Loyola University Chicago

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Additional Financing

Many families may find it necessary or more convenient to apply for additional assistance to cover the remaining costs of attending Loyola. College is recognized as an important investment and the expense can be financed. If your family is not eligible for need-based financial assistance or chooses not to apply, these loans and payment plan offer alternative resources. Eligibility for some of these loans is based upon the creditworthiness of you and your parents. Loyola also offers several payment plans to help students pay for tuition, housing and mandatory fees.

Using your Statement of Account in LOCUS (click "Finance" and then click "Bottom Line" to see an estimate of the charges and aid for year and terms), or the account information in LOCUS (click "Finance," and then click "Account Summary"), determine if you and your family are able to pay the bill in full, or if you will need to arrange for financing. The "View My Financial Aid" link in LOCUS will provide a summary of the awards that will be applied as credits against University charges.

The amount due on your Statement of Account is for one semester only. To plan for the entire academic year, double the amount due on the Statement of Account.

Remember: You can combine financing options (for example, a payment plan and an alternative student loan) to find the method that works best for you and your family.

Alternative Loans: Credit-based Student Loans

  1. Visit the alternative loans page.
  2. Click on the lender of your choice to apply for pre-approval for an alternative loan.
  3. Once you are pre-approved and the lender has received the signed promissory note, the lender will send Loyola an electronic file with the certification request. Students receive an e-mail from OSFA when Loyola is informed of their pre-approval.
  4. The certification process generally takes 10-14 business days. The loan will be added to your financial aid award in LOCUS when certification is complete.

You may also view a flowchart that demonstrates the alternative loan process.


Federal PLUS Loans: Credit-based Parent Loans for Undergraduate Students

  1. Visit the Federal PLUS Loans page.
  2. Click on the lender of your choice to apply for pre-approval for a PLUS Loan.
  3. Once you are pre-approved and the lender has received the signed promissory note, the lender will send Loyola an electronic file with the certification request.
  4. The certification process generally takes 10-14 business days. The loan will be added to your financial aid award in LOCUS when certification is complete.

You may also view a flowchart that demonstrates the alternative loan process.

Graduate PLUS Loans

  1. Visit the Graduate PLUS Loans page.
  2. Click on the lender of your choice to apply for pre-approval for a Graduate PLUS Loan.
  3. Once you are pre-approved and the lender receives the signed promissory note, the lender will send Loyola an electronic file with the certification request.
  4. The certification process generally takes 10-14 business days. The loan will be added to your financial aid award in LOCUS when certification is complete.
You may also view a flowchart that demonstrates the alternative loan process.

Payment Plans

Visit the Tuition Management Systems (TMS) Website at: www.afford.com/luc; or call: 1-800-722-4867.

You do not have to wait for the financial aid process to be completed to sign up for a payment plan. Beginning a payment plan early may increase the number of payments you make and thereby reduce the amount of each payment.

While you can enroll in a payment plan during the first week of classes, you are strongly advised to have your financing plan—alternative loan, Federal PLUS Loan or payment plan—in place by mid-August.