Loyola University Chicago

Complete the Free Application for Federal Student Aid (FAFSA), which is available in late fall from your high school guidance counselor's office or from college financial aid offices. Make sure that you list Loyola University Chicago (Title IV Code 001710) as a school choice. The form is year-specific, so you must reapply every year.

You may also apply online at: www.fafsa.ed.gov. The online process is faster and also allows you to correct errors before your FAFSA is submitted. Accurate FAFSAs are processed quicker and need less additional documentation.

If you completed a FAFSA in the last academic year, you may receive a Renewal Application by mail in December. Complete the Renewal Application to update the financial information provided on last year's FAFSA, instead of completing a new FAFSA. Mark changes in the right-hand column and return the form to the FAFSA processor.

Neither of these forms should be completed until after January 1, for the following academic year. You may complete the Renewal Application or the FAFSA, but do NOT complete BOTH applications.

You must not complete the FAFSA until after January 1. To prepare the FAFSA in advance: pick up a paper form from OSFA in the Fall, or visit: www.fafsa.ed.gov, but do not sign, date or submit it before January 1.

Undergraduate students must submit the FAFSA by February 15 (if filing using paper FAFSA) or February 27 (if filing electronically) so that the processor receives the information by Loyola's priority deadline date of March 1. If undergraduate students do not meet the March 1 deadline, eligibility for need-based Loyola assistance may be affected. New students to Loyola may submit the FAFSA after March 1 without impacting eligibility for need-based assistance.

 

No. Loyola's priority consideration deadline does not impact graduate students eligibility for financial aid.

No, but you must complete the summer financial aid application at: www.luc.edu/finaid/summer.shtml. Students must be registered for all summer courses before completing the summer financial aid application.

The FAFSA is the application for a number of federal and state financial aid programs. When you complete the FAFSA, you apply for the Federal Pell Grant; the State of Illinois Monetary Award Program (MAP) Grant (Illinois residents only); Loyola need-based grants; Campus-Based Aid Programs, including the Federal Supplemental Educational Opportunity Grant (SEOG), the Federal Perkins Loan and Federal Work-Study; and the Federal Stafford Loan.

Absolutely. Your sister should reapply for aid, as well. With two family members in college, your family will incur greater educational costs, which will be considered when you apply for aid. Additionally, since your family situation could change from year to year, you should apply each year for need-based assistance.

You may use estimated figures to file the FAFSA. If requested, you will have to provide completed federal income tax information to Loyola before actual awards will be made. When you complete the FAFSA with estimated information, take care to ensure that the estimated figures will closely match your actual data. If they aren't close, your financial aid package could dramatically change when the final information is updated.

After a paper FAFSA is processed, you will receive a Student Aid Report (SAR), which summarizes all the information you completed on the FAFSA. If you forgot to sign the form or need to make corrections, you will need to correct, sign and return the SAR to the federal processor.

After an online FAFSA is processed, you will receive a SAR Acknowledgment, which summarizes all the information you completed on the FAFSA. If you need to make corrections, you can make the corrections online at: www.fafsa.ed.gov. If you did not sign your online FAFSA, you will be sent a SAR to sign and return so that processing may be completed.

Family members should be included in the household size only if your parents can verify that they provide more than half the financial support for the individual.

You are required to complete the FAFSA using your marital status at the time of application. So, if you are not married now, you must indicate "Single" as your marital status. Marital status CANNOT be updated during the school year, so if you file as single, your status will remain the same until next year. Some students wait to complete the FAFSA until after they are married which is acceptable but has the potential of missing the priority deadlines for financial aid, so that may not be the answer for you.

Explain to your father that if the parents support the student, parents must complete the FAFSA with their financial information for the student to be considered for aid. Also explain that if he provides financial information on the FAFSA, he isn't obligated to pay for the costs that financial aid does not cover. If all else fails, contact a Loyola financial aid advisor, who will reassure him that this information is necessary and will be kept strictly confidential.

