The Financial Aid Office can help guide you through the financial aid process. Below are some of the most common questions asked by students and parents:
To apply for financial aid at Loyola, please complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is year-specific, so you must reapply every year.
Loyola University Chicago’s school code is 001710. Be sure to list this code on your FAFSA so that Loyola University Chicago can receive your FAFSA information.
The earliest you can begin to complete your FAFSA is January 1st of the upcoming year. To be considered for all resources available, we encourage you to submit your FAFSA before March 1. If continuing undergraduate students do not meet the March 1 priority application date, eligibility for need-based assistance may be affected.
You may use estimated or the prior year’s tax information to file the FAFSA. However, you must correct the FAFSA to include completed federal income tax information as soon as it is available. When completing the FAFSA with estimated information, be sure that the estimates closely match your actual data. If not, your financial aid package could change when the information is updated.
If you have questions about completing the FAFSA, feel free to contact the Office of Student Financial Assistance.
If you forgot to sign the FAFSA or need to make corrections, visit www.fafas.ed.gov and choose the appropriate option under “Step 3: FAFSA Follow-Up”.
Family members should be included in the household size only if your parents can verify that they provide more than half of the financial support for the individual.
You are required to complete the FAFSA using your marital status at the time of application. If you are unmarried now, you must indicate "single" as your marital status. Marital status cannot be updated to married until you file the FAFSA for the next academic year.
Dependent students are required to submit their parents’ information on the FAFSA in order to be considered fully for financial aid. However, parents are not obligated to pay for your educational costs by providing personal information.
If, however, your parent refuses to complete the FAFSA, you may still be eligible for an Unsubsidized Federal Stafford Loan when completing the FAFSA with only your information. Contact OSFA to discuss your situation and get full FAFSA filing instructions.
Not necessarily. You will be considered a dependent student for the current academic year unless you are 24 years of age or older, are an orphan or ward of the court, a veteran of the US Armed Forces, a graduate or professional student, are married, or a student who has legal dependents other than a spouse. If you feel you have a unique situation that does not meet the above criteria, you should contact OSFA for assistance.
Complete the FAFSA with yours and your mother's information. Only the custodial parent (parent with whom the child lives or last lived) is required to supply financial information for the FAFSA.
Yes. Your mother and stepfather are both required to supply financial information when you complete the FAFSA, as all resources in the household must be considered.
If your family has experienced a change in your financial situation (loss of employment, excessive medical bills, death of a parent, etc.), you may complete a Special Circumstance Appeal to request a reevaluation of your financial aid eligibility. Make sure to provide us with copies of all relevant documentation of the situation and its impact on your family’s finances.
Financial Aid Awards
Students will be are provided with a Financial Aid Award that outlines all financial aid awards and scholarships for which you are eligible, as determined by your application for admission and by your FAFSA.
Loyola does not reduce your aid if you receive small outside scholarships! However, if you receive an outside scholarship that is a significant award amount, we will have to review your overall financial aid award. Click here for more information about the outside scholarship process.
All financial aid awards are applied to your University account with the Office of the Bursar. The remaining balance after financial aid is credited may be paid in installments by signing up for a payment plan. Federal Work-Study earnings are received via a bi-weekly paycheck or via direct deposit into a student’s checking or savings account.
Some students must send additional documentation for verification review. Students selected for verification will receive their award as an Estimate of Financial Aid Eligibility. The Estimate will include a request for the needed verification documents. Once the documents are received and reviewed, we will update financial aid awards, if needed, and send a Financial Aid Award. Your financial aid will not be disbursed until all requested information is provided and reviewed.
If figures are reported inaccurately on your FAFSA, your financial aid package could change. Our verification process is intended to ensure that the correct information is used to determine an accurate award package for each student.
Students are required to submit a new FAFSA each year, which will determine their eligibility for the upcoming academic year. Changes in the family's financial situation and increased loan amounts, among other factors, may affect the award from year to year. Additionally, students are required to meet all scholarship requirements and meet the satisfactory academic progress policies to ensure that eligibility for scholarships and financial aid is maintained.
Your financial aid can be affected by your enrollment level (i.e. part time, full-time) and/or living arrangements (i.e., in a Loyola residence hall, off-campus apartment or commuting from a parent's home). Changes to these items could potentially impact your financial aid awards. Students considering changing their enrollment status or living plans should contact OSFA.
