What is the process for determining financial need?
Financial need is the difference between the cost of attendance (student budget) and our assessed student and parent contributions. There are two standardized formulas used to determine family contributions. The first is called Federal Methodology. Hofstra is required by law to use this formula to determine a student’s eligibility for federal financial aid. The data used to conduct this analysis is collected via the FAFSA. Graduate students are always treated as independent for the purposes of determining eligibility for federal aid and therefore, they do not need to submit parental information on the FAFSA. The second formula is known as Institutional Methodology. Most institutions that have a substantial amount of their own institutional aid dollars use this formula to determine a student’s eligibility for institutional need-based grants and loans.
Financial need is the difference between the total cost of attendance (the student budget) and the assessed student and parent resources calculated by Student Financial Services. There are two standardized formulas used to determine family resources. The first is called Federal Methodology. HLS is required by law to use this formula, established by the U.S. Congress, to determine a student’s eligibility for federal financial aid (for graduate students, this means eligibility for federal loan assistance). Federal Methodology is limited in scope, ignores some key forms of income, and eliminates some substantial types of assets from the need consideration. The data used to complete this analysis is collected via the FAFSA. Graduate students are always treated as independent for the purposes of determining eligibility for federal aid and do not need to submit any parental information on the FAFSA. The second formula is known as Institutional Methodology. This formula is nationally accepted