Not necessarily. You will be considered a dependent student for the current academic year unless you are 24 years of age, are an orphan or ward of the court (or were a ward of the court until age 18), a veteran of the U.S. Armed Forces, a graduate or professional student, a married student, or a student who has legal dependents other than a spouse. If you feel you have a unique situation that does not meet the above criteria, you can contact a financial aid advisor.

No. If you are unable to get parental information, contact a financial aid advisor regarding filing a dependency appeal.

Complete the FAFSA with your and your mother's information. Only the custodial parent (parent with whom the child lives) is required to supply the necessary financial information.

Yes. Your mother and stepfather must both supply financial information when you complete the FAFSA because all resources in the household must be considered. This requirement applies even if the stepparent has not adopted you.

Contact the Loyola Office of Student Financial Assistance. A financial aid advisor will want to review your situation to make a decision regarding your financial aid award. Financial aid advisors have the ability to consider unusual or special circumstances, such as a loss of job, a decrease in income, a death in the family or a disaster, such as a flood, in making your financial aid award.

The actual U.S. income tax paid should be reported on the FAFSA. The taxes paid amount is taken from the federal tax return. Carefully follow the instructions on the FAFSA to determine the proper line number on your tax return. The amount of tax withheld is NOT needed on the FAFSA.

Annual contributions to an IRA and/or Keogh (as well as other retirement plans) are reported as untaxed income on the FAFSA. Follow the FAFSA instructions for completing Worksheet B to accurately report these contributions.

The amount of the Earned Income Credit should be taken from the federal tax return and reported as untaxed income in FAFSA Worksheet A.

Financial need isn't just figured on income, it is calculated using a federal methodology called the Expected Family Contribution (EFC), which measures the educational expenses a family can absorb over time. The EFC not only considers family income, but also the number of people in the family, the age of the older parent, the value of assets, the number of people in college, and other factors. The EFC is then subtracted from the Cost of Attendance to determine financial need. Federal Veterans Benefits (GI Bill) are also subtracted from the cost of attendance. Families who aren't awarded need-based assistance are encouraged to seek other financing options.

Some applicants are selected to verify information provided on the financial aid application. If selected, a Verification Worksheet will be sent to you. This worksheet must be submitted to OSFA along with non-returnable, signed copies of the applicable federal tax returns for you and, if appropriate, your spouse or parents. Other documentation may also be required. Some applicants may be required to provide proof of Social Security Number, citizenship or immigration status, selective service registration, satisfactory repayment status for student loans, or other information. Financial aid will not be awarded until all requested information is provided.

Possibly. Your Estimate of Financial Aid Eligibility is as accurate as the information on your original FAFSA. If those figures were accurate, the award probably won't change much, if at all. If the data on the original FAFSA was estimated or inaccurate and must be changed, then your award(s) may change. Financial aid awards may also change based on program rules and funding changes beyond Loyola's control. (For example, if the Illinois General Assembly changes funding for the State of Illinois MAP Grant, the grant amount may change.)

Each year's financial aid award is based on the FAFSA for that academic year. Changes in the family's financial situation and increased loan amounts, among other factors, may affect the award from year to year. Loyola attempts to keep awards consistent to the extent that academic level and program funding allow. Financial aid awards may also change based on program rule and funding changes beyond Loyola's control. (For example, if the Illinois General Assembly changes funding for the State of Illinois MAP Grant, the grant amount may change.)

Possibly. Since aid is partially based on enrollment level and living arrangements (i.e., in a Loyola residence hall, off-campus apartment or commuting from a parent's home), any changes could potentially change the amount of assistance you may be eligible to receive. Students considering such changes in plans should contact OSFA. Remember: You must be enrolled half-time to receive financial assistance.

For undergraduate students: half-time enrollment is 6-8 credit hours, three-quarter enrollment is 9-11 credit hours, and full-time enrollment is 12 or more credit hours.

