The Hofstra Law Loan was established in order to offer needy students additional subsidized funding beyond the grants. The loans range from $2,000 to $7,000 annually. Hofstra Law Loans are awarded on the basis of need, and students must reapply for the loan each year. Hofstra Law Loans carry a fixed subsidized interest rate of 5 percent. Interest does not accrue while you are in school or during the nine-month grace period following graduation or withdrawal from Hofstra Law. The ten-year repayment period begins following this nine-month grace period.