Loyola University Chicago

The College Illinois! Capstone Loan Program provides an additional loan option for Illinois residents in their senior year. This pilot program is being offered to select schools for the 2007-2008 academic year.

The College Illinois! Capstone Loan is not a credit-based loan program. Students are eligible to borrow up to their cost of attendance less the maximum Federal Stafford Loan at the dependent undergraduate student level ($5,500) and all other financial aid you’re expected to receive. There are no origination or repayment fees. Students have a six month grace period after graduation, before repayment begins. Visit the Capstone Loan Program Website for more information.

Benefits

The College Illinois! Capstone Loan offers unique borrower benefits

• 1 percent interest rate reduction for students who work in Illinois after graduation
• 1 percent interest rate reduction if your annual income is between $30,001 and $50,000
• 2 percent interest rate reduction if your annual income is $30,000 or less
• If you work full time and your annual income is $30,000 or less, the outstanding principal on your loan may be reduced by 2 percent upon the completion of each series of 12 consecutive, on-time payments

Eligibility

To be eligible to receive a College Illinois! Capstone Loan, you must:

• Be a U.S. citizen or eligible non-citizen
• Be an Illinois resident
• Be classified as a senior, undergraduate student
• Be enrolled at least half-time in a degree granting or eligible certificate program (or enrolled less than half time in your final semester)
• Be in compliance with Satisfactory Academic Progress policies
• Complete a Free Application for Federal Student Aid (FAFSA)
• Receive the Capstone Loan for no more than two academic years

Application

To be considered for the College Illinois! Capstone Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA (for continuing students) on or after January 1 for the following academic year. Be sure to list Loyola (Title IV Code: 001710) as a school choice on the FAFSA.

Once your FAFSA has been filed, you can apply online for the College Illinois! Capstone Loan.

Notification

IDAPP, the processor for the College Illinois! Capstone Loan, will notify Loyola of your pre-approval for the loan. Loyola’s OSFA determines your College Illinois! Capstone Loan eligibility based on your financial aid award and the rules of the program. If you meet the eligibility criteria, OSFA will certify your loan to IDAPP.

You will receive a revised financial aid award e-mail.

Disbursement

Funds for the College Illinois! Capstone Loan will be disbursed via electronic funds transfer and applied to your student account with the Office of the Bursar. Once all charges have been paid, any excess will be refunded to you by the Bursar. Refunds may be directly deposited into the checking or savings account you designate with the Bursar. Download the Electronic Refunds application from LOCUS.