For quarter based graduate students: half-time enrollment is 3-5 credit hours and full-time enrollment is 6 or more credit hours.

For semester-based graduate students: half-time enrollment is 4-7 credit hours, full-time enrollment is 8 or more credit hours.

Yes. For a 12-month period, dependent students are eligible for up to $5,500 in a subsidized Stafford Loan. Independent students are eligible for up to $5,500 in a subsidized Stafford Loan and up to $5,000 in an unsubsidized Stafford Loan.

Departmental scholarships and assistantships are available through individual Graduate Departments. Recipients are selected by their Graduate Departments. Contact your department for applications, requirements, and deadlines. In addition, we recommend that you research scholarships at the library or online. Start with FastWeb, and get other ideas at Loyola's list of outside scholarship resources.

Financial aid recipients must maintain satisfactory academic progress, which includes: completing at least 70% of the courses attempted, having a cumulative grade point average of 2.0 on a 4.0 scale, and finishing a bachelor's degree in no more than 150% of the stated number of credit hours for an academic program. Recipients are evaluated after the Spring Semester.

Loyola Final Awards are sent to students beginning in early spring of the proceeding the academic year after all required information is submitted and reviewed.

Since Loyola receives the information electronically (as long Loyola is one of the school choices selected on the FAFSA), you can expect to receive an award notice within a month of receiving the Student Aid Report, once the March 1 priority application date has passed.

Please review the award notice and return the last page with any information updates or changes that are requested.

No. Financial aid is awarded by each institution according to individual packaging criteria. Since the cost of attendance is different at each institution, the financial aid you are awarded at each institution will also be different. Transfer students need to reapply at Loyola to be considered for financial aid.

Student Aid Report (SAR) will be mailed to you when the financial aid application is processed. The SAR is a summary of the information you submitted on the FAFSA. You should review the information to ensure its accuracy. If the SAR is correct, you should retain it. Because Loyola receives information electronically from the U.S. Department of Education (if Loyola is selected as one of the school choices on the FAFSA), you do not need to submit a paper SAR to Loyola.

No. If the SAR has errors, corrections should be made, and the SAR submitted to the address indicated for reprocessing.

When a correct SAR is received, it should be retained in your files. Loyola receives information electronically from the U.S. Department of Education, so it is not necessary for a paper SAR to be submitted to Loyola.

The Expected Family Contribution, or EFC, is not an amount you will have to pay for your education. The EFC is a measure of the family's ability to absorb educational expenses over a period of time. This figure is used by the Office of Student Financial Assistance to determine eligibility for need-based financial assistance.

If a financial aid application was already filed, but Loyola was not listed as a school choice, a school change may be initiated by using Part 2 of the SAR. Loyola University Chicago (Title IV Code 001710) should be entered as a school choice and the SAR submitted to the address indicated for reprocessing. Students admitted to Loyola may initiate an electronic school change by contacting OSFA.

If you do not have the SAR, you can request a duplicate SAR by calling: 319.337.5665.

On-campus, paid community-service, and other jobs that require FWS eligibility and those that don't are listed here. Browse the listings and interview directly with the employers who interest you. Begin your search no earlier than one month prior to the beginning of a term.

No. You will receive a bi-weekly paycheck for the hours you work. You may enroll in direct deposit, either to your university account or your checking or savings account.

Federal Work-Study (FWS) Program funds are paid to you biweekly for the hours you work and can be deposited directly to an account at a bank or credit union. Also, loan disbursements will not be credited to a student's account until entrance counseling is completed, a promissory note has been signed and received by the lender, the funds are received from the lender and the 30-day delivery period for first-time borrowers has passed. Therefore, you should expect to cover some initial expenses no matter how much financial aid you have. Students who live off-campus should plan to pay (out of pocket) at least their first month's rent and living expenses each semester.

