Programs and Procedures 2012-2013

Financial Aid

Financial Aid Programs

SCHOLARSHIPS AND UNIVERSITY AID
Scholarships are generally awarded by Hofstra University and other organizations based on academic merit, financial need, and creative and athletic talent. When you apply for admission, your academic credentials are automatically evaluated to determine your scholarship eligibility. The Free Application for Federal Student Aid (FAFSA) is required to evaluate University need-based grant eligibility. If your FAFSA is selected for verification, the grant will not be finalized until verification is complete. Verification should be completed within two weeks of notification or as close to April 1 as possible. All or a portion of your award may be underwritten by endowment funds given by generous friends of the University. If this is the case, you will be notified. As you continue through your program of study at the University, you may apply for one of the Universitys endowed scholarships, which are awarded based on academic excellence and the donors criteria. Please refer to the Hofstra University Undergraduate Bulletin (bulletin.hofstra.edu) for the scholarship selection and renewal conditions for each award. If you receive a scholarship from a community group, business or other organization, please forward a copy of the award notice to the Office of the Bursar/ Student Accounts. These awards must be counted as part of your financial aid package, so it is very important that you keep us informed of all your awards. Please have the scholarship organization mail the award check to: Office of the Bursar/Student Accounts, 205 Memorial Hall, 126 Hofstra University, Hempstead, New York 11549-1260. The award check, made payable to Hofstra University, should include the students full name and Hofstra University student identification number or Social Security number; any special instructions for disbursement on a letter or form must accompany the check. Please indicate the donors name on the check. All outside scholarships supplement the Hofstra University scholarship or grant you may be awarded as long as all sources do not exceed the total cost of a Hofstra education (as listed in our breakdown of college costs). Your total gift aid from all sources may not exceed Hofstras total cost of attendance. If this amount is reached with the inclusion of scholarships from outside organizations, we will begin to reduce federally regulated portions of your aid award (PLUS Loans, Federal Perkins Loans, Stafford Loans, TEACH Grant, SEOG, and Federal Work-Study) dollar for dollar. Athletic grants-in-aid, tuition subsidies based on parents employment (tuition grant, tuition remission, tuition exchange) and other tuitiononly specified awards are considered to be exceptions to our outside scholarship policy, as we will reduce your Hofstra scholarship award dollar for dollar if you receive any of these awards and we did not list them on your original award letter.

Teacher Education Assistance for College and Higher Education (TEACH) Grant provides grants of up to $4,000 per year to students who intend to serve as full-time teachers in a high-need field in a public or private elementary or secondary school that serves lowincome students for at least four academic years within eight calendar years of completing the program of study for which the student received a TEACH Grant. If the student fails to complete this service obligation, the TEACH Grant will be converted to a Federal Direct Unsubsidized Stafford Loan. This loan must then be repaid to the U.S. Department of Education, and interest will be charged from the date the grant or grants were disbursed. In order to be eligible for a TEACH Grant, a student must also file a FAFSA and be a U.S. citizen or eligible non-citizen. Hofstra students must be accepted to the School of Education, Health and Human Services in order to be eligible. This typically occurs in the students junior year of study. Tuition Assistance Program (TAP) is a New York state grant awarded to students whose New York state net taxable income is less than $80,000 (dependent student) or $10,000 (single independent student). Award amounts are established and made by the New York Higher Education Services Corporation (HESC). This is a grant and does not have to be repaid. Income received from state, federal or local government pensions must be included when reporting income for state aid.

LOANS
Federal Perkins Loans are low fixed interest (5.0%) rate loans offered to a limited number of students demonstrating exceptional financial need. If a student is eligible, this loan will appear on the students award notification letter. Federal Stafford Loans are low fixed interest rate loans made to students. Students are eligible for the following levels of awards:
Year in College Dependent First Independent Dependent Second Independent Dependent Independent $4,500 $5,500 $5,500 $6,000 $2,000 $7,000 Not Applicable $5,000 Not Applicable $3,500 $4,500 $6,000 $2,000 Not Applicable $4,000 Base Eligibility $3,500 Additional Unsubsidized $2,000 Second Additional Unsubsidized
(if denied Parent PLUS)

$4,000

Third and beyond

PLUS Loans are fixed interest rate loans that may be available to the parents of dependent undergraduate students to help with educational expenses. Parents may borrow up to an amount equal to the cost of attendance minus any other aid received. Federal Stafford and PLUS Loans must be certified prior to the end of the students enrollment period.
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.

