Disbursement of Loans and Student Refund Checks

Disbursement of Loans and Student Refund Checks

I was approved for a loan. When will it be disbursed?

All loans are disbursed in two parts at the beginning of each semester (generally in mid- to late August and January). Lenders will electronically wire (a selected few mail paper checks) the disbursement monies directly to Hofstra University's Office of Student Accounts, which, in turn, will apply the funds to your account.

How do I cancel/reduce my student loan?

Hofstra University generally requests that student loans be disbursed to the University ten days prior to the first day of class for the upcoming semester. Students have the right to cancel all or part of the loan or disbursement prior to or after the funds have been disbursed to the University. Prior to the disbursement of the loan students should contact the Hofstra Law Office of Financial Aid and request that the loan be canceled or reduced. After the loan has been disbursed to the University, students need to contact the Office of Student Financial Services and requested that all or a portion of the loan funds be returned to their lender. You can contact the Office of Student Financial Services at studentfinancialservices@hofstra.edu or visit them in person in Memorial Hall on the second floor.

I borrowed money to cover my personal and/or rent expenses. How is this money processed?

If you borrowed loans greater than the amount of your Hofstra Law tuition bill, you can request a refund of your credit balance from the Office of Student Accounts.

How do I know if I have a refund?

You can view the status of your account through your Hofstra Portal.

How do I request a refund of a credit balance?

If you met the deadline to apply for your scholarship aid and loans, your funds should arrive at the school before the first day of classes each semester. All financial aid, including scholarships and loans, will be sent to the school and credited to your student account. If your total financial aid for the semester will exceed the amount needed to settle your bill with the University, you are entitled to use that money toward your living expenses. The amount of financial aid left on your account after your tuition, fees and dorm charges (if living on campus) are paid, is known as a credit balance.

You may request a refund of your credit balance semester as soon as you have one on your student account. All refund requests should be placed with the Office of Student Financial Services, either in person or by email. You may request that the check be mailed to you or held for pick up at the Student Accounts Office.

Tip: Have sufficient funds to cover immediate expenses at the start of school, such as August and September rent, apartment deposits, realtor fees, books, etc. It can take up to 10 or more business days for the University to release financial aid funds!

When Will I Get This Money?

If you completed your loan applications on time and are eligible for a refund, Student Accounts will process your refund check shortly after your account balance is paid in full and you have requested a refund. This process generally starts each semester during the first week of classes.

Where will my refund check be sent?

While we suggest picking up your refund check in person, refund checks may be mailed to the mailing address you have on file; if no mailing address is on file, the check will go to the permanent address. An outdated address is frequently the reason for delays in receiving a refund check, so be sure to update addresses on the Hofstra Law student information system, myPortal, at my.hofstra.edu.

Is direct deposit available for student refund checks?

Unfortunately not at this time.

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