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Federal Loans

Federal Loans

   

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 at least half-time.

Maximum Federal Stafford Loan Amounts, per Academic Year

Federal Stafford Loan

Additional Unsubsidized Loans for
Independent Students

Freshmen
0-29 hours

$3,500 + $2,000 Unsubsidized

$4,000

Sophomore
30-59 hours

$4,500 + $2,000 Unsubsidized

$4,000

Junior
60-89 hours

$5,500 + $2,000 Unsubsidized

$5,000

   
Senior
90+ hours

$5,500 + $2,000 Unsubsidized

$5,000

Graduate/
Professional Students

$8,500

$12,000
(all are eligible)

Federal Stafford Loan Interest Rate as of7/1/09                                   (for new loans disbursed after 7/1)

  • Undergraduate Subsidized = 5.6%
  • Undergraduate Unsubsidized = 6.8%
  • All Graduate = 6.8%

Lifetime Aggregate Limits   

Dependent
Undergraduate

Independent
Undergraduate

Graduate/
Professional

Subsidized Federal Stafford Loan

        $23,000        $23,000     $65,500

Total Federal Stafford Loan

        $31,000        $57,500     $138,500

       

    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.

       

    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.

       

    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.

       

    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. It is not necessary to establish an account relationship with a lender to receive student loans through that institution.

    If you choose to use a lender other than one of Loyola's suggested lenders, we will be happy to certify your loan to the lender of your choosing, in accordance with federal regulations.

       

    Lender Change

    To change your Federal Stafford Loan lender, simply sign a new Master Promissory Note (MPN) with the lender.  When your lender notifies us (electronically) that you signed the MPN, we will send you an email asking if you wish to use the new lender.  Reply to the email that you do want the new lender and we will certify all future loans to your new lender.

       

    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.

       

    Enrollment Requirements

    Half-time enrollment is required to receive federal loans. 

    Half-time

    Full-time

    Undergraduate Semester

    		 6-11 hours 12+ hours

    Graduate Semester

    		 4-7 hours 8+ hours

    Graduate Quarter
    (Business)

    		 3-5 hours 6+ hours

    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 Assistantship or Fellowship with at Tuition Award component;
    • Enrolled in eligible Clerkship, Internship, or Practicum coursework (not all courses are eligible; typically these are classes requiring field/agency work); or
    • Semester students enrolled in any of the following semester classes, previously approved as eligible by Registration and Records:  Master Study 605, Doctoral Study 610, Thesis 595, English 502, History 598, or any 600 level Dissertation Class.

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