Loyola University Chicago

Here are the definitions of some frequently used terms to help you understand the financial assistance process.

Cost of Attendance

The estimate of what it will cost for you to attend a specific institution, including tuition and fees, on-campus room and board (direct costs); and books, supplies, personal expenses, off-campus room and board, and transportation (indirect costs). Financial assistance is determined with the entire cost of attendance taken into consideration.

Direct Costs

The actual price of tuition, fees, and room and board paid to a college or university.

Estimate of Eligibility

A document that represents an estimate of assistance from one or more financial aid sources. The eligibility is based on the information you (and your parents for dependent students) provide on the FAFSA and on our knowledge of program funding, program award limits and eligibility criteria as of the date of the estimate. An Estimate of Eligibility is based upon unverified information. If significant errors are made when completing the FAFSA, your estimate of eligibility will be revised.

Expected Family Contribution (EFC)

An index of your family's ability to contribute toward the estimated cost of attendance, based on family income and assets. The federal government calculates your EFC by using information from your FAFSA. It is important to remember that the EFC is not the actual amount you will have to pay.

Federal Work-Study

A federally funded employment program available to students based on their demonstrated financial need. Students receive assistance in the form of a bi-weekly paycheck for hours worked in on-campus positions or community-service positions off-campus. Students with a federal work-study award are not required to secure jobs.

Financial Assistance Award

A document that represents the financial aid you will receive from one or more sources. The award is based on the verified information you (and your parents for dependent students) provided. If the FAFSA information is corrected after verification, the information that appears on the Award Letter may have changed from the Estimate of Eligibility that was sent to you previously.

Financial Need

The difference in dollars between the amount of money your family is expected to contribute toward your education and the actual cost of attendance.

Free Application for Federal Student Aid (FAFSA)

The standard application for Loyola grants, federal assistance programs and some state programs (Illinois residents apply for the Illinois Monetary Award Program [MAP] grant by submitting the FAFSA).

Grants

Financial support that is usually based on demonstrated financial need. Grants do not need to be repaid.

Indirect Costs

Expenses incurred that are not paid directly to a college or university. They include books, supplies, personal expenses, off-campus room and board, and transportation.

Loans

Funds that students or parents borrow for educational purposes and pay back with interest. Terms and conditions will vary. Loan programs for students include Federal Stafford (subsidized and unsubsidized) and Federal Perkins Loans.

Need-Based Assistance

Financial assistance awarded on the basis of the family's financial need, based on the expected family contribution calculated from the FAFSA. Loyola University Chicago determines amounts of financial assistance awarded on the basis of the family's financial need.

Non-Need-Based Assistance

Financial assistance awarded to families with no financial need or those whose financial need has been met by other financial aid sources.

Scholarships

Funds are awarded based on academic achievement, talent or other qualities. Any funds awarded from organizations other than Loyola University Chicago are typically referred to as "outside scholarships." Scholarships usually do not need to be repaid.

Student Aid Report (SAR)

The document sent to you by the U.S. Department of Education after the FAFSA is processed. You should review this document and make any corrections to the FAFSA information. Your Estimate of Financial Aid Eligibility will be based on the initial SAR information.