Loyola University Chicago

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Loyola University Chicago

Financial Aid Office

Loans FAQs

How do I become eligible to receive federal student loans? 
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.

My loan funds have not yet disbursed to my student account. What do I need to do to accept them?
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.

How long does it take for OSFA to receive confirmation that I have completed the Entrance Loan Counseling and Master Promissory Note steps?
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.   
 
If I am not interested in borrowing loans, how do I decline them?
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. 

What is the difference between Subsidized and Unsubsidized Federal Stafford Loans? 
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.

What are the interest rates of federal loans? 
Interest rates for the Federal Stafford Loans are reviewed annually on July 1st. 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.

How many credit hours do I need in order to receive loan funds? 
The enrollment requirement for federal loans is half-time. Students wishing to borrow an alternative loan should contact their individual lender for enrollment requirements.

How much can I borrow in Federal Stafford Loans during a year? 
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.

How can I apply for more loans?
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.

When do I need to repay my loans?  
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. 

How can I find out the total amount of student loans I have taken out?
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. 



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

Notice of Non-discriminatory Policy