Applying for Aid
All applicants who wish to apply for any financial aid must file the Free Application for Federal Student Aid (FAFSA). The FAFSA Federal School Code is 001710. Applicants should file the FAFSA before February 15 of the academic year for which the student is seeking assistance. www.fafsa.gov
The FAFSA should be on file with the Office of Admission and Financial Assistance by March 1 in order to be considered for institutional aid.
A limited number of need-based scholarships are awarded to incoming students based on their financial need, as determined by their FAFSA and need-based application form. These need-based scholarships are funded primarily through the law alumni annual campaign and are renewable if financial need continues in subsequent years.
Before you can receive any funds from a loan, you must complete a promissory note. A promissory note is your legal commitment to repay the loan funds, any accrued interest and fees to the lender of the loan.
A master promissory note (MPN) is only completed at the time you receive your first loan from the lender for a specific loan type. This MPN covers all loans awarded to you while you are enrolled at Loyola University Chicago.
The following federal loan programs require that a Master Promissory Note (MPN) be completed to receive loan funds:
A U.S. Department of Education PIN is required to complete all MPNs for these loan programs. 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
Before loan funds are disbursed, Direct Loan borrowers must complete an Entrance Loan Counseling Session here.
Accepting Your Financial Aid
Each student’s financial aid award eligibility is posted in the University’s LOCUS system. All financial aid must be either accepted or declined in LOCUS after you complete the Federal Direct Loan Master Promissory Notes for the Direct Stafford and GradPLUS Loans.
Please note that the PLUS Eligibility will be listed as [Eligibility: Addl Grad Loan] in LOCUS. This amount cannot be accepted or declined in LOCUS as it is not an actual award but represents the maximum amount that can be borrowed through a GradPLUS Loan. This amount reflects the estimated direct and indirect costs associated with your enrollment. Loans may be borrowed to the cost of attendance less any financial aid (e.g., scholarships, fellowships, grants or Federal Direct Stafford Loan).
Student Loan Funds and Student Loan Refund Availability
Law student financial aid begins to post to student accounts one week prior to the beginning of the term, and refunds are available to those students signed up for Direct Deposit three business days after the funds are received by the University. For most students, this means that surplus funds or “refunds” will be available by the first day of class if a credit balance results once financial aid is applied to a student’s billing account.
We encourage students to sign up for Direct Deposit so that refunds and overpayments are electronically refunded and deposited directly into the student's bank account by the first day of classes in the fall and spring semesters.
Loan Deferments For Enrolling Students
As an enrolled law student, you may be eligible to defer the repayment of educational loans you received for your prior studies. Loyola University submits enrollment data to the National Student Loan Clearinghouse to process deferments requiring academic certification. For some loans, you may be required to submit a deferment form. The Law Registrar’s Office at Loyola University Chicago certifies student enrollment status and processes deferment forms as early as the first week of classes.
ADDITIONAL INFORMATION FOR:
Federal loans are not available to students who are not permanent residents or citizens of the United States. You will need to provide official proof of financial ability to pay for tuition and living expenses.
For transfer students, the sole source of funding for education is loans. Make sure that a copy of the FAFSA report is sent to Loyola University Chicago.
Incoming Visiting Students
If you have been accepted to Loyola University Chicago School of Law as a visiting student and need financial aid to meet your educational costs, you must arrange to process your financial aid with your home institution. Your home institution must forward a consortium agreement form to the Law School Financial Aid Office so that we may provide information regarding your dates of attendance, cost of attendance, and enrollment status.
Loyola University Chicago strives to support veterans, active-duty members of the U.S. military, and their family members through federal Veteran’s Affairs (VA) Educational Benefit Programs that provide them resources for their academic success. Loyola University Chicago is a participant in the Yellow Ribbon program.