GRANTS
Pell Grant is a federal grant that does not have to be repaid. It is awarded based on the EFC (Expected Family Contribution) calculated by the federal processor. Grants may be made to students enrolling for a minimum of one class if they meet the eligibility criteria. Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant allocated to the University on an annual basis, and awarded by the University based on exceptional need to Pell recipients only.

ALTERNATIVE STUDENT LOANS

Alternative student loans are offered by private lenders to students and parents for college costs. For help deciding if a PLUS or alternative loan is right for you, please see the comparison chart on the next page. For a list of alternative student loan lenders, please visit www.finaid.org/loans/privatestudentloans.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. 2

FEDERAL WORK-STUDY
Federal Work-Study employment is offered to Hofstra students on the basis of financial need. The dollar amount indicated on your award notification is the maximum amount you are eligible to earn during the school year it is not a guarantee. Y total earnings will depend on the number of hours you our work. The student is paid directly in the form of a pay check, semimonthly, as hours are worked. Complete information about Federal Work-Study employment is available at hofstra.edu/studentemployment.

OTHER STUDENT EMPLOYMENT OPPORTUNITIES

Student employment opportunities are available on campus. For information, contact the Office of Student Employment at 516-463-6782.

Federal PLUS Loans vs. Alternative Student Loans

What Is a Federal PLUS Loan?
Federal PLUS Loans are for parents of undergraduate students. The Federal PLUS Loan is not asset-based; approval is based on creditworthiness. Qualified applicants may borrow up to the total cost of educational expenses minus total financial aid received.

What Is an Alternative Student Loan?

Alternative student loans are private loans offered by lenders specifically targeted to satisfy educational costs greater than the total financial aid received. Most lenders require students with limited credit history to have a co-signer. The most common reasons some families apply for alternative student loans instead of PLUS loans are: A) The parents may not be able to satisfy the credit requirements, but someone else agrees to co-sign the alternative student loan. B) Some alternative student loans require the student to enroll in as few as 3 credits per semester, whereas PLUS Loans require at least half-time enrollment (6 undergraduate credits at Hofstra). C) Families agree that the student, rather than the parents, should be the borrower. D) Some alternative loans can be borrowed retroactively to cover outstanding bills.

Common Loan Terms

Loan Borrower Co-signer FAFSA Required Interest Rate and Rate Caps Accrued Interest Loan Payment and Terms Approval Criteria Borrowing Limits Repayment Payment Flexibility Payment Deferment Situations Payment Insurance Prepayment Penalty Consolidation

Federal PLUS Loan

Parent of undergraduate student An endorser for the parent may be used if the parent is unable to satisfy the credit requirements Yes Fixed 7.9%; subject to congressional approval Accrued interest capitalizes once at final repayment 10-year repayment term may mean higher monthly payments but lower finance charges Credit check based on federal standards; no debt-to-income ratio or credit scoring Up to the cost of education less total financial aid received Repayment begins 60 days after the loan is fully disbursed, but can be deferred up to four years; contact your lender for details Income-sensitive, graduated and extended repayment options are available Wider deferment and forbearance options are available Federally insured against death and disability for both parent and student None Federal Consolidation Loan Program available

Private Alternative Student Loan

Student Usually required due to lack of student income/ credit; the co-signer does not have to be a parent No Variable rate, many higher than PLUS Loans; usually no cap Accrued interest may be capitalized monthly, quarterly or once at repayment Longer repayment term may mean lower monthly payments but higher finance charges Based on students (or co-signers) credit history and debt-to-income ratio Depends on program: either up to cost of education less total financial aid received or aggregate limits Varies by program; usually deferred until six (6) months after leaving school Varies by program Varies by program; limited deferment and forbearance options Not federally insured and offers no discharge in the event of death or disability Usually none Cannot be consolidated with other federal loan programs

Please visit hofstra.edu/FAupdates for the most current financial aid information.

FinancialAID PROCEDURES FINANCIAL Aid Procedures

AWARDS
Financial need is determined by uniform national standards and methodology. Financial aid awards from Hofstra University are based on packaging policies established by the University and are the basis for institutional scholarship and grant aid. All financial aid is awarded on an annual basis unless otherwise indicated. Students in attendance for less than an entire academic year, or on a part-time basis, will have their awards adjusted appropriately. 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 we make corrections, 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 email via 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.

AWARD RENEWAL
You must reapply each year if you wish to be considered for need-based financial assistance. Renewal of need-based aid is not automatic and requires that you file the FAFSA each year after January 1, but no later than February 15. Students who receive academic or merit scholarships, which are not need-based, will automatically have their award considered for renewal, based on the award renewal guidelines stated in the Hofstra University Undergraduate Bulletin (bulletin.hofstra.edu) and on their admission scholarship letters.

