FAFSA

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 March 1 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 February 15 in order to be considered for institutional aid.

A limited number of grant awards are made to incoming students on their financial need, as determined by their FAFSAs. These grants are funded primarily through the law alumni annual campaign and are renewable if financial need continues in subsequent years.

Promissory Notes
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:

Federal Direct Unsubsidized Stafford Loans
Federal Direct Graduate PLUS Loan

PIN Information

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

Entrance Counseling
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.