Undergraduate
Steps to Financing a Loyola Undergraduate Education
We've provided this list to help you keep track of the necessary steps to getting your financial assistance for Loyola. The steps are listed in the order in which they are usually completed, though some steps may overlap. Use the process flowchart (PDF) or the overview and timeline (PDF) to help determine where you are in the application process and which steps you should take next.
- Overview and Timeline (PDF)
- Apply for Admission to Loyola
- Explore Scholarships
- File the FAFSA
- Receive a Student Aid Report
- Calculate Financial Assistance
- Review Your Estimate of Financial Aid Eligibility
- Comply with Verification
- Watch Your Mail for Your Financial Assistance Award
- Go through Entrance Loan Counseling
- Sign Master Promissory Notes
- Enroll in Payment Plans
- Check for Disbursement of Funds
- Get a Statement of Account
- Research Plus and Additional Loans
- Read the Steps Toward Your Award (PDF)
- Armed Services Educational Benefits
- Additional Financing
Explore Scholarships
Merit-based scholarships for undergraduate freshmen and for transfers are awarded at the time of admission without consideration of financial need. Check out other scholarship opportunities that require separate applications. You'll find a brief description of each scholarship, Websites where you can print out applications, and contact information if you have questions.
Receive a Student Aid Report
You will receive a Student Aid Report (SAR) 4-6 weeks after mailing the FAFSA or 1-2 weeks after electronically filing the online FAFSA. Please check for errors. If necessary, make corrections online and mail it back to the federal processor. If the SAR is correct, keep it for your records. Loyola will receive the SAR data electronically from the processor.
Review your Estimate of Financial Aid Eligibility
Once we receive the SAR data, we will send you an Estimate of Financial Aid Eligibility, which is an estimate of your financial aid package. If you completed the FAFSA before the priority deadline, you should receive an estimate letter in April. Graduate students will receive awards as early as May. View an explanation of items included on the Estimate of Financial Aid Eligibility.
Watch your mail for your Financial Assistance Award
Loyola's Office of Student Financial Assistance (OSFA) calculated your enclosed Financial Aid Award, which represents assistance from one or more sources, based on:
- Information you or your parents provide on the 2007-2008 Free Application for Federal Student Aid (FAFSA).
- Our knowledge of program funding, program award limits and eligibility criteria as of the date of this notice.
Check for Disbursement of Funds
Beginning at the end of the first week of the term, university grants and scholarships will be reflected on your university account when all requested information has been received and verified. Federal Perkins and Nursing Student Loans will begin during the second week of the semester. For Federal Stafford Loans, funds transmitted by the lender via Electronic Funds Transfer (EFT) will appear as credits to your university account after entrance counseling has been completed and a signed promissory note has been submitted. First-time borrowers are subject to a federally mandated 30-day delayed delivery period before Federal Stafford Loan funds are first disbursed. You will be notified when funds are disbursed.
Get an e-bill
The Office of the Bursar generates electronic bills only on the 15th of every month. For instance, if you have registered for fall classes by July 14, you will receive a July e-bill. Students who register between July 15 and August 14 will receive an August e-bill. All charges not covered by financial aid are due beginning August 5.
If the financial aid process is complete, your e-bill will reflect your anticipated financial aid. If your documents are still needed by the Office of Student Financial Assistance or your documents have not yet been reviewed, the e-bill will not reflect your full financial aid award. Check the To-Do List in LOCUS, to determine if any documents or other steps must be completed.
Steps to Additional Financing
You can combine financing options (for example a payment plan and an alternative student loan) to find the method that works best for you and your family. Learn more about additional financing.