Frequently Asked Questions
- How do I reach the Loyola Chicago Law School Financial Aid Office?
- What kinds of financial aid are available?
- What criteria determine my financial aid package?
- How do I apply for financial aid?
- How do I apply for a Loyola University Scholarship?
- How do I apply for outside scholarship?
- How do I apply for federal educational loans?
- How do I apply for non-federal educational loans?
- How do I apply for federal work-study?
- What is the cost of attendance?
- Can I borrow more than the cost of attendance through a private educational loan?
- If I don't file for financial aid by March 15, do I lose all financial aid?
- I'm earning a decent salary now, but will quit work to attend law school. Does that mean that I won't be eligible for federal loans?
- My parents will be helping me pay for law school. Will that reduce my eligibility for scholarship or other financial aid?
- When are tuition payments due?
- I was selected for verification. Did I do something wrong?
- What is the Loan Repayment Assistance Program?
How do I reach the Loyola University Chicago School of Law Financial Aid Office?
Prospective students should call us at 312.915.7170 or e-mail: law-financial-aid@luc.edu.
Upperclass J.D., M.J., L.L.M., S.J.D., D.Law students should contact the Office of Student Financial Assistance at 773.508.7704 or e-mail: GRADFINAID@luc.edu.
What kinds of financial aid are available?
There are three general categories of aid:
- Gift aid includes tuition waivers, scholarships, and grants, all of which do not have to be repaid.
- Loans from a variety of federal programs and from outside lending agencies must be repaid with interest.
- Employment is available to students on a part-time basis.
"Financial aid" is the sum of scholarship (from any source), educational loans (both federal and private), federal work-study eligibility and a few other miscellaneous things (vocational rehabilitation benefits, veteran educational benefits and Americorps benefits, to name a few).
Financial aid at Loyola is defined as any combination of educational loans, scholarship, and/or Federal Work-Study eligibility. Financial aid packages may include loans of various kinds, work-study funding and, when possible, gift aid.
What criteria determine my financial aid package?
Scholarships awarded by the School of Law are most often granted on the basis of academic merit. Merit-based scholarships are made on the basis of the admission application. No other form or application is required.
On the other hand, federal funds (Federal Perkins Loan and Federal Work Study) administered by Loyola Chicago's Office of Student Financial Assistance are awarded on the basis of need. Financial need is the difference between the cost of attendance (tuition, fees, books and standard living budget) and what a need analysis determines that you should be able to contribute based on your available resources.
Criteria for independent student status at the graduate level differ from the undergraduate level. According to the federal definition, all graduate students are considered "independent." Therefore, parental information is not required as a prerequisite to federal aid. Students who are uncertain whether they will be eligible for need-based financial aid should talk with a representative of the Law School Office of Financial Aid.
How do I apply for financial aid?
You apply for each form of financial aid in a different way (see below), but in general, you should apply for admission and fill out a Free Application for Federal Student Aid (FAFSA), available at www.fafsa.edu.gov.
How do I apply for a scholarship award from Loyola University Chicago School of Law?
Merit scholarship determinations are made in conjunction with the admission decision, on the basis of the contents of the application file. No other form is required to apply for merit-based scholarship. In general, merit-based scholarships are included in the acceptance packet. A merit-based scholarship constitutes the entire scholarship portion of a financial aid package. Additional scholarship funds will not be awarded.
Need-based grants are made ONLY to a small number of accepted candidates who were not offered merit-based scholarships and who turned in the needs-based scholarship application and filed a Free Application for Federal Student Aid (FAFSA). The FAFSA can be filed online at www.fafsa.ed.gov.
Most scholarships at Loyola University Chicago are awarded to J.D. candidates on the basis of the information presented in the admission file. These awards are generally described as "merit-based," although most of the recipients also demonstrate financial need. Grants are offered only after these awards are made, and they are distributed to entering candidates who demonstrate financial need and who were not awarded scholarships at the point of admission.
Between 70-75 percent of the members of each class receive a scholarship of some size.
How do I apply for a scholarship awarded by an entity other than Loyola University Chicago?
Scholarships or grants may also be available from some state governments, community agencies, private foundations, corporations, religious organizations, and civic and cultural groups. Such sources include many minority organizations, as well as state and local bar associations and the American Bar Association.
When programs like these come to our attention, we publicize them to eligible students. However, we do not always learn about such programs in a timely manner (if at all), so students are encouraged to research such possibilities on their own. Research might begin in the reference section of most libraries (request books on graduate scholarships or fellowships) or on the Internet through online search engines.
