Loan Requirements & Programs
The Office of Student Financial Assistance coordinates different loan programs to provide sources of financial assistance for students and parents to help finance the cost of education at Loyola University Chicago.
To borrow most loans, a Free Application for Federal Student Aid (FAFSA) is required and must be completed online before loans may be awarded. Click here if you have not completed a FAFSA for the academic year in which you choose to borrow a loan. Federal loans require half-time enrollment to receive loan funds. An overview of federal loans can be found here.
Loans also require Entrance Loan Counseling and Master Promissory Note (MPN) to be completed before any loan funds can be disbursed to the student. Learn more about these requirements below or choose a loan program from our Loan Chart and click on ‘Start Process’ to complete these required steps online.
Eligibility for these loan programs are determined by the information provided on the FAFSA. These loans are automatically awarded to all individuals meeting the eligibility requirements as part of their Financial Aid Award. If you do not choose to borrow a need-based loan for the current academic year, click here for instructions on how to decline the loan(s).
- Federal Direct Stafford Loan
- Federal Perkins Loan
- Federal Nursing Student Loan
Eligibility for these loan programs is based on the creditworthiness of the borrower. When applying for Federal Direct Graduate PLUS, Federal Direct Parent Loan for Undergraduate Students (PLUS), or alternative loans, request for the amount needed for the entire year. Students are notified by the Office of Student Financial Assistance once a loan request is received on their behalf and when the loan is added to their Financial Aid Award.
- Federal Direct Graduate PLUS Loan
- Federal Direct PLUS Loan
- Alternative Loans*
*Loyola University Chicago strongly encourages you to exhaust all federal loan borrowing eligibility before borrowing a private loan. Private loans do not require a FAFSA to be filed and enrollment requirements can vary by lender. If you wish to borrow a private loan, click here to begin the application process.
LOAN Allowance: Credit-Based Loans
The amount listed as Allowance: Grad PLUS or Allowance: PLUS Loan represents the maximum amount that you COULD borrow through a Direct Grad PLUS Loan (graduate students) or Direct PLUS Loan (parents of dependent students), respectively. This amount reflects the estimated direct and indirect costs associated with terms beginning with Fall 2014 and ending with Spring 2015.
If you decide to apply for a loan, you can obtain further information on the programs and begin the application process now. Loyola will be notified by the Direct Loan Program if you are approved so that we may certify your eligibility for your loan. You are encouraged to only borrow the amount you actually determine that you need, rather than the maximum allowed.
To view the specific details and begin the application for a loan, choose the loan program below and click ‘Start Process’. For detailed information, download our Loan Guide*.
*loan interest rates vary
|Loan Type||Federal Direct Stafford Loan||Federal Direct Graduate PLUS Loan||Federal Direct Parent PLUS Loan||Federal Perkins Loan||Federal Nursing Loan||Nursing Faculty Loan Program (NFLP)||Mandel Short Term Loan|
|Lender||U.S. Department of Education||U.S. Department of Education||U.S. Department of Education||Loyola University Chicago (serviced by ECSI)||Loyola University Chicago (serviced by ECSI)||Loyola University Chicago (serviced by ECSI)||Loyola University Chicago|
|Start Process||Start Process||Start Process||Start Process||Start Process||Start Process||Start Process|