financial Services must review your enrollment history to verify your federal financial aid eligibility. No further action is required on your part unless we reach out for necessary documentation to complete review of your enrollment history.
How do I contact the Office of Student Financial Services?
The Office of Student Financial Services is open Monday through Friday from 9 AM until 5 PM, (4:00 PM Fridays during the summer). You can reach Student Financial Services via phone at 516-463-8000. If no one is able to take your call please a leave a voicemail with your Hofstra ID and your call will be returned as soon as possible.
You may also email from your Hofstra Pride email, firstname.lastname@example.org. ALL communications are sent to your Hofstra Pride email as that is a secure, encrypted email which ensures that any information about your student account is sent to a secure address, per federal regulations. We cannot discuss your account unless an email is sent from your Hofstra Pride email.
Please note that during periods of high volume the turn-around time may be up to 3 to 4 business days to inquiries. We respond to inquiries in the order that they are received.