financial policy_archive

Admitted PhD students have until April 15th to formally notify the Graduate School of their decision regarding acceptance of the award. For master’s students and for PhD students who receive an offer of admission after April 15th, admitted students have until 30 days after the date of the letter to formally notify the Graduate School of her/his decision regarding acceptance of the award. In order to notify the Graduate School formally regarding acceptance of the award, the student must accept his or her award on  GSPS by the applicable deadline.

To be eligible to receive and continue to hold an award, the student must: [a] be in good academic standing and maintain a GPA of 3.0 (which includes having no more than 1 outstanding incomplete by July 15) [b] comply with the Graduate School’s standards of academic honesty and the university code of conduct, and [c] satisfactorily perform assigned assistantship duties. Failure to fulfill these requirements may result in the immediate termination of the award.

The duties of a Research or Teaching Assistantship are assigned by departmental, college, or school administrators. Graduate students may not be assigned both research and teaching responsibilities in the same semester. These assistantships are to provide students with educational and professional benefits, enhancing their pedagogical or research skills. All research and teaching assistantship activities must be supervised by appropriate faculty or staff. Assistantship duties cannot exceed 19.5 hours per week.

Full assistantships should involve teaching or research activities which average between 16 and 19.5 hours per week.

The Graduate School does not permit students to hold simultaneously more than one full assistantship or fellowship. The Crown Fellowship, the Teaching Scholars Award, Child and Family Research Fellowship, Attoh Diversity Award, and the Schmitt Fellowship are all considered full awards. In addition, the Graduate School does not permit students to hold a full assistantship or fellowship and hold a hourly paid position at Loyola during the academic year.

All students receiving any type of award (assistantship, fellowship, or tuition) are encouraged to file a Free Application for Federal Student Aid (FAFSA). Loyola’s federal school code is 001710. Students anticipating the need for student loans must file a FAFSA. For further information see the Financial Aid Office website. While there are no priority filing deadlines for graduate students, students should submit the FAFSA as early as possible.

Only those courses that will count toward the fulfillment of graduate degree requirements are eligible for coverage by a Loyola tuition award. In addition, the number of credit hours of tuition eligible for a tuition award are limited by the number of credit hours required of the student by the program. It is the student’s responsibility to register for and satisfactorily complete appropriate courses while receiving a tuition award; the student is responsible for paying tuition for any courses not eligible for payment by the tuition award. Additionally, tuition support will not be provided for course taken for audit. Recipients of tuition awards must register for classes no later than July 1. The student should consult the Graduate School website, the program’s student handbook, and his/her academic advisor for detailed information on degree requirements.

Tuition awards are disbursed to fall semester charges in August and to spring semester charges in January. Please note that tuition awards do not cover University student fees (e.g., the University Services and Programs, CTA U-Pass, Late Registration, and Late Payment fees). It is the student’s responsibility to check their LOCUS account summary on a regular basis and to notify the Awards Coordinator if there are questions.

Please contact the Graduate School’s Award Coordinator at 773-508-7479 if you need these forms. Before the beginning of the term of one’s initial Graduate School award, the student is to bring a completed New Award Packet and the necessary documentation in person to the Graduate School (this requirement applies only to first-time assistantship stipend or fellowship recipients). Failure to do so may result in a delay of the student’s stipend payment.

First-time stipend recipients must return to the Graduate School federal and state income-tax-withholding (W-4) forms. W-4 forms are required only for first-time stipend recipients; however, other students may file a new W-4 to effect a change in withholding.

An assistantship or fellowship award offer is subject to the recipient providing proof of employment eligibility as required by the U.S. Immigration and Naturalization Service. Verification of employment eligibility is a federal legal requirement, and failure to comply in a timely manner will result in a delay of the student’s eligibility to perform assistantship duties and receive a stipend and tuition award.

A valid Social Security number is required for payment of stipends and fellowships. If you are an international student in F-1 or J-1 status and do not yet have a Social Security Number, we recommend you visit the Office for International Programs at Loyola at least a week before classes begin. You will be registered in SEVIS and obtain the documents you need in order to apply for your Social Security Number.

The university’s Office of Human Resources requires stipend recipients to participate in the direct-deposit payroll system. Please see the enclosed form for detailed information.

Students are to notify the Graduate School, as well as the university, of a change of address. To ensure timely receipt of important mailings, the Graduate School recommends informing the Awards Coordinator of a change of address in addition to updating your address on LOCUS.

As a reminder, stipends, tuition awards, and other awards, such as health insurance, are taxable unless exempt under the Internal Revenue Code. The Graduate School advises students to review IRS publications and forms (www.irs.gov) and to consult the IRS or a tax advisor if one has questions regarding one’s potential tax liability. For additional information see IRS Publication 970, Tax Benefits for Education.

Non-service fellowships, such as the Crown, Child and Family, Schmitt, and Attoh fellowships are considered by the IRS as “non-qualified” fellowships. Non-service fellowships are taxable and reportable to the IRS as income on the recipient’s personal tax return. Loyola is not required under Section 6041 to file a return of information (W-2 or 1099) to report the fellowship. However, the student may have an obligation to include the fellowship in their gross income. Please review IRS Topic Number 421.

Taxable scholarships, fellowships, and grants to nonresident aliens are generally reportable to the IRS and are generally subject to withholding of U.S. federal and state income tax.

Awards are for one academic year only. Contact your Graduate Program Director for detailed information regarding renewal of awards.

Please note that the Graduate School website contains important information regarding merit awards and academic policies. The Graduate School encourages students with questions regarding merit awards to contact their graduate program director. In addition, students with questions should feel free to contact the Graduate School’s Awards Coordinator.