Searching the Internet may identify scholarship search services such as The SmartStudent Guide to Financial Aid (www.finaid.org). To make sure a Web search service is reputable, call the National Fraud Information Center (800.876.7060).
How do I apply for federal educational loans?
To apply for federal aid (federal educational loans or federal work-study), complete the Free Application for Federal Student Aid (FAFSA) and mail it to the federal processor, or complete the FAFSA online at www.fafsa.ed.gov. When completing the FAFSA, be sure to list the Loyola University Chicago school code: 001710.
The FAFSA is reprinted every year, so be careful to file the correct FAFSA. The dates of the FAFSA should correspond to the dates of your first year of law school. For example, a 2008-2009FAFSA should be filed if you anticipate attending law school as a first-year student during 2008-2009. Parental information is not required on the FAFSA for law students, even if the parents claim the student as a dependent for tax purposes.
After an applicant has been offered admission and Loyola University Chicago has received the prospective student's FAFSA data, income tax return, if required, and any other required information, we will calculate eligibility for the federal loan programs. Federal student aid is awarded on the basis of need, determined according to mandatory federal guidelines and the university's student budgets.
To be eligible for a Stafford Loan, Federal Perkins Loan and Federal Work Study, you must demonstrate financial need. In addition, you must either be enrolled in a normal degree program -- in good standing and maintaining satisfactory and measurable progress according to the standards set by your division -- or have been accepted for admission to a normal degree program. By the end of your second academic year you must maintain an academic standing consistent with your division's requirement for graduation. Recipients must be U.S. citizens or permanent residents. They must not owe a refund on a grant previously received from any institution, or be in default (i.e., failed to make an installment payment when due) on a loan made to attend any institution.
Federal Perkins Loans are granted on a need basis by Loyola to law students who have completed the FAFSA the earliest each year, who show sufficient financial need, and who provide proof of receiving a Perkins loan as an undergrad. The March 1 deadline pertains only to the processor-receipt date of the Federal Application for Federal Student Aid (FAFSA). That date determines whether or not an incoming student is eligible to receive Federal Perkins Loan ($3000 maximum per recipient) for the upcoming academic year and the Loyola Law Alumni Grant for the upcoming year. This deadline has no effect on eligibility for Federal Stafford Loans. We announce this deadline because Perkins Loan and Law Alumni Grant funding for School of Law students is limited.
Federal Perkins Loans repayment begins nine months after you are no longer at least a half-time student. At that time, interest of 5 percent per annum is assessed on the unpaid balance. The normal repayment period is 10 years, and repayment schedules for varying amounts of loans are available online. Deferment of repayment may be granted in certain circumstances. Information on deferments is available from the Office of Student Financial Assistance and is also provided to borrowers at the time they sign promissory notes. There are forgiveness or cancellation provisions for combat military service, for service in specific volunteer agencies, for law enforcement officers, or for teachers, nurses, medical technicians, and social work professionals who are providing specific designated services or who are working in specific designated shortage areas.
Note: Any offer of federal funds made through the Loyola University Chicago Law School is contingent upon the student's prior satisfactory repayment of federal loans and meeting other federal requirements (see http://studentaid.ed.gov/guide) and, in the case of Perkins Loan and Work-Study eligibility, upon the availability of adequate federal funds.
Federal Stafford Loans are offered to U.S. citizens or permanent residents who have completed the FAFSA and who have been offered admission. If the proceeds of a Federal Stafford Loan are needed in order to cover fall expenses, the FAFSA should be filed by June 30, allowing eight weeks for FAFSA and subsequent loan application processing materials to be mailed candidates already been offered admission and who have submitted FAFSA. Lenders are chosen at that time through form we will mail to candidates. (Loyola students do obtain Federal Stafford Loan funds directly from the government because Loyola University Chicago is not a "Direct Lending" school.)
Loan recipients may not be in default -- that is, they cannot have failed to make an installment payment when due -- on any federal educational loans made to attend any institution, nor may they owe a refund on a grant received to attend any institution.
Subsidized Federal Stafford Loans up to $8,500 per year are offered to students with financial need. "Subsidized" means that the interest is paid by the federal government while the student is enrolled at least half-time. Students may borrow unsubsidized Federal Stafford Loans as well. "Unsubsidized" means that the student pays the interest on the loan while in school (or agrees to capitalize the interest and add it to the principal upon repayment). Graduate and professional students may borrow a combination of subsidized and unsubsidized Federal Stafford Loan up to the annual limit of $20,500. The aggregate borrowing limit for all undergraduate and graduate education is $138,500 in subsidized and unsubsidized combined with no more than $65,500 being subsidized.
