Loans

Offered to students regardless of financial need. Borrowers are responsible for any interest that accrues during the course of study or during grace and deferment periods. Interest begins accruing the day the loan funds are disbursed to your Hofstra account and will continue to accrue until the day the loan is repaid. In addition, there is a loan fee on all Direct Unsubsidized loans (see chart below). The loan fee is a percentage of the loan amount and is deducted from each loan disbursement. This means the money that pays to your Hofstra account will be less than the amount you actually borrowed.

Interest rates on these loans are subject to change each year; however, once a loan is borrowed at a certain rate it will remain fixed at that rate for the life of the loan (see chart below).

Available to graduate or professional students to help pay for education expenses not covered by other financial aid.  A separate loan application is required and must be completed annually at studentaid.gov.  Eligibility is not based on financial need, but a credit check is required. It is considered a “hard hit” meaning a potential borrower expressed interest in opening a new source of credit and is reflected as an actual credit inquiry on the borrower's credit reports. This may impact your credit score and remain on your credit reports for two years. The same result occurs to any endorser, if there is one. Borrowers who have an adverse credit history must meet additional requirements to qualify. 

In comparison to the Direct Unsubsidized loan, interest rates and origination fees are higher, but interest accrual is similar. Interest rates are subject to change each July 1st, however, once a loan is borrowed at a certain rate it will remain fixed at that rate for the life of the loan (see chart below). Interest begins accruing the day the funds are disbursed and will continue to accrue until the day the loan is repaid. Borrowers are responsible for any interest accrual during the course of study, during grace and deferment periods.

In addition, there is a loan origination fee charged by the U.S. Department of Education for the processing of your loan. The origination fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement (see chart below).

For more information, please visit studentaid.gov.

The North Shore-LIJ Health loan is an institutional loan program that is offered based on financial need and availability of funding. To qualify, students must apply for institutional aid.  Being that this is a private, institutional loan program, funds borrowed will not be eligible for Federal loan consolidation, repayment, or forgiveness programs.  Please view the Application and Solicitation Disclosure for more information about this loan.

Current students - log in to your Heartland ECSI account by visiting https://borrower.ecsi.net/.  If you have access to your log in credentials and need to complete your promissory note, you may do so by visiting https://www.ecsi.net/prom8s/.

Alternative loans are offered through various private lenders. These loans are issued by banks or credit unions and in most cases, should be your last resort. Terms and conditions differ from loans that are backed by the Federal government. Some differences include but are not limited to:

• Interests rates are generally higher and variable
• Interest and/or payments are not always deferred while you are enrolled in school
• Deferment and forbearance options may differ or be nonexistent (something to consider when beginning residency)
• There may be origination or other fees associated with borrowing
• Repayment terms are often less favorable than federal loans
• Loans are not eligible for federal loan consolidation or federal income-driven repayment plans

For additional information about federal vs. private student loans, visit studentaid.gov