Loan Information

Loan Information

Please note: The Maurice A. Deane School of Law at Hofstra University does not partner with or have an affiliation with any online lender search tools or loan comparison charts.

You must complete the following in order to receive your loans for the 2012-2013 year:

  • You will need a federal PIN to complete this process. For PIN information, visit www.pin.ed.gov. For assistance, please call 1-800-848-0979.
  • For Stafford loans: Students will need to complete a Master Promissory Note (MPN) with the U.S. Department of Education and complete a new entrance counseling session. Visit www.studentloans.gov. Under “Manage My Direct Loan,” click on “Sign In” to complete the MPN and entrance counseling session. The entrance counseling session is interactive and online, and informs students how to manage their educational expenses.
  • For Graduate PLUS loans: Students will need to complete a new Master Promissory Note (MPN) with the U.S. Department of Education and complete a new entrance counseling session. Visit www.studentloans.gov. Under “Manage My Direct Loan,” click on “Sign In” to complete the MPN and entrance counseling session.

How do I apply for a private loan?

Most lenders use internet and telephone application processes.

When should I apply?

After you have been admitted and have received your Financial Aid Award letter and at least six weeks prior to the start of the semester to insure the funds are here in time.

Do private lenders pull credit reports?

Yes, a lender will determine whether or not they will lend to you based on your credit history. If your credit might be an issue, pull your credit report and make any corrections you can. To receive a copy of your credit report, you can go to www.annualcreditreport.com.

If I am turned down for a loan, can I borrow from Hofstra or can the Law School secure a loan for me?

Hofstra does have a loan program, but it is based on need and the funding is very limited. However, Hofstra Law does work with some lenders who are willing to take a “second look” at a student’s loan application.

I am not sure how much I should apply for.

The quickest way to figure out the maximum amount allowable is to take the cost of attendance for the year and subtract your grant, federal loans and any outside scholarships that you will receive.

For example:

Cost of attendance, 2012-2013 $71,267
Grant -$10,000
Federal Loans -$20,500
Total $40,767

What if I need more?

If you think that you will need more funds, please contact the Financial Aid Office and request information concerning a budget adjustment. Loans will only be approved up to the cost of attendance. Students with children should contact the Financial Aid Office for a revised budget. The Law School does not increase budgets for spouse related costs.

What happens after I apply for a private loan?

After you provide your lender with the required information, they will perform a credit check and, in most cases, will notify you of their decision within minutes. If approved, your lender will prompt you to complete and sign a promissory note for the loan. Following the approval, the lender will contact Hofstra Law for school certification and disbursement information. This accelerated pre-approval process is an excellent opportunity for students to quickly secure information about their eligibility for private loans and for those traveling outside the country during the summer months.

Can I submit a private loan application with more than one lender?

When applying for a private student loan, we recommend that you only work with one lender at a time. Completing simultaneous loan applications will add credit inquiries to your credit report that can, ultimately, reduce your credit score. Please review the enclosed list of lenders carefully, selecting your top pick for submitting a loan application. If your first choice of lenders declines your application and you’ve exhausted all possibilities of obtaining an approval from them (e.g., reapplying with a cosigner), you can, at this point, complete a second loan application with an alternative lender.

How much can I borrow in private student loans?

You’re eligible to borrow up to the approved budget less any anticipated scholarships and/or Federal Stafford loans. We encourage you to be conservative about the amount you borrow, borrowing only what you need.

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hofstralaw@hofstra.edu

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