As you begin exploring your options to fund your education, it is very important to understand the basic financial aid process:
1. Explore scholarships
Merit-based scholarships are awarded at the time of admission without consideration of financial need. But other scholarships are available. Check out our scholarship tip sheet as well as other scholarship opportunities that require separate applications.
2. Submit your FAFSA
One of the first steps toward being considered for financial aid—whether it's federal student loans, grants, Loyola scholarships, etc.—is to complete the Free Application for Federal Student Aid, or FAFSA. The FAFSA is available online at fafsa.ed.gov.
You should submit a FAFSA as soon as possible in the same calendar year as you plan to start college, and no later than June 30 of the following year. So to start college in Fall 2016, you can submit your FAFSA as early as January 1, 2016 and as late as June 30, 2017. However, Loyola strongly encourages you to submit your application prior to March 1 to receive priority consideration.
The FAFSA will ask for a school code. Loyola's school code is 001710.
3. Student Aid Report
Shortly after submitting your FAFSA, you will receive a Student Aid Report. It is your opportunity to review and correct the information the federal government will use to determine your financial aid award. Please review the Student Aid Report carefully.
Student Aid Reports are available online to those who submit an email address in their application. The Student Aid Report may say that you've been selected for verification. If that's the case, you may be asked for additional information.
4. Determining your need
Once you submit your FAFSA, the U.S. Department of Education will determine your financial need. They will consider a number of factors, like: Family income, size of the family, the number of family members in college, and the assets of students and parents.
This information will be used to calculate your expected family contribution and how much you will need to borrow or secure from other funding sources.
5. Award letter
In early Spring, Loyola will send you an award letter listing student aid you may be eligible to receive as a result of completing the FAFSA application. The award letter may include federal loans, grants, scholarships, and work study. It will also include estimated direct and indirect expenses to help your family calculate the total cost of your education at Loyola.
Some students will be selected by FAFSA for a process called verification, which checks the accuracy of certain FAFSA answers. If you are selected for verification, you will be sent an estimated award letter and notification that additional information is needed. You can review the requested documentation on your To-Do list in the Student Center section of LOCUS, our online student portal.
6. Filing an appeal
If your family has experienced a change of circumstances such as loss of employment, excessive medical bills, death of a parent, etc., you may complete a 2015-2016 Special Circumstance Appeal to request a reevaluation of your financial aid eligibility.
The form allows you to describe the financial changes in detail and the impact it has on your ability to meet your educational expenses. Any award adjustment will be contingent upon your eligibility and the availability of funds.
7. Secure additional financing
Loyola's financial aid awards may not cover the entire cost of attendance. It's your responsibility to secure additional financing for expenses that are not covered by scholarships, grants, federal student loans, etc.
Once you have reviewed your award letter, you may login to LOCUS and find The Bottom Line (Estimate) under the Campus Finances menu. This is a tool for students and parents that lets you see an estimate of the remaining balance for the academic year.
The Bottom Line is an estimate. Once generated, please view your eBill or Account Summary by Term for actual figures.
For more information about applying for financial aid, please contact the Financial Aid Office at email@example.com or 773.508.7704.