Stafford loans made for enrollment periods beginning on or after July 1, 2006, will have an interest rate of 6.8%. The maximum interest rate is 8.25%. There is no difference between lenders' Stafford Loan interest rates, but the one-time fee assessed at disbursement can range from 0% to 4%, depending on the lender. Repayment begins six months after you are no longer enrolled at least half-time. Certain other repayment deferments are available; details can be obtained from your lender.
The amount of subsidized Federal Stafford Loan eligibility is based on need. A need analysis also is required for an unsubsidized Federal Stafford Loan since federal regulations require that a student's eligibility for a need-based Federal Stafford Loan must be determined before an unsubsidized loan may be certified. A STUDENT DEMONSTRATING NO NEED MAY QUALIFY FOR A FEDERAL UNSUBSIDIZED STAFFORD LOAN. The analysis of need comes from the standard federal need determination process. Students whose applications are selected for verification by U.S. Department of Education criteria will be asked to submit a copy of their federal income tax returns and may be asked to verify additional items on their applications used to determine need.
Click here for information regarding information for lenders.
How do I apply for non-federal educational loans?
We send information about non-federal loans (as well as federal loans) to those applicants who have been offered admission and who have established eligibility for Federal Stafford Loans by filling out a FAFSA. We include contact information for our preferred lenders. We process loan applications throughout the summer. Loan disbursements are available to students as early as the first day of classes if applications have been completed by June 30. Loan proceeds are generally disbursed approximately three days prior to the first day of class.
Private credit-based loans are also available through these and other lenders. More information about these loans can be provided to individuals who have applied for both admission and financial aid.
Some lenders offer a cosigner option to augment the student's credit history (if the student's credit information is not stellar), and some have a cosigner option which lowers the cost of the loan but does not augment the credit history of a student applicant. The majority of Loyola University Chicago Law student borrowers of non-federal loans borrow without a cosigner. In these cases, the students' credit information is acceptable to the lenders.
In cases where a student's credit information is unacceptable to lenders, Loyola University Chicago School of Law is unable to fill the shortfall of funding of a student who has eligibility and need for non-federal educational loan. These students must have their access to their own credit-worthy co-borrowers.
The Access Group (a lender for many of our students) website includes an informative credit section for student borrowers and is well worth visiting: http://www.accessgroup.org/students/lawresources.htm
How do I apply for federal work-study?
Federal Work Study (FWS) is a federally sponsored part-time employment program. Positions are usually on campus in one of the university's many departments, but may also be in the nearby community. Most students work about 10 to 15 hours a week. Students are paid by check biweekly and are paid for the number of hours worked. Your work schedule can vary from free periods during the day to night or weekend work. While job placement is likely, FWS certification does not guarantee a job or total earnings.
Federal Work Study eligibility for law students is determined upon student request and is usually $2,000 for the year (but can be more or less, depending on the hours the student plans to work).
Many law students work in jobs not requiring Federal Work Study eligibility (such as private law firm clerking jobs).
What is the cost of attendance?
Tuition and fees for a full-time J.D. student at Loyola University Chicago School of Law for 2008-2009 are estimated at $35,120 ($34,890 tuition, $230 fees). Tuition and fees for a part-time J.D. student are estimated at $26,420 ($26,190 tuition, $230 fees.)
Loyola sets a budgeted amount for living and book expenses for all law students. This amount is included in the "Cost of Attendance", which limits the total amount of financial aid a student can receive.
Can I borrow more than the cost of attendance through a private educational loan?
The short answer is "no." The standard budget detailed above includes a per month budget (over 9 months) for rent, food, utilities, miscellaneous expenses (such as optional study aids), medical insurance and other health expenses (such as aspirin) and all travel. This budget contemplates a frugal student lifestyle. Any expenses beyond those in the cost of attendance budget must be paid with funds outside of your financial aid package. The sum of financial aid is limited to the total Cost of Attendance.
Your financial aid package (whether scholarships or loans) is not intended to cover such items as those listed below. You must have another source of funds to cover these items, which are not considered a part of the cost of attendance.
