Loyola University Chicago

Loyola’s Office of Student Financial Assistance (OSFA) calculated your enclosed Financial Aid Award,  You may access your financial assistance awards and your university account in LOCUS at: www.luc.edu/locus.

The Financial Aid award represents assistance from one or more sources, based on:

• Information you or your parents provided on the 2007–2008 Free Application for Federal Student Aid (FAFSA).

• Our knowledge of program funding, program award limits and eligibility criteria as of the date of this notice.

If data reported on your FAFSA have changed, or if we requested additional information, your actual financial aid eligibility may have changed from what was initial Estimate of Financial Aid Eligibility.

Your Financial Aid Award funds are:

• Disbursed around the beginning of each term.

• Subject to change should your enrollment level, living arrangements or financial aid eligibility fluctuate.

Prevent Disbursement Delays

• Update your local and permanent addresses, phone numbers and e-mail addresses, whenever changes occur, in Loyola’s Online Connection to University Services (LOCUS) at: www.luc.edu/locus. New students may access LOCUS after completing orientation. We send mail to your local/housing address while classes are in session, and use your permanent address during winter and summer breaks. Be sure both physical addresses, phone numbers and e-mail addresses are current at all times.

• Respond to all requests for information as quickly as possible. Financial assistance programs have deadlines. Delays in returning materials or requested information can cause delays in processing and disbursement, and possible loss of eligibility.

• Check your Loyola e-mail account. We frequently send information, requests or updates. If you use another e-mail program, arrange to forward messages sent to your Loyola address. E-mail is an official means of communication from the university.

If you change your 2007–2008 expected enrollment level and living arrangements, Enrollment levels are defined per semester as follows: 

• Full-time: 12 or more credit hours

• Three-quarter time: 9–11 credit hours

• Half-time: 6–8 credit hours

Most Loyola courses are three credit hours each, with the exception of science courses, which may be four credit hours each. Students must be enrolled at least half-time to be eligible for most financial aid, and your award could change if your enrollment level changes.

If your enrollment level has changed, indicate your correct enrollment level on the third page of your Financial Aid Award, and send it back to OSFA. It is not necessary to send OSFA changes to your courseload that don’t affect your enrollment level. For example, if you drop from 15 to 12 credit hours per semester, you are still considered a full-time student and your enrollment level hasn’t changed.

OSFA is required to recalculate financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing more than 60% of a term, and for those who do not successfully complete at least one course in a term. You may be eligible for a tuition refund depending on your date of withdrawal. For more information about academic withdrawal, visit:www.luc.edu/finaid/withdrawal.shtml.

Student living plans include living at home, living in oncampus housing or renting an off-campus apartment. If your living plans change, write in your new living situation on the third page of your Financial Aid Award and return it to OSFA.

If this is your first time taking out a federal loan at Loyola, you must complete an entrance loan counseling session, which provides information about how to manage your student loans, both during and after college. Learn more and complete entrance loan counseling online, at: www.luc.edu/finaid/loancounseling.shtml.

You must also sign a Master Promissory Note (MPN), a legal commitment to repay the loan, before you will receive funds. For Federal Stafford Loans, your preferred lender will contact you about completing the MPN after your Financial Aid Award is finalized. You may also access and complete your Federal Stafford MPN at www.luc.edu/finaid/mpn.shtml.  Those who take out a Federal Perkins Loan or Nursing Student Loan can complete combined entrance counseling and signing of their promissory notes online at: www.luc.edu/finaid/mpn.shtml.  You only need to sign one MPN per Federal Loan received. Therefore, if you borrow funds using the same federal program in subsequent years, you will not have to sign another MPN. And, if you received a Federal Stafford or a Federal Perkins Loan in 2006–2007, you do not need to complete another entrance loan counseling session or sign a second MPN.

If your family isn’t eligible for need-based assistance or chooses not to apply, or still needs assistance to finance the additional cost of attendance, check into Federal PLUS and alternative loan programs, both offered by Loyola’s preferred lenders. Federal PLUS loans are not based on need, but on the creditworthiness of the borrower. The interest rate is 8.5%. Borrowers begin paying the principal and interest within 60 days of disbursement. Alternative loans are private, lowinterest unsecured loans, based on the creditworthiness of the borrower. These loans may require a co-signer. Begin the process of applying for these loans by getting pre-approved. You do not need to wait for an actual bill from the university to start the loan process. Use the Bottom Line Section of your information in the Financial Aid Award to estimate your needs and start the process. Learn more about these loan options at: www.luc.edu/finaid/loans.shtml.

OSFA strongly encourages families to use one of Loyola’s preferred lenders for Federal Stafford, Federal PLUS and alternative loan programs, because of their track record of efficiency, accuracy, customer service and compatibility with Loyola’s automated processes. If you are receiving a Federal Stafford Loan, OSFA has recommended a preferred lender, listed on your Financial Aid Award. Your Federal Stafford Loan will be certified to this lender 10 days after your Financial Aid Award is issued or June 1, whichever is later. If you would like to change to another Loyola preferred lender, review the list and information about the lenders at: www.luc.edu/finaid/loans_lenders.shtml.  Then, notify OSFA as soon as possible with your choice of preferred lenders.

Loyola’s preferred lenders do not charge an origination fee for Federal Stafford Loans, but most outside lenders do. If you use outside lenders, contact them for details. PLUS loans have a 1.5% federal loan origination fee deducted from each disbursement. Many alternative loans also have a fee. Check with your lender for more information about loan fees and interest rates.

If you wish to reject your Federal Stafford Loan, or another award, return your Financial Aid Award—with appropriate corrections—to OSFA as soon as possible to prevent further processing. Under most circumstances, previously rejected loan awards can be reinstated at a later time if needed. Rejecting awards will not result in additional grant eligibility.

If your financial aid covers all of your university charges and you anticipate receiving an excess credit refund, enroll in Electronic Refunds to deposit the refund directly into your checking or savings account. An application for Electronic Refunds is available in LOCUS at: www.luc.edu/locus.

Loyola students may charge books and supplies from university bookstores to their university accounts using Rambler Bucks, funds applied to student campus I.D. cards, enabling them to function as prepaid debit cards. Students may add Rambler Bucks to their university accounts up to two weeks before the beginning of each term and during the first week of classes by filling out a Charge Authorization form, available online at: www.luc.edu/campuscard. If you do not wish to use Rambler Bucks, bring sufficient funds to purchase your books at the beginning of each term.

Beginning at the end of the first week of the term, university grants and scholarships will be reflected on your university account in LOCUS when all requested information has been received and verified. Federal Perkins and Nursing Student Loans will begin during the second week of the semester. For Federal Stafford Loans, funds transmitted by the lender via Electronic Funds Transfer (EFT) will appear as credits to your university account after entrance counseling has been completed and a signed promissory note has been submitted. You will receive an by e-mail at your Loyola address when funds are disbursed.