Federal Work Study (FWS) is a program in which students work on- or off-campus to help pay for their education. FWS is available to undergraduate and graduate students who qualify for need-based assistance and enrolled at least halftime. Although there is no difference in FWS and non-FWS job descriptions or pay scales, employing departments benefit from hiring FWS students, because federal funds are used to pay for a portion of the students' wages.

An FWS award is different from other financial aid awards because the award amount is not credited to the student's account. The FWS student locates a job, applies and competes for the position, and is paid for working. The FWS award is the authorization for the total earnings as an FWS student.

When a student accumulates earnings that equal the FWS award, the student is usually changed to a non-FWS student and permitted to continue working.

In order for OSFA to consider your situation fully, make sure that any letter about special circumstances is sent directly to OSFA. Letters, tax returns and any other documents sent to the federal processor with the FAFSA application are not reviewed and will not be forwarded to schools. You can print Loyola's Special Circumstance Appeal form from the forms page.

If your family financial situation has significantly changed for the worse due to special circumstances, you should contact the Office of Student Financial Assistance to discuss your situation with a financial aid advisor.

Federal PLUS Loans are made to creditworthy parents of eligible dependent undergraduate students and may be used to replace all or portions of the expected family contribution. Also, OSFA has information about credit-based, alternative loan programs that you can use. Loyola has installment and financing options available, such as the Annual Payment Plan, to help you afford the cost. For more information about loan options, visit http://www.luc.edu/finaid/financing.shtml. For more information about payment plans, visit the Office of the Bursar Website at: http://www.luc.edu/bursar; or call: 773.508.7705.

Four different types of federal loans may help families with the educational expenses:

• Federal Perkins Loans: Need-based loan with 5% interest rate for undergraduate and graduate students enrolled at least halftime. Repayment of principal and interest does not begin until nine months after the student drops below half-time. Payment is delayed if the student returns to school.
  
  
  
• Federal Subsidized Stafford Loans: Need-based loans with a variable interest rate not to exceed 8.25%, available to undergraduate and graduate students enrolled at least halftime. The government pays the interest to the lender on behalf of qualified borrowers for as long as students are enrolled at least half-time in a degree-seeking program and for six months thereafter, at which time repayment of the principal and interest must begin. Payment is delayed if the student returns to school.
  
  
  
• Federal Unsubsidized Stafford Loans: Non-need-based loans with a variable interest rate not to exceed 8.25%, available to undergraduate and graduate students enrolled at least halftime. The government does not pay the interest to lenders on behalf of the borrowers. Repayment of the interest is the student's responsibility from the date the loan is disbursed and may be paid or capitalized (added) to the principal balance of the loan. Repayment of principal does not begin until six months after the student drops below halftime. Payment is delayed if the student returns to school.
  
  
  
• Federal PLUS Loans: Non-need-based loans with a variable interest rate not to exceed 9%, available to parents of dependent undergraduate students enrolled at least halftime. Repayment of principal and interest begins within 60 days of the disbursement of the loan funds.
  
  
  

Alternative loan programs are also available, and are offered to students by private lenders. Eligibility for these programs may be based on the creditworthiness of the borrower or co-signer.

If a parent (of a dependent student) applies for and is denied a Federal PLUS Loan because of poor credit or low income, the student may be eligible for an additional Unsubsidized Federal Stafford Loan. Loyola's preferred lenders routinely notify OSFA about loans that are denied, and the addition of the Unsubsidized Federal Stafford Loan will be done automatically. A student may also bring a copy of the denial notice to OSFA (lenders are required to send notice in writing of the denial).

No, but using a Loyola preferred lender for the Federal Stafford and Federal PLUS Loan is strongly encouraged. These lenders have been selected because they provide efficient service with electronic processing and they offer reduced interest rates for repayment. It is also not necessary to establish an account relationship with a preferred lender for students to receive loans through that lender.

