The steps below outline the major points in the financial aid process. Click on the links for more details about each step.
|WHAT YOU NEED TO DO|
|Determine Your Eligibility
SCPS students must be enrolled at least half-time (six credit hours) per semester to be eligible for federal financial assistance. Paralegal Studies in SCPS must be enrolled at least half time (four credit hours) per semester to be eligible for federal financial assistance.
Loyola’s academic year is divided into two semesters, Fall and Spring. Each semester consists of two eight-week sessions. If you only enroll in one three-credit-hour course per session, you will become eligible for financial aid only after the first session course is successfully completed and the second session course is underway.
|File the Free Application for Federal Student Aid (FAFSA)
For timely processing, file your FAFSA early (between January 1 and March 1) and be sure to include Loyola University Chicago's school code: 001710. You can complete the FAFSA online or call 1-800-4Fed-Aid to request a paper copy be mailed to you. Keep a copy for your records!
|Review Your Student Aid Report (SAR)
The U.S. Department of Education will process your FAFSA and send you a SAR, normally within two weeks of filing online or four weeks of receipt of a paper application. Review your SAR for errors. Submit corrections to the U.S. Department of Education.
|Find Out About Your Financial Assistance Package
Students who are admitted to Loyola and have filed a valid FAFSA listing Loyola's school code, will receive Financial Aid Award letters, which are mailed beginning in late Spring. Awards can include eligibility for Federal Stafford Loans and other assistance for which OSFA has received notification. Award notifications to continuing students are sent by e-mail to the student's University e-mail address, and the awards are posted for student review in LOCUS.
Revised Award letters are emailed by OSFA to 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.
Be sure to review your award letters promptly and reduce/reject loans in LOCUS if there are changes to the amount you need to borrow.
|Federal Stafford Loans
To be considered for a Federal Stafford Loan, you must file a FAFSA each year, be a U.S. citizen or eligible non-citizen; not be in default on existing Federal Student Loans; and be at least a half-time student in an eligible degree-seeking program.
If you’re not eligible for Federal Stafford Loans or if you want to supplement them, you may wish to apply for alternative loans. The maximum amount you may obtain from an alternative loan is limited to the cost of attendance established by Loyola, minus all other aid. Eligibility for these loans is based on the creditworthiness of the applicant and/or co-signer. Contact our suggested lenders to apply.
|Entrance Loan Counseling/Master Promissory Note
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 online.
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. When your lender notifies OSFA that you have signed the MPN, we will send an e-mail to your Loyola account acknowledging that we will certify the loan. You must sign a Master Promissory Note (MPN), a legal commitment to repay, for subsidized or unsubsidized Federal Stafford Loans. Sign MPNs online here.
|Enroll in Payment Plans
Contact the Office of the Bursar for information regarding tuition payment plans or the Employer Reimbursement Plan, if your employer will reimburse your tuition.
|Monitor University Account for Disbursement
For Federal Direct Stafford Loans, funds appear as credits to your University account after entrance counseling has been completed and a MPN has been submitted. We will send an e-mail to your Loyola account when the disbursements arrive.
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.)
|Armed Services Educational Benefits
Loyola participates in all applicable federal programs for veterans, servicepersons, and their dependents. Learn more about the details of these programs.
|Loyola Employee Tuition Benefits
Coordination of Loyola Employee Tuition Benefits is available to SCPS students based on their eligibility for the respective programs. Get more information and application instructions online.