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:
Most lenders use internet and telephone application processes.
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.
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.
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.
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 |
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.
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.
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.
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.