Enrollment requirements differ for undergraduate and graduate students. Click here for the specific enrollment parameters.
In order for your Federal Stafford Loan funds to disburse to your student account, you need to complete Entrance Loan Counseling and sign a Master Promissory Note. If you have also been awarded a Federal Perkins or Nursing Student Loan, a separate Master Promissory Note is required for each loan program.
It typically takes our office 3–5 business days to receive confirmation that you have completed these necessary steps. Once this confirmation is received, you will no longer see these items on your To-Do List in the Student Center in LOCUS.
You can decline your student loans online through LOCUS, under your Student Center. You may either decline the entire loan, or reduce the offered loan amounts.
Subsidized Federal Stafford Loans are loans on which the government will pay the interest. Unsubsidized Federal Stafford Loans are loans for which you are responsible for the interest. Click here for more information about eligibility requirements for Federal Stafford Loans.
The enrollment requirement for federal loans is half-time. Students wishing to borrow an alternative loan should contact their individual lender for enrollment requirements.
Your eligibility for Federal Stafford Loans depends on your academic level and your prior borrowing history. Click here for the specific amounts per academic year.
There are a variety of loan options available for students. Click here to learn more about your financing options and to start the application process.
Repayment for Federal Stafford Loans begins 6 months after you complete your program or cease to maintain half time enrollment. Repayment for Federal Perkins Loans and Federal Nursing Student Loans begins 9 months after you complete your program or cease to maintain half time enrollment. Repayment of the principal and interest on Federal PLUS Loans begins within 60 days of the disbursement of the loan funds.
You can log onto the National Student Loan Database for complete listing of the federal loans that you have borrowed. You will need your FAFSA pin number in order to access the website. If you have borrowed alternative loans, you should contact your lender to get a comprehensive listing of those loans.
If your family has experienced a change in your financial situation (loss of employment, excessive medical bills, death of a parent, etc.), you may complete a Special Circumstance Appeal to request a re-evaluation of your financial aid eligibility.
The Office of Student Financial Assistance has a range of additional financing options you can utilize to help you with the remaining educational expenses not covered by your current financial aid award.
Depending on the time of year, we ask that you allow 10–14 business days for us to complete the review. You can see if your appeal has been received by checking your To-Do List on your Student Center on LOCUS.
After a primary review of your appeal we believe we can make adjustments to your financial aid award, but it was determined that additional documentation was needed in order to complete the review.
Although we reviewed your Special Circumstance Appeal, the changes we made may not have been significant enough to result in the awarding of additional aid. For more specific information on your appeal review, please contact OSFA.
You will need to submit a new appeal based on any new situations not yet communicated to our office. Please submit a new Special Circumstance Appeal form and all supporting documentation so that OSFA can evaluate your new circumstances.
No. You may submit a special circumstances appeal at any time after you have filed the FAFSA and have received a Financial Aid Award from the Office of Student Financial Assistance. Appeals can only be submitted to account for circumstances that have occurred in respect to the current academic year in which a student is enrolled.
The prior year’s federal tax returns are required for the appeal process. We also require that you submit relevant, supporting documentation for your family’s special circumstances. These can include official statements, such as a paycheck from an employer or a receipt of a private tuition bill that has been paid.
It may depend on the type of business and if your family has pay stubs or W-2 forms. Other documentation such as quarterly business earning statements and/or business financial records from an accounting office will also be useful during the appeal review.
Yes. If the withdrawal will not occur again and is impacting your family’s taxable income from the past year, you may submit an appeal for this situation to be considered. Please remember to submit all relevant supporting documentation, including federal tax returns and information regarding the income in question.
No, sibling enrollment in college is already considered on your FAFSA. Only other siblings attending private elementary or high schools can be accounted for in an appeal.
No, because the items are not associated with any FAFSA questions. We cannot adjust for mortgages, car expenses, bankruptcy, credit card debt, leisure activities or other types of family debt.
Graduate students can contact the Office of Student Financial Assistance (OSFA) by e-mail at firstname.lastname@example.org or by calling graduate financial aid at 773.508.2984.
Loyola offers graduate programs on both semester and quarter schedules, whereas undergraduate programs are semester only. It is helpful to identify yourself as a graduate quarter or semester student when calling or sending correspondence.
