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Direct Loans

Direct Loans

You can borrow up to $20,500 per year through the Federal Direct Unsubsidized Loan program.

Payments on the principal of the Direct Unsubsidized Loan can be deferred while you are enrolled at least half time.

The loan has a fixed interest rate of 6.8%.

If you are applying for a Federal Direct Unsubsidized Loan for the first time at Hofstra University, you will need to complete the Master Promissory Note online.

Loan amounts are split into two disbursements, one delivered at the beginning of each semester.

A fee of 1.0 percent will be deducted from the gross amount of the loan borrowed, so you should expect to receive 1.0 percent less money than you asked to borrow.

You are responsible for paying any interest that accrues while you are a student. The loan servicer will give you the option to make regularly scheduled interest payments, or you may choose to capitalize your interest.

Capitalization means that any interest that accrues while you are a student is added to the principal of the loan, so you have no payments while enrolled.