Loyola University Chicago

Financial Aid Office

Declining or Reducing a Loan

If you don't plan to borrow a Federal Stafford Loan, you can decline these loans by following these steps:

  1. Go to LOCUS.
  2. Log in and choose the "Financial Aid tile."
  3. Choose "Packaging Status Summary."
  4. Use the "Accept/Decline" button to show your awards (in the left-hand corner). You will see a number in the Accept/Decline option and an exclamation point next to the award that can be declined
  5. In order to actually accept/decline/reduce you must click on the Pencil icon and ‘Select’ in the Award Decision column will turn into a drop down menu for any award that you wish to edit.

* Following these steps will allow you to reduce the amount of any loan as well. Instead of checking the "Decline" box next to the loans, simply write in the amount you wish to borrow in the "Accept" box.