FEDERAL GUIDELINES FOR SATISFACTORY ACADEMIC PROGRESS

Students must maintain satisfactory academic progress to receive funds under the Federal Work-Study, Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG), Pell Grant, TEACH Grant, Federal Stafford Loan and PLUS Loan programs. Students not meeting these guidelines will not have their award(s) renewed. The appeals process is handled by the Federal Financial Aid Appeals Committee. These are the guidelines for satisfactory academic progress for undergraduate students: Students who have attempted less than 60 semester hours must maintain a 1.7 cumulative grade point average. Students who have attempted 60 or more semester hours must maintain a 2.0 cumulative grade point average. All students must complete 75% of the cumulative credit hours attempted. Please note: Attempted hours include W and UW grades; developmental courses are excluded. Only successfully completed credits are considered under this standard. Credits attempted in courses that were dropped, earned a failing grade, were assigned an incomplete, or were otherwise not satisfactorily completed do not count toward the required number of successfully completed credits. Academic records are reviewed at the end of each spring semester to determine academic progress and future student aid eligibility. Students who have met the minimum credit requirements each semester (earning at least 24 per academic year), who are in good standing with their department, and who have not exceeded the maximum time frame for program completion, are considered to be making satisfactory academic progress and are eligible for student aid in subsequent semesters. A maximum time frame is required for completion of a degree or certificate program and will be 150 percent of the typical completion time measured in credits. For example, an undergraduate program requiring 124 credits may extend to 186 credits.

VERIFICATION
The federal processor uses a system of edits, or flags, which produces a selection of certain applications for verification. If a students application is selected for verification, this may mean that a data element in his or her application does not fit generally recognized patterns (not necessarily that the element is incorrect; it merely must be verified), or that the student was simply selected at random. The Universitys Office of Financial Aid may also select files for verification if there appears to be a conflict of information. If a students application is selected for verification, the student is notified on the Student Aid Report (SAR). If a students application is selected for verification, the following required documentation must be submitted to the Office of Student Financial Services: 2012-2013 Verification Worksheet (dependent or independent) opy of parents 2011 federal income tax transcript and C all schedules (if dependent). opy of students (and spouses, if applicable) C 2011 federal income tax transcript and all schedules (W-2 forms alone cannot be used for verification). o request a copy of your federal tax transcript, call T 1-800-908-9946 or visit irs.gov. Other documents as needed. Hofstra need-based aid will not be finalized, 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

NEW YORK STATE GRANTS

NEW YORK STATE TUITION ASSISTANCE PROGRAM (TAP): These are grants awarded by the state of New York to state residents who are in full-time attendance at colleges and universities located in the state of New York. The application process begins each year with the Free Application for Federal Student Aid (FAFSA). The next step is to complete a TAP Express Application online at www.HESC.org. Hofstras TAP code is 0300. Students must maintain satisfactory academic progress and program pursuit in order to renew a TAP award. These requirements are detailed on the Web site listed above. Hofstra uses the following chart to determine satisfactory academic progress.

UNDERGRADUATE
A Student Must Have Accrued at Least This Many Credits
0 6 15 27 39 51 66 81 96 111

Before Being Certified for This Payment

With At Least This Grade Point Average

0 1.5 1.8 1.8 2.0 2.0 2.0 2.0 2.0 2.0

1st 2nd 3rd 4th 5th 6th 7th 8th 9th* 10th* *HEOP students only

Note: Noncredit remedial instruction may be counted toward a full-time academic load. The number of credits in this chart refers to work (credit-bearing) completed toward the degree.

Program pursuit requires that the student receive a passing or failing grade in a certain percentage of the full-time minimum course load of 12 credits. During the first year of study, a student must secure a passing or failing grade in a minimum of 6 credits per semester (50 percent of the minimum course load); during the second year of study, a student must secure a passing or failing grade in a minimum of 9 credits per semester (75 percent of the minimum course load); and after the second year, a student must secure a passing or failing grade in a minimum of 12 credits per semester (100 percent of the minimum course load). A one-time waiver is available for students who fail to meet these standards due to unforeseen circumstances. Examples of unforeseen circumstances are severe medical problems or change of major field of study. Further information about the waiver is available from the Financial Aid Office. 5