Federal financial aid programs are available to eligible graduate students in the form of federal student loans and/or federal work study. A graduate student may be eligible for up to $20,500 in Federal Stafford Loan funds each academic year. of this total, no more than $8,500 may be subsidized. Federal work study is earned through eligible employment, generally on-campus.
You must complete the Free Application for Federal Student Aid (FAFSA) each year to be considered for these federal student aid programs. If you are required to complete the FAFSA but do not wish to receive federal student loans or federal work study answer 'No' to these questions in section one of the FAFSA. If you decide later you would like to participate, notify the Office of Student Financial Aid at: email@example.com.
Departmental scholarships, assistantships and fellowships are awarded by Loyola's graduate academic departments. (These forms of financial aid are not available to graduate education cohort students.) Check with your academic department for eligibility, application and deadlines. Apply early! In addition, you should search online (e.g. www.fastweb.com) or in your local library for private scholarships.
Loyola's Office of the Bursar offers programs for deferred employer payments and for student payment plans. For more information, visit www.luc.edu/bursar/payment.shtml.
Graduate PLUS Loans and alternative student loans are student loans offered by private lending companies. Both loans are based on the creditworthiness of the applicant and/or co-signer. Contact the lender directly to inquire or apply. Click here for more information. Students who are ineligible for federal loans or those who need to supplement their federal loans often apply for one of these additional student loans. If you are an international student contact the lenders to ask if loans are available to you as an international student.
United States citizens and eligible non-citizens can apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA). Generally, you are an eligible non-citizen if you are:
- A US permanent resident and you have an Alien Registration Receipt Card (I-551)
- A conditional permanent resident (I0551C)
- An non-citizen with an Arrival-Departure Record (I-94) from the US Immigration and Naturalization Service showing any one of the following designations: refugee, asylum granted, indefinite parole, humanitarian Parole, or Cuban-Haitian entrant
If you are in the US on an F1 or F2 Student Visa or on a J1 or J2 Exchange Visitor Visa or a G Series Visa, you are not eligible for federal financial aid.
For more information about eligibility for federal financial aid, visit www.ed.gov/studentaid or call 1.800.433.3243.
Each year you must submit the Free Application for Federal Student Aid (FAFSA) to the US Department of Education's central processor. You can complete and submit the FAFSA online at www.fafsa.ed.gov or via a paper FAFSA form. Be sure to list Loyola's Title IV School Code (001710) on the FAFSA. Keep a copy for your records.
Verification: A key part of the financial aid process is verification of reported data. After Loyola receives your FAFSA data we may ask you to supply additional information or documents if you are selected for either of these processes: FAFSA Verification or Quality Assurance Verification. If you are selected for one of these processes, your financial aid cannot be processed until all documents are received and reviewed by the financial aid office. Documents can be requested at any time in the process.
Special Circumstance: The FAFSA requires your previous year's income information. If your information changes significantly, you can appeal using the appropriate financial aid form: Student Loss of Job/Decrease of Income and/or Special Circumstance. Click here for the Office of Student Financial Assistance forms page.
The FAFSA form is year specific so it must be submitted for each academic year that you would like to be considered for federal aid. An academic year at Loyola begins with the Fall term and continues through the end of the following Summer term. The FAFSA cannot be filed prior to January 1 each year. Therefore, if you want to be considered for federal aid beginning in the Fall 2007 term, you should file the 2007–2008 FAFSA as early as January 1, 2007. Because the process takes several weeks, you are encouraged to file as early as possible. We recommend that you file your FAFSA by March 1 each year to ensure smooth processing.
If you haven't completed your federal tax forms you can estimate your tax information on the FAFSA. Loyola's Office of Student Financial Assistance (OSFA) may request that you submit a copy of your completed federal tax forms at a later date.
The US Department of Education will reply to your FAFSA application by sending you a Student Aid Report (SAR), usually within 6–8 weeks. The SAR is a summary of the information you reported on your FAFSA. Review your SAR information to ensure its accuracy. If the SAR is correct, keep it for your records. Do not send your SAR to Loyola. If you listed Loyola University Chicago on your FAFSA, we will receive the information electronically from the US Department of Education. If your SAR does not list Loyola, contact the US Dept. of Education's central processor at the toll free number on the SAR. You will be asked to provide information from your SAR.
