Loyola University Chicago

searchform
This siteLUC.edu

Graduate & Professional

Types Of Assistance:

 

Departmental Scholarships and Assistantships

Recipients of departmental scholarships and assistantships are selected by individual graduate departments. Contact your department for applications, requirements and deadlines.

 Federal Stafford Loans

The maximum Federal Stafford Loan amount per academic year (Loyola's academic year begins Fall Term, ends after the following Summer Term) is $20,500 for a graduate student.

To be considered for a Stafford Loan, you must file a Free Application for Federal Student Aid (FAFSA) each year with the U.S. Department of Education. For timely processing, file your FAFSA early (between January 1st and March 1st) and be sure to include Loyola University Chicago's school code: 001710. You can complete a FAFSA application online at www.fafsa.ed.gov.  Keep a copy for your records!

Eligibility: To receive a Federal Stafford Loan, a student must:

  • Be a U.S. citizen or eligible non-citizen
  • Not be in default on existing Federal Student Loans
  • Be at least a half-time student in an eligible degree-seeking program

The U.S. Department of Education will process your FAFSA and mail you a Student Aid Report (SAR), normally within 4-6 weeks of receipt. Read the SAR cover letter to find out if you must make corrections. Review your SAR for errors. Submit corrections to the U.S. Department of Education or contact the Office of Student Financial Assistance to inquire if the school can make corrections.

Processing and Sample Timeline:
  1. Review your award letters and promptly reduce/reject loan if there are loan amounts in Locus are changes to the amount you need to borrow.
  2. To receive a federal loan, you must complete an entrance loan counseling session, which provides information about how to manage your student loans. Click here to learn more and complete entrance loan counseling. 
  3. You must also select a lender and sign a Master Promissory Note (MPN), a legal commitment to repay, for subsidized or unsubsidized Federal Stafford Loans.  Choose a lender and sign MPNs online here. 
  4. When your lender notifies OSFA that you have singed the MPN, we will send an e-mail to your Loyola account acknowledging that we will certify the loan. 
  5. Beginning at the end of the first week of the term, University grants and scholarships are reflected on your Loyola account with the Office of the Bursar (the University business office) when all requested information has been received and verified.
  6. For Federal Stafford Loans, funds transmitted by the lender via Electronic Funds Transfer (EFT) appear as credits to your account after entrance counseling has been completed and a signed promissory note has been submitted.  We will send and e-mail to your Loyola account when the disbursements arrive.
  7. Outside scholarships and/or other loans that come in the form of checks must be endorsed by the student at the Office of the Bursar. 
  8. During high-volume times such as the start of each term, expect credit refunds to take longer to process. Once processed, the credit refund will be mailed to your permanent address or can be deposited directly into your personal checking or savings account (sign up for direct deposit with the Bursar's Office.)

 Alternative Private Student Loans

The terms and conditions of alternative loans are similar to the Federal Stafford Loan. Often students who are not eligible for federal student loans or students who want to supplement their federal loans will apply. Consideration is based on the creditworthiness of the applicant or co-signer. Interest rates, requirements and fees vary among lenders. Contact a Loyola suggested lender to apply or to obtain more information.

 Graduate PLUS Loans

Graduate PLUS Loans, like alternative student loans, may be borrowed to the cost of attendance less any financial aid (e.g., assistantships, fellowships or Federal Stafford Loans).

When comparing Graduate PLUS Loans to alternative loans, consider these key points:

Qualifications: If a student has limited or no credit history, he/she may find it difficult to qualify for an alternative student loan. Graduate PLUS Loans accept borrowers with limited or no credit history.

Interest Rate: The interest rates for many alternative loans are lower than the Graduate PLUS Loan fixed interest rate of 8.5%. Rates on alternative loans are not fixed rates and generally do not have maximums. The prime rate or LIBOR rates on which alternative loans are typically based may go higher or lower than the fixed rate. Fixed rate loans can be easier to pay at repayment.

Fees: Graduate PLUS Loans may charge as much as 3% of the original loan amount in fees. Alternative loans can have lower fees, based on the borrower's credit history and income.

For more information about alternative loans, and to begin the pre-approval process, click here.

For more information about Graduate PLUS Loans, and to begin the pre-approval process, click here.

Eligibility:addl grad loan

 
The amount on your financial aid listed as [Eligibility:Addl Grad Loan] on LOCUS is NOT an actual award but represents the maximum amount that you COULD borrow through a credit-based alternative or Graduate PLUS Loan this fall/winter/spring.  This amount reflects the estimated direct and indirect costs associated with your enrollment. 
 
If you decide to apply for a loan, you can begin the application process with the lender.  Loyola will be notified electronically by the lender if you are approved so that we may certify your eligibility for this loan. 
 
You receive an email when Loyola receives the certification and when the University returns the information to the lender. You are encouraged to only borrow the amount that you actually determine that you need, rather than the maximum allowed, as indicated by the [Eligibility:Addl Grad Loan] item. 

For more information about alternative loans, and to begin the pre-approval process, click here.

For more information about Graduate PLUS Loans, and to begin the pre-approval process, click here.

Financial Aid Notification Process

Students who are admitted to Loyola University Chicago, have filed a FAFSA listing Loyola's school code, and have received a valid SAR will receive the following award correspondence from the Office of Student Financial Assistance (OSFA):

  • Final Award letters are mailed to graduate students after all other required documents are reviewed by OSFA. Final awards can include eligibility for Federal Stafford Loans; academic department scholarships and assistantships when graduate departments have notified OSFA; and other assistance for which OSFA has received notification. Award notifications to continuing graduate students are sent by email to the student's University email address and the awards are posted for student review in Locus.
  • Revised Award letters are emailed by OSFA to graduate students, as needed, throughout the academic year. Revised Award letters are notifications of a change in your aid resulting from, for example, a change in your enrollment, a request from you to reduce or reject aid, or notification of addition assistance.

 Other Considerations

Other Resources: Potential resources may be available through your employer, religious and ethnic organizations, institutions affiliated with your field of study, your hometown chamber of commerce, city council, or local school district. Websites such as www.fastweb.com or www.collegezone.com may also be helpful. Promptly notify OSFA of any other assistance you will receive.

Special Financial Circumstances: If you have been awarded Federal Stafford Loans but you have not been awarded the maximum Subsidized Federal Stafford Loan of $8,500, or if you have not been awarded the maximum total in Federal Stafford Loans of $20,500 (total combination of subsidized and unsubsidized loans), your eligibility can be reconsidered for these by submitting an appeal letter to OSFA. The letter should detail your special financial situation such as: loss of income, outstanding medical expenses not covered by insurance, or child-care or educational expenses you pay for your dependents. Include any supporting documentation with your appeal.

Payment Plans: Contact the Office of the Bursar for information regarding tuition payment plans that allow you to pay as you go. Contact your graduate department if your employer will reimburse your tuition; inquire about the Employer Reimbursement Plan through the Office of the Bursar which allows eligible students to defer tuition payment while awaiting reimbursement.

Contact Us

For general financial assistance information, contact the Office of Student Financial Assistance at: 773.508.7704 or e-mail: lufinaid@luc.edu.