Loyola University Chicago

Financial Aid Office

Mandel Short-term Loan

Through the generous endowment of Carola and Leon Mandel, the University has a short-term loan fund available for students through the Office of Student Financial Assistance (OSFA). These loans are designed to assist undergraduate students with educational expenses not covered by other financial aid sources.

Loan Details

  • An undergraduate student must be enrolled for 12 credit hours or more during fall and spring terms and enrolled for 6 or more credit hours during summer terms.

  • Loan amounts are limited to $1,000 and a student may receive only one loan while enrolled at Loyola University Chicago.

  • Financial hardship and educational expenses may be considered for the current academic term. 

    Exception: students preparing to travel abroad may secure a Mandel Loan to cover Study Abroad Fees or to pay for travel expenses in advance of the term (provided your account with the Office of the Bursar is in good-standing and all balances are paid).

  • Interest rate on loans is 0% while enrolled at Loyola University Chicago and 5% after graduation.

  • Repayment will normally begin 9 months following graduation or the last date of a student’s half-time enrollment at Loyola University Chicago.  The minimum payment amount for a loan in repayment is $50 and the loan will be repaid over a 5 year period. A loan may be repaid while enrolled. After a $1,000 loan is repaid, a new loan may be issued.

  • Deferment of repayment is available to temporarily cease payments for students who are enrolled on at least a half-time basis.

Application Process

1.  Complete a Mandel Loan Fund application, describing your current financial hardship situation and the needs for the loan funds.

2.  To complete the Mandel Loan Promissory Note online, you will need a U.S. Department of Education PIN. If you do not have a PIN from the U.S. Department of Education—or if you have forgotten it—you may apply for one online at www.pin.ed.gov.

  • Click here if you are ready to complete the Mandel Loan Promissory Note online. Loyola's School Code for the Mandel Promissory Note is N9.

3.  The loan funds will be disbursed to the University account and detailed in LOCUS after the Promissory Note is completed.

Loan applications will be considered by the Mandel Loan Fund committee.  A student must be in good standing academically and disciplinary to receive a loan from this fund.