Loyola University Chicago

Graduate students can contact the Office of Student Financial Assistance (OSFA) by email at: gradfinaid@luc.edu or call 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: gradfinaid@luc.edu.

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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 1st 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 U.S. 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 U. S. Department of Education. If your SAR does not list Loyola, contact the U. S. 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: gradfinaid@luc.edu. Budgets for these programs are determined on an individual basis.

As a fully admitted student in an eligible academic program, you must be enrolled at least halftime to be eligible for federal student loans. Loyola has semester and quarter graduate programs. During the regular 9-month academic year, halftime enrollment is defined as 4 hours per semester or 3 hours per quarter, depending on your program.In summer sessions, halftime enrollment is currently defined as 2 semester hours or 3 quarter hours, depending on your program. (For exceptions see, 'What is halftime and fulltime enrollment for graduate students?' below)

The academic year begins in the fall and ends in the summer. Students eligible for federal student loans will receive an Estimated Award Letter from the financial aid office. The loan amounts in the estimate letter are based on the assumption you will be enrolled fulltime (8 semester hours or 6 quarter hours.) You will be required to complete and return a Graduate Data Sheet that asks the number of hours you plan to enroll during each term. Loan amounts are finalized based on the number of hours you indicated on your Graduate Data Sheet, i.e. your planned enrollment. If your actual enrollment differs from your planned enrollment, your loans will be recalculated.

Notify your graduate financial aid counselor as soon as possible if you know your actual enrollment will be different from the planned enrollment you indicated on your Graduate Data Sheet. Otherwise your aid will be delayed until your counselor reviews your account; counselor reviews begin after the term is in process. Change in enrollment can result in adjustments and delays to your loan award.

Note: Use LOCUS (Loyola's Online Connection to University Services) www.luc.edu/locus, to see your enrollment.

Generally, to be considered half-time a graduate student must be enrolled in at least 4 graduate semester hours or 3 graduate quarter hours (depending on the program). Full-time enrollment is defined as 8 graduate semester hours or 6 graduate quarter hours (depending on the program). However, a graduate student may be considered enrolled full-time in a term if any of the following conditions apply:

• Receiving an eligible Assistantship or Fellowship
  
  
  
  
  
  
  
  
  
• Enrolled in eligible Clerkship, Internship, or Practicum coursework (not all courses are eligible; typically these are classes requiring field/agency work.)
  
  
  
  
  
  
  
  
  
• Students in the Dietetic Internship Program and enrolled in dietetic courses.
  
  
  
  
  
  
  
  
  
• Semester students enrolled in any of the following semester classes: Master Study 605, Doctoral Study 610, Thesis 595, or any 600 level Dissertation Class.
  
  
  
  
  
  
  
  
  

Note: Students enrolled in Research are considered fulltime in terms where their enrollment is at least 8 graduate semester hours.

Questions should be directed to gradfinaid@luc.edu.

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 email 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 1st.) 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 Student Business Office. Students are encouraged to sign up for Electronic Refunds in LOCUS (the link is called "Update your Direct Deposit profile"). 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. Applications are available in the Office of the Bursar or at www.luc.edu/sbo/forms.html. Otherwise refunds will be mailed to you, allow at least two weeks from the date the refund is processed.

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.

1. Required documents/actions have not been completed. The Office of Student Financial Assistance (OSFA) requests documents from you including the Graduate Data Sheet. Other Loyola and non-Loyola offices may also request a response from you before aid can be disbursed. For example, you may need to complete your Federal Stafford or Perkins Promissory Note; you may need to complete your Loan Entrance Counseling; the Student Business Office may require that you clear up a previous balance; your graduate department may need documentation; etc. Once all requested information has been received and processed by the appropriate party your aid will be disbursed.
   
   
   
   
   
   
   
   
   
   
2. Your Federal Student Loan or alternative loan funds have not been received by Loyola. First remember your loan cannot disburse from the lender to the school if the Entrance Counseling and Master Promissory Note (see below) are not complete! If you believe you have completed all required steps, contact OSFA at: gradfinaid@luc.edu regarding your concerns.
   
