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Hofstra Northwell School of Medicine

Expenses and Financial Aid Home

Disbursement

A financial aid package (or award) may include one or more institutional scholarships and/or loans from one or all of the three sources below.  Nothing must be done by a student in order for scholarship funds to pay to an account by the disbursement date; however, each loan program comes with requirements that must be met prior to disbursement.

Funds disburse only once a student (1) accepts an award and (2) fulfills all requirements that accompany that award.  If the following requirements are not met by the scheduled date of disbursement, funds will be withheld from the student’s account.  This may potentially result in refund delays and late fees if the student’s bill is not paid by the due date.
DISBURSEMENT REQUIREMENTS
Direct Unsubsidized Stafford Loan Direct PLUS Loan for Graduate / Professional Students North Shore-LIJ Health Loan
  • Sign the Master Promissory Note (MPN) – a previous Direct Loan MPN may be valid if signed within the last 10 years
  • Complete Entrance Counseling – prior to the first year borrowing while a student at the SOM (usually MSI)
  • Complete a Graduate PLUS loan application
  • Sign the Master Promissory Note (MPN) – PLUS-specific; valid for 10 years once signed
  • Complete Entrance Counseling – prior to a student’s first year borrowing at the SOM (usually MSI)
  • Sign the North Shore-LIJ Health Loan Promissory Note – a new note must be signed each year
  • Complete Entrance Counseling – specific to the North Shore-LIJ Loan Program (separate from the Direct Loan Entrance Counseling)
*On occasion, students may be asked to provide additional information (proof of U.S. citizenship, permanent residency, etc.).  If a student encounters this requirement on the University portal, please contact the Office of Student Finance at the School of Medicine.  

The Federal MPN(s), entrance counseling, and PLUS requests can be completed / satisfied securely online by accessing the U.S. Department of Education’s StudentLoans.gov website.  Students are required to provide their PIN (the same PIN used to complete the FAFSA) upon login. 

Students that are awarded the North Shore-LIJ Health Loan are required to sign a promissory note and complete entrance counseling with Heartland ECSI, the School’s loan servicer.  Email notification will be sent directly from Heartland ECSI to the student.  Students can then log on to a secure website, sign the promissory note, complete entrance counseling and receive the final loan disclosure.  *Entering MS1 students: please be sure to check both your Hofstra University and personal email accounts for this notification email.  If you do not receive a notification email from Heartland ECSI within a week of accepting your North Shore-LIJ Health Loan (after June 1st), please contact the Office of Student Finance. *Current students: MS2-MS4 students will also receive a notification email after accepting a financial aid award. 

To log in to your Heartland ECSI account, please visit: https://borrower.ecsi.net/.  If you have access to your credentials and you need to complete your promissory note, you may do so here: https://www.ecsi.net/prom8s/.

Disbursements take place twice annually (June/July/August and January) no sooner than 10 days prior to the start of classes for that term.  Awards will first be applied to cost components payable to Hofstra University (tuition, fees, housing, meal plans, etc.).  The residual amount will be refunded to the student for additional education-related living expenses (books, personal expenses, transportation, etc.) within 10-14 days of the student placing a request.

FINANCIAL AID DISBURSEMENT AND REFUND SCHEDULE

Semester/class standing

Start of classes

Disbursement date

Estimated date of refund*

 

Fall 2017

MS1

8/1

7/22

8/4

MS2

8/30

8/20

9/1

MS3

6/12

6/2

6/16

MS4

6/5

5/29

6/12

 

Spring 2018

MS1

1/2

1/1

1/15

MS2

1/2

1/1

1/15

MS3

1/2

1/1

1/15

MS4

1/2

1/1

1/15


*Students must first request a refund in the Hofstra University portal.

Mandatory Entrance Interview Session

All first year borrowers are required to attend a mandatory one-on-one entrance interview with the School of Medicine Office of Student Finance.  This session should take place during the first 12 weeks of the fall term.  Failure to participate may result in spring term disbursement delays.  Topics covered during this session include:
  • an individual analysis of the financial aid award and preliminary estimation of indebtedness at the anticipated time of graduation
  • a review and discussion of undergraduate indebtedness
  • a review of the terms and conditions of the loans in the financial aid award
  • a review of the cost of attendance and student’s budget for the upcoming academic year
  • an early introduction to loan forgiveness opportunities and loan repayment plans
  • a preliminary discussion of financial goals
Should you require additional information or if you have any questions, please contact the Office of Student Finance at the School of Medicine by email at medicine.finaid@hofstra.edu or call 516.463.7523. If you have been working with a staff member of the Office of Student Finance, please contact that individual directly.