Estimated Annual Expenses 2012-2013

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Direct costs (billed by the University directly to students): Tuition and Fees $35,800 (estimated) Student Activity Fee $150 (estimated) On-Campus Room and Board $14,010 (estimated) Hofstra University is pleased to offer students a four-year locked-in rate for tuition and fees. The estimated annual fixed rate for tuition and fees (not including the student activity fee) for first-year students will be $38,500. Please visit hofstra.edu/lockedintuitionrate for more information. The tuition and fees noted above will be greater for students who enroll in the School for University Studies or Program for Academic Learning Skills (PALS). The room and board cost reflects the average room charge and minimum first-year student dining plan. Individual student costs may vary, depending upon the housing option and dining plan selected. Average expenses that the Office of Financial Aid uses to determine award packages also include allowances for books and supplies ($1,000), and personal/miscellaneous expenses such as transportation, clothing, entertainment, and recreation ($3,083). These costs are not billed by the University to students, but are out-of-pocket expenses that students may incur. For calculating financial aid, Hofstra University uses an estimated total annual cost of attendance of $54,043.

Full-Time First-Year and Transfer Undergraduate Students

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Federal PLUS Loan Request 2012-2013

The Federal PLUS Loan allows parents of dependent 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. Estimated cost of attendance for a student living on campus for 2012-2013 is approximately $54,043 (this includes tuition, fees, room, board, books, transportation and personal expenses). 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 percent. Repayment begins 60 days after the second disbursement, but can be deferred up to four years. (Call the Direct Loan Origination Center at 1-800-848-0979.) The payment term is 10 years or more with flexible repayment options. No prepayment penalties. Income tax deduction may apply; please consult your tax adviser. 1.5 percent rebate at disbursement.

HOW TO APPLY
1. 2. 3. 4. 5. 6. 7. File the 2012-2013 FAFSA (if not already filed) at fafsa.gov with Hofstras school code (002732). For assistance, call 1-800-433-3243. Beginning May 1, 2012, log on to studentloans.gov. Under Manage My Direct Loan, click on Sign In using the parent federal PIN number. For PIN information/assistance, visit 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 hofstra.edu/sfsforms (one-time requirement).

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Federal Stafford Student Loan 2012-2013

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Process for First-Time Borrowers

Step 1: When a Federal Stafford loan is noted on your award letter, whether it is
subsidized or unsubsidized, you must accept or decline it on your award letter or via the Hofstra portal. Please indicate the appropriate response on your award letter and return it in the green envelope provided, or to do so via the Hofstra portal; instructions can be found at hofstra.edu/acceptaward.

Continue with Step 2 if you want the loan offered to you.

Step 2: Beginning May 1, 2012, visit studentloans.gov to complete the

entrance counseling session and the electronic Master Promissory Note (e-MPN) with the U.S. Department of Education. Under Manage My Direct Loan, click on Sign In to complete your e-MPN and entrance counseling session. The entrance counseling session is interactive and online, and informs students how to manage their education expenses and how to be responsible borrowers. Note: You will need a federal PIN to complete this process. For PIN information, visit pin.ed.gov. For assistance with the loan process, please call 1-800-557-7394.
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Title IV Authorization Form for Parents

Instructions:
1. Print the students information in the box below. 2. Check one, two or all three authorization options below. 3. Sign and date where indicated. 4. Return form to: VIA MAIL: Student Financial Services and Registrar Suite 206 Memorial Hall 126 Hofstra University Hempstead, NY 11549-1260 VIA FAX: 516-463-4936 VIA EMAIL: studentfinancialservices@hofstra.edu

(Please print.) Student Last Name

Student First Name

Middle Initial

Hofstra ID#

FOR PARENTS OF UNDERGRADUATE STUDENTS

I,
(Please print.) Parent First Name Parent Last Name

, authorize Hofstra University to make use of any

excess Title IV fund credit balances due to the Parent PLUS Loan for the above-mentioned student in order to: Hold to pay institutional charges for a future term within the academic year. Pay outstanding prior year non-institutional charges (per federal regulations, cannot exceed $200). Pay current year non-institutional charges, such as parking tickets, lab fees, Dutch Debits, late fees, etc. I understand that this authorization will remain valid through subsequent award years. I further understand that I can modify or rescind this authorization (please see the Title IV Rescindment Form online at hofstra.edu/titleIVrescind). Any modification or rescindment will become effective as of the date the form is received by the University.

Parent signature (PLUS Loan borrower)

Date

Please see reverse side for answers to frequently asked questions.

Title IV Authorization Form Frequently Asked Questions:

To what types of financial aid does this Title IV Authorization pertain?
Parent PLUS Loans only.

