Federal Stafford Loan
If you are borrowing for Summer 2010 or Fall 2010 - Spring 2011, click here
all 2009 - Spring 2010:
Loyola has established a list of suggested lenders for the various loan programs. These lenders are evaluated annually for their efficiency in processing, accuracy and customer service. All federal loans are offered with the same terms and conditions, regardless of lender. It is not necessary to establish an account relationship with a lender to receive student loans through that institution.
At Loyola University Chicago, the suggested lenders all process the loans throughout the “Life of the Loan”, which mans the company that services your student loan is the same as the bank that originally issues the loan. Other lenders sell their student loans to a secondary market when the loans enter repayment. Additionally, other lenders also use a third-party servicer to manage the processing of payments and customer service requests.
If you choose a lender outside of Loyola’s suggested lender list, OSFA will be happy to facilitate your loan with your requested lender. Though the greatest efficiency is experienced with loans processed by Loyola’s suggested lenders, OSFA works closely with all lenders to ensure the best service possible for Loyola students and parents.
Sign the MPN with that lender. (NOTE: You may need your U.S. Department of Education PIN to sign electronically with a lender.)
New students must complete online entrance loan counseling session. Make sure you indicate that Loyola University Chicago should receive the information.
Lender & Loyola Steps:
Once you have signed the MPN, the lender will notify Loyola electronically that you have signed the MPN.
Loyola will certify the loan.
Loyola will verify that you complete entrance loan counseling.
Near the beginning of the term, Loyola will request that the lender release your loan funds.
Once funds arrive at Loyola, we will send you an email.