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Loyola University Chicago

Financial Aid Office

Direct Loans - Summer 2010 & 2010-2011

Federal Direct Stafford Loans   

Summer 2010:

Students borrowing Stafford Loans for Summer 2010 must log in and sign the Master Promissory Note (MPN) and entrance counseling at StudentLoans.govALL undergraduate and graduate students at Loyola must sign a MPN for Summer 2010 loans, even if you borrowed Federal Stafford Loans previously at Loyola.  Your Loans cannot pay your University charges until you do this step.

Fall 2010/Winter 2010/Spring 2011:

ALL undergraduate and graduate students borrowing for 2010-2011 at Loyola must sign a new Master Promissory Note (MPN) through the Federal Direct Loan Program, even if you borrowed Federal Stafford Loans previously at Loyola. 

Students log in and sign the MPN and entrance counseling at StudentLoans.gov.  You can do this now, even as you finalize the remainder of your financial aid steps.  Your Direct Stafford Loans cannot pay your University charges until you do this step.

Federal Direct Parent Loans for Undergraduate Students (PLUS)   

Fall 2010/Spring 2011:

Parents can start the Federal Direct PLUS Loan process for Fall 2010/Spring 2011 now.  The Department of Education will be the sole lender available for the Federal PLUS Loan program in 2010-2011. Go to StudentLoans.gov to start the process.

  1. Log onto StudentLoans.gov using the parent borrower’s information and PIN.
  2. Once logged in, choose the REQUEST PLUS LOAN option.  This will complete a new Master Promissory Note (MPN) for the Direct PLUS Loan and start the credit check process.
  3. Once Loyola is notified of the credit check, Loyola will email the results of the credit check.
  4. If approved, the Direct PLUS Loan is added to the financial aid award (Log into Locus at www.luc.edu/locus to VIEW FINANCIAL AID).
  5. If the credit check is not approved, additional information will be provided so your parent can contact the Direct Loan Servicing Center to receive more specific information about the decision.

Summer 2010:

Parents borrowing for Summer 2010 can also go to Student Loans.gov to begin the process.  The US Department of Education does not have the credit check feature available online for parents to apply for the Federal PLUS Loan at this date.  Again, the Department of Education will be the sole lender available for the Federal PLUS Loan program for Summer 2010. Since this is being set up for Summer 2010, it is recommended to start on or after May 1, 2010.

The process to borrow a Direct PLUS loan during Summer 2010 is:

  1. Log onto StudentLoans.gov using the parent borrower’s information and PIN.
  2. Once logged in, choose the COMPLETE MPN option (for Summer, do NOT choose REQUEST PLUS LOAN option).  This will complete a new Master Promissory Note (MPN) for the Direct PLUS Loan and start the credit check process.
  3. You and your parent must also complete a SUMMER 2010 PLUS LOAN REQUEST form. 
  4. Loyola will email the results of the credit check.
  5. If approved, the Direct PLUS Loan is added to the financial aid award (Log into Locus at www.luc.edu/locus to VIEW FINANCIAL AID).
  6. If the credit check is not approved, additional information will be provided so your parent can contact the Direct Loan Servicing Center to receive more specific information about the decision.

Federal Direct Graduate PLUS Loans   

Summer 2010:

Graduate Students borrowing for Summer 2010 can go to Student Loans.gov to begin the process.  The US Department of Education does not have the credit check feature available online for graduate students combined, so it will be a slightly different process for Summer Loans.  The Department of Education is the sole lender available for the Graduate PLUS Loan program for Summer 2010.

The process to borrow a Direct Graduate PLUS loan during Summer 2010 is:

  1. You must log onto StudentLoans.gov using your information and PIN.
  2. Once logged in, choose the REQUEST PLUS LOAN option.  This will complete a new Master Promissory Note (MPN) for the Direct PLUS Loan and start the credit check process.
  3. Once Loyola is notified of the credit check results, Loyola will email the results of the credit check.
  4. If approved, the Direct Graduate PLUS Loan is added to the financial aid award (Log into Locus at www.luc.edu/locus to VIEW FINANCIAL AID).
  5. If the credit check is not approved, additional information will be provided so you can contact the Direct Loan Servicing Center to receive more specific information about the decision.

Fall 2010/Winter 2010/Spring 2011:

Graduate students can start the Federal Direct Graduate PLUS Loan process for Fall 2010/Spring 2011 on or after May 1st. The US Department of Education will have the credit check feature available online for students to apply for the Federal PLUS Loan at this date.  As with Summer, the Department of Education will be the sole lender available for the Federal PLUS Loan program in 2010-201.

  1. You must log onto StudentLoans.gov using your information and PIN.
  2. Once logged in, choose the REQUEST PLUS LOAN option.  This will complete a new Master Promissory Note (MPN) for the Direct PLUS Loan and start the credit check process.
  3. Once Loyola is notified of the credit check results, Loyola will email the results of the credit check.
  4. If approved, the Direct Graduate PLUS Loan is added to the financial aid award (Log into Locus at www.luc.edu/locus to VIEW FINANCIAL AID).
  5. If the credit check is not approved, additional information will be provided so you can contact the Direct Loan Servicing Center to receive more specific information about the decision.



Loyola

Financial Aid Office · Sullivan Center · 6339 N. Sheridan Rd., Chicago, IL 60660 · 773.508.7704 · lufinaid@luc.edu
Mailing Address: 1032 W. Sheridan Rd., Chicago, IL 60660

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