After the FAFSA is processed you will receive a Student Aid Report (SAR) that summarizes all the information you reported on the FAFSA. If you forgot to sign or need to make corrections, use PART 2 of the SAR and submit it to the address listed to reprocess. If you file the FAFSA online, you may make corrections online as well.
The combination of all federal and non-federal aid cannot exceed the cost of attendance at Loyola University Chicago. Additional factors include: your FAFSA information (for federal aid), your actual enrollment, your associated tuition and fees, and your living costs.
Loyola's Office of Student Financial Assistance (OSFA) uses a projected budget to determine your eligibility for financial assistance. Your budget has been customized for you based on your academic program, your living arrangements (on-campus, off-campus, with relatives), and your planned level of enrollment.
Your budget includes expenses paid directly to the University, such as tuition and fees, as well as indirect expenses, such as books, transportation, and average living expenses.
Budgets do not include discretionary expenses such as car payments, long distance phone charges, or credit card payments.
Budgets can be adjusted to meet unusual situations. If you have unusual expenses such as childcare, medical bills/prescriptions not covered by insurance, or any extraordinary expense, complete the Budget Appeal form available here. You may be asked to provide supporting documents.
Graduate students who will be attending study abroad programs should e-mail firstname.lastname@example.org. Budgets for these programs are determined on an individual basis.
In the spring, OSFA begins mailing award notices to those graduate students whose FAFSA information has been received and who have been admitted to an eligible academic program.
Award notices are mailed to students throughout the academic year as OSFA is notified of eligibility or eligibility changes. Continuing students at Loyola receive an e-mail advising them to review their awards in LOCUS.
Loyola receives your FAFSA information electronically (as long as you listed Loyola on the FAFSA). Beginning in May, Award Letters are sent to students who received a valid Student Aid Report (SAR) and have been admitted into an eligible program at Loyola. You should expect to receive an award notice within 30 days of receiving your SAR (but no sooner than May 1.) The Award Letter will request additional information from you that must be completed before your aid will be finalized.
Non-federal aid (scholarships, employee tuition benefits, etc.) will be included in the award letter from Loyola's Office of Student Financial Assistance (OSFA) after we receive notification about the non-federal award from you or from the funding source. Federal regulations require you to notify OSFA about any additional assistance you will receive. Upon notification, previously awarded aid, such as loans, may be adjusted. You will be mailed a revised award letter if your aid changes.
The Award Package contains information, explanations, directions and documents that you will need to read/complete. You should review the packet carefully and return requested documents and/or any corrected information to Loyola's Office of Student Financial Assistance (OSFA) immediately.
When a student enrolls at Loyola, an account is created in the Office of the Bursar. A monthly Statement of Account (your bill) is issued which lists University charges including tuition and fees; credits from financial aid scholarships, loans, etc; cash payments and any balance due. Financial aid awards received or sent directly to Loyola are applied to your University account.
LOCUS (Loyola's Online Connection to University Services) www.luc.edu/locus, allows you to go online and monitor your University account. You can: see your financial aid, your tuition bill, change your address and phone number, register for classes, see class schedules, and more.
Credit balances: Once payments are posted to your Loyola account, you may have a credit balance on your account. A refund is automatically generated and sent to you from the Office of the Bursar. Students are encouraged to sign up for Electronic Refunds in LOCUS. With Electronic Refunds, funds are deposited directly into the students checking or savings account usually within 2 business days from the date the refund is processed. Otherwise refunds must be picked up from the Bursar.
Financial aid normally pays to a student's account at the beginning of each term. Many factors affect the processing and payment of your aid. All payments are contingent upon verification of documents requested by Loyola's Office of Student Financial Assistance (OSFA), your level of enrollment, and eligibility requirements for the specific awards.
Your Stafford Loan funds are disbursed to Loyola by your lender. Loans are normally disbursed in equal installments at the beginning of each term. The disbursement dates are set at or near the start dates of each term. Most funds are sent to Loyola as EFTs (Electronic Funds Transfers) from the lender. Once disbursed by your lender, EFT funds are normally received at Loyola in 2–3 business days. If your lender sends your funds to Loyola via a paper check, allow a minimum of 10 business days for Loyola to receive the check.