- Moving costs
- Furniture
- Deposits for housing and utilities
- Car loan payments
- Payments on pre-existing debt (for example, credit cards)
- Living expenses associated with days before or after an academic enrollment period
If actual living expenses exceed the amount budgeted by the office of financial aid for living expenses, the excess cannot be covered with additional educational borrowing or other types of financial aid.
If I don't file for financial aid by March 15, do I lose all financial aid?
The March 15 deadline only pertains to Loyola University Chicago School of Law scholarships, Federal Perkins Loan and the Law Alumni Grant. Even if a student does not receive any of these types of financial aid, total financial aid is not diminished, as all students have financial aid eligibility totaling the cost of attendance. The deadline pertains to the processor-receipt date of the Federal Application for Federal Student Aid (FAFSA). This deadline has no effect on eligibility for Federal Stafford Loans. We announce this deadline because scholarships, Perkins Loans and Law Alumni Grant funding for law students is limited.
If a Federal Stafford Loan is needed in order to cover fall expenses, the FAFSA should be filed by June 15, allowing eight weeks for FAFSA and subsequent loan application processing. However, there is no guarantee that the funding will be received by the date that tuition is due if the FAFSA is not completed by April 1.
I'm earning a decent salary now, but will quit work to attend law school. Does that mean that I won't be eligible for federal loans?
Everyone can be eligible for up to $20,500 in Federal Stafford Loan, the same annual maximum for any law student. The question is whether or not $8,500 out of the $20,500 can be subsidized by the federal government. Subsidized Federal Stafford Loans up to $8,500 per year are offered to students with financial need. Graduate and professional students may borrow a combination of subsidized and unsubsidized Federal Stafford Loan up to the annual limit of $20,500. "Subsidized" means that the interest is paid by the federal government while the student is enrolled at least half-time. Students may borrow unsubsidized Federal Stafford Loans as well. "Unsubsidized" means that interest is capitalized and added to the principle upon repayment. If you are offered less than $8,500 in Subsidized Stafford Loan eligibility, contact the financial aid office to request a "reconsideration" based on expected year income as opposed to prior year income. According to information you provide, a financial aid counselor may increase your financial need, according to professional judgment.
Students that are quitting their job in order to return to school find it difficult to live on the budget that is provided for Loyola law students. While we understand that you most likely have additional expenses that make living on the limited student budget, this consideration is something you should take into account before enrolling and not after. We cannot guarantee that the budget can or will be adjusted according to your living standard.
My parents will be helping me pay for law school. Will that reduce my eligibility for scholarship or other financial aid?
Your parent's help is not considered "financial aid" and would not reduce eligibility for total financial aid. Total financial aid is limited to the cost of attendance, whether or not one receives parental assistance. However, parental assistance is counted in federal need analysis and could conceivably (but not necessarily) convert all or a portion of what might have been subsidized federal loan eligibility into unsubsidized federal loan eligibility.
Any cash support you receive from a friend or relative (including your parents, since law students are considered independent students) must be reported on the FAFSA as untaxed income. Cash support includes payments made on your behalf. For instance, if your aunt pays your rent or utility bill, you must report those payments on the FAFSA. Information from the FAFSA is used to calculate Expected Family Contribution (EFC), which in turn is used to calculate eligibility for subsidized federal loans. Untaxed income does not, however, increase EFC dollar for dollar, and even students with high EFC's are eligible for unsubsidized federal loans, as long as they meet federal eligibility requirements (such as Selective Service registration for men and a record without an outstanding defaulted federal loan).
Because the vast majority of our scholarship dollars are merit-based, the likelihood of parental support affecting scholarship from School of Law is low.
When are tuition payments due?
Tuition and fees are billed by semester. Students beginning enrollment at Loyola University Chicago School of Law have generally received the Fall semester statement (or bill) at the middle of July. The Bursar's Office mails the statements. Payment is due in full within 30 days of receipt of the statement. Payment is due on or before the due date printed on the top right-hand corner of the bill. If we receive your full payment on or before the due date no finance charge will be imposed. A finance charge will be assessed if any balance remains unpaid as of the due date.
I was selected for verification. Did I do something wrong?
The Department of Education randomly selects a portion of all Free Application for Federal Student Aid (FAFSA) applicants for verification. You did nothing wrong. You will need to turn in a signed worksheet (including a statement of household size and untaxed income) and a copy of the your signed federal income tax return. We will mail the worksheets to applicants offered admission.
FAFSA processing results are sent electronically to the school and in hard copy (called a Student Aid Report, or SAR) to the applicant. The SAR indicates selection for verification if the applicant has been selected for verification.
