Loyola University Chicago

Financial Aid Office

Loans FAQs

You must complete the Free Application for Federal Student Aid (FAFSA) to demonstrate eligibility for federal loans. Additionally, you must be enrolled at least half-time in a degree-granting program and meet the federal program requirements.

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.

Interest rates for the Federal Stafford Loans are reviewed annually on July 1. For this year’s current rates, click here. Additional information and fixed interest rates for the Federal Perkins Loans, Federal Nursing Student Loans, and Federal Parent PLUS Loans are listed here.

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.