   
   
   
   
   
   
   
   

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.

Graduate students may be eligible for up to $20,500 in Federal Stafford Loans each academic year. Of this amount only $8,500 can be a Subsidized Stafford Loan.

A subsidized loan is awarded based on financial need as determined by your FAFSA information. You will not be charged interest on subsidized loans before you begin repayment or during authorized deferment periods. An unsubsidized loan is not awarded on the basis of need. You are charged interest from the time the loan is disbursed until it is paid in full.

You are required to complete entrance counseling if you are borrowing at Loyola for the first time, even if you completed entrance counseling at another school. Learn more about the Federal Stafford Loan here and complete your entrance counseling online here.

 

If you are borrowing for the first time at Loyola University Chicago through the Federal Stafford Loan, you must complete entrance counseling before the funds will disburse.  The entrance counseling session for the Federal Stafford Loan can be completed here.

The Office of the Bursar offers a program called Book Dollars. Signing up for book dollars allows you to charge your books at the Lake Shore or Water Tower Campus bookstores. For details, contact the Office of the Bursar at 773.508.7705; or stop by the Bursar's office.

For other emergencies contact your graduate financial aid counselor or the graduate financial aid program director by e-mail at: gradfinaid@luc.edu.

Because most graduate students request maximum Stafford Loan amounts, all Stafford Loans will be electronically processed to the lenders after July 15 to ensure funds are available at the start of the Fall Semester.

Therefore, you must notify OSFA of any changes to your loan amounts immediately. If you are making changes to your Stafford Loan after July 15, fill out a loan reduction form. You can also contact your lender at any time to cancel or reduce your loan.

You will receive a notification when your loan funds are disbursed to your Loyola account. This notice includes directions for canceling your loan and/or returning excess loan funds once the funds have been disbursed to you.

You are not awarded a Stafford Loan if you answered 'No' to the loan question on your FAFSA. If you are awarded a loan that you do not want, e-mail: gradfinaid@luc.edu.  Include your name and Loyola ID or Social Security Number.

After you graduate, leave school, drop below half-time enrollment or end your grace period, you will begin repayment of your loan. Contact your Federal Stafford lender or the university holding your Perkins Loan to determine when your repayment begins.

You should be notified by your lender or servicer of the date your repayment will begin. However, you are responsible for beginning repayment on time, even if you don't receive this information. Failing to make payments on your loan may have a negative effect on your credit.

Federal Stafford Loan balance prior to July 1, 1993: If you have an outstanding balance on a Stafford Loan received prior to July 1, 1993 you should contact the Direct Loan Servicing Center at 800.848.0979 or www.dlssonline.com for deferment options.

Federal Stafford Loans received after July 1, 1993: Loyola University Chicago electronically transmits enrollment and an estimated graduation status each term to the National Student Clearinghouse (NSC). Participating lenders may use this information to update borrower status. If your lender does not use NSC information to update their student files, you will need to request a deferment form each term from the lender. Each term the paper deferment form must be completed by Loyola's Office of Registration and Records. The Office of Registration and Records will complete the form after the drop/add period ends for that term, and return the form to your lender.

Federal Perkins Loans: If you have an outstanding Perkins Loan from another school, you should contact that school and ask about their deferment process. Typically, the school will have you complete their Perkins deferment form for each term. Perkins Loan deferment forms are completed by Loyola's Office of Registration and Records.

Contact OSFA at: gradfinaid@luc.edu if you have any deferment problems.

If your graduation date changes, you must notify your lender(s) or servicer(s).

Note: If you are in a dual program, e.g. Masters/Ph.D., you should contact gradfinaid@luc.edu to monitor and update your graduation date. You may also need to contact your lender or servicer.

All changes should be directed to each and every servicer of your loans. Contacting Financial Aid, Alumni Affairs or the office of your dean is not sufficient.

Yes, your loans can be prepaid without penalty. Contact your lender(s).