- 1. 2011-2012 Loan Options forUndergraduate Students
2. Financial Aid Time
- Free Application for Federal Student Aid
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- File by February 15 every year
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- Hofstra school code 002732
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- Step-by-step application assistance 1-800-433-3243
3. Federal PIN
- Apply for your federal personal identification number
(PIN)
- The student and one parent (if the student is dependent) must
have a federal PIN to file the FAFSA
- 1-800-433-3243 for step-by-step assistance
4. Federal Loan Programs
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- All federal loans require the FAFSA
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- Loan funds are disbursed directly to Hofstra University
- Federal Direct Stafford Loan (student borrower)
- Federal Direct Parent Loan for Dependent Undergraduate Students
(parent borrower)
- Federal Perkins Loan (student borrower)
5. Federal Perkins Student Loans
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- Limited pool of funds are allocated to colleges on a yearly
basis
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- Awarded to students with the highest financial need
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- It will appear on the financial aid notification letterifthe
student is awarded it and a Master Promissory Note will be included
to complete and return directly to the Office of Student Financial
Services at Hofstra
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- Repayment begins nine months after graduation, withdrawing from
school or dropping below half-time enrollment
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- (minimum 6 credits per term)
6. Federal Stafford Loans (Subsidized and Unsubsidized)
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- Subsidized- no interest accrues while the student is in
school
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- Unsubsidized- interest accrues while the student is in
school
- The annual borrowing limit is based on the year in college
determined by the number of credits earned
- .5% loan fee is deducted from the disbursement
- Repayment begins six months after graduation, withdrawing from
school or dropping below half-time enrollment
- (minimum 6 credits per term)
7. Dependent Student Annual Stafford Limits *Year in College
Gross Annual Loan 2 ndAdditional Unsub if Denied PLUS 1 st(0-29cr)
2 nd(30-59cr) 3 rd& beyond (60+) *based on number of credits
earned $5,500 (max subsidized $3,500) $6,500 (max subsidized
$4,500) $7,500 (max subsidized $5,500) $4,000 $4,000 $5,000 8.
Independent Annual Stafford Limits *Year in College Gross Annual
Amount 1 st(0-29cr) 2 nd (30-59cr) 3 rd& beyond (60+) *based on
number of credits earned $9,500 (max subsidized portion $3,500)
$10,500 (max subsidized portion $4,500) $12,500 (max subsidized
portion $5,500) 9. Undergraduate Aggregate Stafford Limits
Dependent Undergraduate $31,000 (no more than $23,000 subsidized)
Independent Undergraduate $57,500 (no more than $23,000 subsidized)
10. Federal Stafford Loan Interest Rates in Repayment Year Interest
Rate SubsidizedStafford Loans Interest Rate Unsubsidized Stafford
Loans 2011-2012 3.4% 6.8% 2012-2013 6.8% 6.8% 11. Federal Parent
Loan for Dependent Undergraduate Students (PLUS)
- Borrowers are parents of undergraduate students
- Annual limit is the full cost of attendance minus other aid
received including student loans
- Repayment begins 60 days after final disbursement, however,
deferment options are available
- Interest rate is fixed at 7.9%
- Fees:2.5% deducted from disbursement
- Credit criteria- an endorser (co-signer) can be used
12. Stafford and PLUSMaster Promissory Note (MPN)
- The MPN is a legal document signed once by the borrower which
eliminates the need to sign a new Promissory Note each year
- Annual notification of eligibility-with the option of
accepting, canceling or reducing the amount
- A separate MPN is required for Stafford and PLUS Loans
- The Promissory Note contains the terms and conditions of the
loan, and the borrowers agreement to repay the loan
13. www.studentloans.gov
- First-time Stafford borrowers:
- Complete the entrance counselingandMPN
- First-time Parent PLUS borrowers:
- Complete the parent application formandMPN
- Step-by-step application assistance:
14.
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- Federal PIN numberwww.pin.ed.gov
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- Complete addresses and phone numbers for two references not
living at the same address
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- Drivers license number (if applicable)
15. www.studentloans.gov 16. 17. 18. Kate Hofstra 19. 20. 21.
22. 23. 24.
- TheParentsigns in using the parents -
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- First two letters of his/her last name
25. 26. 27. 28. 29. Parent PLUS Endorser
- If a parent is experiencing credit issues, an endorser
(co-signer) may be used for the PLUS loan
- Call 1-800-557-7394 for more information regarding the criteria
used for the credit check and for step-by-step assistance when
using an endorser
30. 31. 32. Borrowing each year after
- File the FAFSA by February 15 every year
- The same federal PIN is used every year
- Award notifications are e-mailed to students who file the FAFSA
to accept/decline online atwww.my.hofstra.edu in June
- Stafford loans are processed just by accepting with
Hofstra
- For Parent PLUS, complete the application request form for
every loan, every year atwww.studentloans.gov
33. Summary for First-time Borrowers Stafford Parent PLUS
www.pin.ed.gov 1-800-433-3243 Apply for federal student PIN Apply
for federal parent PIN www.FAFSA.gov 1-800-433-3243 Hofstra code
002732 FAFSA FAFSA www.my.hofstra.edu or paper award letter
516-463-8000 Accept loan offer ----------------
www.studentloans.gov 1-800-557-7394 1) Entrance Counseling 2)
Master Promissory Note
34. Summary for Continuing Borrowers Stafford Parent PLUS
www.pin.ed.gov 1-800-433-3243 Use the same federal PIN at
www.fafsa.gov and www.studentloans.govevery year- reset if
forgotten Use the same federal PIN at www.fafsa.gov and
www.studentloans.gov every year- reset if forgotten www.FAFSA.gov
1-800-433-3243 Hofstra code 002732 File FAFSA by February 15 every
year File FAFSA with student by February 15 every year
www.my.hofstra.edu 516-463-8000 Accept loan offer Accept loan offer
www.studentloans.gov 1-800-557-7394 ------------ Application
Request 35. Private- Alternative Loans
- Annual limit is the full cost of attendance minus other aid
received including student and parent PLUS loans
- Private/alternative loan interest rates arenotset by the
federal government
- Some lenders may require payment of the interest while the
student is in school
- Credit worthy co-signer usually required
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- does not have to be a parent
- Minimum age for the student (18 years of age) usually
required
36. Private-Alternative Lenders
- Apply directly with the lender
- www.Finaid.org/loans/privatestudentloans.phtml
- Disclaimer:Links are provided as a general information source
for the use of visitors to the web site.The links provided are
maintained by their respective organizations, and they are solely
responsible for their content.Hofstra does not favor one link over
another, nor does Hofstra endorse or profit, in whole or in part,
from any products or services offered or promoted by anyof the web
sites whose links appear.
37. Help is available!
- FAFSAwww.FAFSA.gov 1-800-433-3243
- Federal PINwww.pin.ed.gov 1-800-433-3243
- Federal Direct Loanswww.studentloans.gov
- -Step-by-step application assistance 1-800-557-7394
- -Parent PLUS deferment information 1-800-848-0979
- Detailed Federal Aid Informationwww.studentaid.ed.gov
1-800-433-3243