Andrea Rebello, who lived in the house with her twin sister and another woman, was a junior at the Uniondale, New York school. The armed man was also killed.
Police said it was not immediately clear if Rebello was killed by the gunman or in the subsequent shootout with police, the New York Times reported.
Around 2:15 a.m. a man wearing a ski mask and carrying a pistol knocked on the door to Rebello's home, and burst through when one of the women went to see who it was. He held Rebello and her twin, Jessica, hostage, but apparently let the third woman leave to withdraw cash from a nearby ATM.
The third woman called the police at 2:29 a.m., and more than a dozen officers soon surrounded the home. Her father, who asked that her name be kept private, told the Times she was badly shaken by the incident.
"Shortly after our arrival, a shooting took place where the suspect is killed and one of the female victims are killed,” Deputy Inspector Kenneth Lack of the Nassau County Police Department, told the Times.
Hofstra University President Stuart Rabinowitz said commencement ceremonies would go on as scheduled this weekend, but flags would be flown at half staff and students planned a gathering Friday night to remember Rebello.
"We do not yet know all of the relevant details,” Rabinowitz said. “What we do know is that a young member of the Hofstra family has been taken from us in a senseless act of violence. Our hearts and minds and our thoughts and prayers are with her family, her friends and her classmates.”