Federal Title IV Loan Program
Institutional Loan Program
Federal and Institutional Loans: From Application to Disbursement Students awarded scholarship are not required to complete any additional steps. Scholarship awards will be included in the award offer. Note: all steps that accompany the NSLIJ Health Loan program MUST be completed each year that a loan is awarded (MSI – MSIV).
Direct Stafford Unsubsidized Loan
1.
Grad PLUS Loan
North Shore-LIJ Health Loan
Student files a Free Application for Federal Student Aid: MSI-MSIV (FAFSA online: http://www.fafsa.ed.gov/#). Remember to use the IRS Data Retrieval Tool.
2. Financial aid award generated and offered by SOM (student notified via email)
3. Student accepts award (on portal: https://my.hofstra.edu)
4. MSI only: student is required to sign the Master Promissory Note (https://studentloans.gov)
5. MSI only: student is required to complete online entrance counseling (https://studentloans.gov)
4. MSI only: student is required to complete a PLUS application (https://studentloans.gov). Award contingent upon credit-worthiness check conducted by the U.S. Department of Education.
5. MSI only: student is required to sign a separate Grad PLUS Master Promissory Note (https://studentloans.gov)
6. MSI only: student is required to complete online entrance counseling (https://studentloans.gov)
3. Student and parents complete the Need Access Application (http://www.needaccess.org/home.aspx and st reviews the 1 disclosure statement on our website.
4. Submit the following documents from the previous tax year: a. Biological parents’ IRS Tax Transcript b. For students that did not file a Federal tax return: submit copies of all W-2s and/or earnings statements. **some circumstances may require submission of additional forms and documentation**
5. Financial aid award generated and offered by SOM (student notified via email). This email will contain the 2nd disclosure statement. Student should review and understand this disclosure.
6. Student accepts award on portal: https://my.hofstra.edu
7. Student will receive an email from ECSI, Inc. notifying him/her to: a. sign the NSLIJ Health Loan Promissory Note b. complete entrance counseling c. review the 3rd and final disclosure statement. *All steps are complete during one online session*
Loans are disbursed Awards will be applied to student accounts no sooner than 10 days prior to the start of classes. If the student has not requested that the funds be held by the University (to do so, a student must complete and submit an authorization form), any amount up to the cost of attendance that is not payable to the University (tuition, fees, housing, meal plan) will be refunded to the student within 14 days after the start of classes. **ALL MSI borrowers are required to complete a one-on-one entrance interview with the Director of Financial Aid prior to your second disbursement but preferably within the first 16 weeks of classes. Failure to do so may result in the delay of the spring disbursement.** MSI-MSIV denotes year in medical school 01232012