Loyola University Chicago

Financial Aid Office

Federal Perkin's Loans

Loyola University Chicago participates in the Federal Perkins Loan Program, which offers low interest loans for students with exceptional need. Loyola awards Perkins loans to undergraduate students who are Pell-eligible and file the FAFSA early as funds are limited. The 2016-2017 award maximum is $1,000 for the year.

The current interest rate is fixed at 5% and there is no origination (i.e. processing) fee. The loan does not begin to earn interest until it goes into repayment, which begins 9 months from either the date of graduate or the date you cease to be enrolled at least part-time. Loyola uses ECSI, a third party servicer, to facilitate the borrowing and repayment process.

Please note that the Perkins Loan program will end on September 30, 2017 under the terms of the December 2015 Federal Perkins Loan Extension Act of 2015. For complete information on the Federal Perkins Loan, see studentaid.ed.gov.

For more information about your loan options, please contact the Financial Aid Office at 773.508.7704 or lufinaid@luc.edu.