Does the form need to be signed each semester?

No. The Authorization Form remains in effect while your son/daughter is a Hofstra University student (including breaks in enrollment). It may be rescinded at any time (please see the Title IV Rescindment Form online at hofstra.edu/titleIVrescind).

What is the purpose of the Authorization Form?

Hofstra University, in compliance with federal regulations, must obtain voluntary permission from the parent PLUS Loan borrower to apply federal financial aid proceeds to charges related to a prior or future term, or charges other than tuition, fees, room and board on your students account.

Will signing the Authorization Form help?

Yes. By signing the form, any excess Parent PLUS Loan fund balances will be applied to prior, future or certain miscellaneous charges on your students account. This will also help prevent an account hold for unpaid charges, which would block your student from registering for future semesters, obtaining grades and receiving transcripts.

Must the Authorization Form be signed in order to have Title IV funds applied to library fines and other fees?
Yes. The Authorization Form must be signed in order to authorize the University to apply Title IV funds toward parking tickets, fines for overdue library books, replacement ID cards, and other miscellaneous charges.

If I do not sign the form, will my son/daughters financial aid be delayed?

No. However, payment must be made to cover any unpaid charges, and that payment must be made by the applicable deadline date.

I signed the form, but still received a refund check from Hofstra. Why?
Federal regulations require that Hofstra University return funds in excess of all the items you authorized us to pay at the end of the loan period for that award year.

I still have questions whom can I talk to?

Contact the Office of Student Financial Services at 516-463-8000 or studentfinancialservices@hofstra.edu.

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Hofstra at a Glance
Did You Know?
Hofstra has 115 buildings on 240 acres. he Hofstra libraries contain 1.2 million T print volumes and provide 24/7 electronic access to more than 49,000 full-text journals and 47,000 books. Hofstra hosts more than 500 cultural events each year.

Important Phone Numbers

(Area Code 516)

Academic Advisement Admission Bookstore Career Center Commuting Student Affairs Dean of Students Fitness Center Health and Wellness Center HofstraCard Services Multicultural & International Student Programs Orientation Public Safety Residential Programs Student Employment Student Financial Services Student Leadership and Activities University Switchboard

463-6770 463-6700 463-6654 463-6060 463-3469 463-6913 463-6958 463-6745 463-6942 463-6796 463-6320 463-6606 463-6930 463-6782 463-8000 463-6914 463-6600

Financial Aid Checklist for FAFSA Filers

Apply for financial aid by completing and filing the FAFSA at fafsa.gov. Be sure to list Hofstra University school code 002732. Visit fafsa.gov two weeks after you file the FAFSA to review for accuracy. Pay special attention to messages related to rejected/incomplete information, and make any necessary corrections. Accept or decline your awards and mail the form to the Office of Financial Aid, as instructed in your award letter, in the green envelope that has been provided. Keep your copy and any revisions or photocopies for your records. Reminder: Double-check paperwork for signatures and completeness before submitting to the Office of Financial Aid. Write your Hofstra ID number on all pages. Get your loans done on time! Students beginning classes in fall 2012 should apply for loans by June 1, 2012; students beginning classes in spring 2013 should apply by December 1, 2012, to allow adequate processing time for bill payment and to avoid late fees. If you are attending in the fall and spring and applying for loans, apply for the amount you need for the full academic year, not just one semester. Stay informed by becoming familiar with the My.Hofstra.edu portal. Check your financial aid award status and paperwork requirements online often. Read your Hofstra Pride email since important financial aid information will continuously be sent to you via email. Contact Hofstras Office of Student Financial Services immediately if you change your housing plans, you reduce the number of credits you are taking, or you are enrolled full time (at least 12 credits) but plan to begin part-time (fewer than 12 credits) study. A change in enrollment status or billing may affect the financial aid you receive. You must also consult with the office if you change your major. Be sure to notify Hofstra if you move. You may change your mailing address and/or phone number online at My.Hofstra.edu.

If you have any questions, please contact: Office of Student Financial Services 206 Memorial Hall 126 Hofstra University Hempstead, NY 11549-1260 Phone: 516-463-8000 Fax: 516-463-4936 Email: studentfinancialservices@hofstra.edu Our office hours are: Monday-Friday, 9 a.m.-5 p.m. (4 p.m. on Fridays during the summer) For evening hours, see the schedule at hofstra.edu/sfscalendar. Step-by-step financial aid procedures are available at hofstra.edu/sfshowto.
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