Federal Loans
- Entrance Counseling
- Federal Loans:
- Suggested Lenders
- Promissory Notes
Nursing Student Loan
Nursing student loans are available to full-time students demonstrating financial need who have been admitted to the Niehoff School of Nursing. The current interest rate is 5%. Qualified students may borrow up to $2,000 annually. Because of funding limitations, awards may be limited, subject to availability of funds.
Perkins Loan
The Federal Perkins Loan is a campus-based program. Students with exceptional need are given priority for these funds. The current interest rate is 5%. Qualified students may borrow up to $2,000 annually, subject to availability of funds.
PLUS Loan
Loan with a fixed interest rate of 8.5% to parents of dependent undergraduate students enrolled at least half-time. Parent borrowers must not have an adverse credit history. Repayment of principal and interest begins within 60 days of the disbursement of the loan funds. Click here for more information about applying for a PLUS Loan.
Stafford Loan
The Federal Stafford Loan program is available to all students. If financial need is demonstrated, the government will pay the interest on your subsidized loan to your lender. Students who do not demonstrate financial need will be responsible for interest from the day the unsubsidized loan is disbursed. Both the subsidized and unsubsidized loans are eligible for payment deferment while the student is enrolled for at least six semester hours (half-time) per term. The interest rate is fixed at 6.8%. Qualified freshmen may borrow up to $3,500, Sophomores up to $4,500, and juniors and seniors up to $5,500 each academic year.
suggested Lenders
Loyola has established a list of suggested lenders for the Federal Stafford and Federal PLUS Loan programs. These lenders have been selected based on their ability to provide efficient service to Loyola students through electronic processing. In addition, these lenders have agreed to provide benefits, such as reduced interest rates in repayment. It is not necessary to establish an account relationship with a lender to receive student loans through that institution.
Many lending institutions make direct solicitations to students and parents to use their services for federal student loan borrowing. The Office of Student Financial Assistance at Loyola does not recommend using any of these lenders, as they cannot guarantee the level of service that suggested lenders have demonstrated for Loyola students and parents. Contact the Office of Student Financial Assistance for more information about the application process.
Promissory Notes
Before you receive loan assistance, you will need to sign a promissory note to promise to repay the funds when you graduate or are no longer enrolled for at least six semester hours (half-time) per term. Your assigned Federal Stafford Loan lender will mail you a Master Promissory Note (MPN). Complete and return the MPN to the lender. For information about completing your MPN online, click here. You will only sign one MPN while you are enrolled at Loyola.
The MPN for the Federal Perkins Loan and Nursing Student Loan is submitted electronically, once the student's award has been finalized. To sign a MPN for a Federal Perkins Loan or a Nursing Student Loan, click here.
For all loans, funds will not be disbursed until the promissory note is signed.
Entrance Counseling
Before loan funds are disbursed, Federal Stafford and Federal Perkins Loan borrowers must complete the appropriate Entrance Loan Counseling Sessions. Federal Perkins Loan borrowers complete the counseling session while they are completing the online MPN. Federal Stafford Loan borrowers can access the online session here.