Many other lenders make direct solicitations to students and parents to use their services for federal student loan borrowing. OSFA does not recommend using any of these lenders, because Loyola cannot guarantee that the level of service from other lenders that preferred lenders have demonstrated for Loyola students and parents.

OSFA will not request reversal of late payment fees or temporary lifts of registration blocks because of disbursement problems caused by non-preferred lenders.

Students can access their loan records using online using LOCUS; or by visiting the National Student Clearinghouse.

Student loan proceeds are sent, in multiple disbursements, by a financial institution to Loyola. New Federal Stafford Loan borrowers are subject to a 30-day delayed delivery period before their first disbursement can occur. If the Federal Stafford Loan funds are sent by Electronic Funds Transfer (EFT), the proceeds are applied as a credit to your university account with the Office of the Bursar. If the funds are sent to Loyola by check, you will be contacted to endorse the check at the Office of the Bursar. You must be enrolled at least half-time at the time of disbursement. Before receiving Federal Stafford Loan proceeds, all first-time borrowers at Loyola must complete an entrance loan counseling session.

Federal PLUS Loan proceeds are disbursed in the same manner, except that checks are made payable to the parent borrower or co-payable to the parent and Loyola. Students can check their account through LOCUS to see if funds have posted.

When a student enrolls at Loyola, a university account is created by the Office of the Bursar. A monthly statement of the account is issued listing: university charges including tuition, fees, and on-campus room and board; credits applied from financial aid; cash payments and any balance due. All financial aid awards (except Federal Work-Study) are applied to the university account. The remaining balance owed to the university, after any financial aid credits for the semester, may be paid in installments, if a student applies for a payment plan. Because application deadlines apply, do not need to wait for your Final Award to enroll in a payment plan. For more information about payment plans and student accounts, please visit the Office of the Bursar.

As of October 1, 2002, all Federal Loans processed for a single academic term must be disbursed in multiple disbursements, one at the beginning of the loan period and one no earlier than the midpoint of the period.

OSFA and the Office of the Bursar work together to process refunds resulting from financial aid in excess of university charges. The processing of refunds begins after the close of the add/drop period, which is typically at the end of the first full week of classes each term. Refund checks for the amount of the excess credit are mailed to the permanent mailing address on file with the university. Refunds may also be directly deposited into the checking or savings account you designate with the Office of the Bursar. Download the Electronic Refunds application from LOCUS.

Keep in mind that depending on the source of financial aid, Loyola serves as a conduit between the student and the source of the funds. Therefore, if Loyola has not received the funds, a refund cannot occur. It is strongly recommended that you come to Loyola with enough funds to purchase books and cover the first month of living expenses.

If you receive an excess credit refund, those funds may be used to purchase books and supplies at university bookstores. Rambler Bucks, which enable students to use their campus I.D. cards as a prepaid debit card accessing funds from their student account, may also be used at university bookstores and at other campus facilities. You may complete a Rambler Bucks request form online up to two weeks before the beginning of each term through the first week of classes. You should anticipate needing about $300-$400 at the beginning of each term for books. Students who don't want to use Rambler bucks should bring alternative funds to purchase books. Learn more or fill out the form for Rambler Bucks at: www.luc.edu/campuscard/bucks.shtml.

Your financial assistance award was calculated especially for you based on your financial need as determined by the FAFSA. Some programs are restricted to a certain level of need and others carry academic or program requirements. If you filed on time, you were awarded the maximum allowable amount for each program listed to meet your need. A number of payment plans are available through Loyola's partner, Tuition Management Systems, to help you spread out the cost. Because application deadlines apply, do not wait for your Final Award to apply! For more information, visit the Bursar's Website at: www.luc.edu/bursar/payment.shtml; or call: 773.508.7705.

Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then, refer to the table of estimated monthly payments (see page 10) to calculate the amount you would have to pay each month.

As a guideline, the total monthly payments for all debts, including student loans, credit card payments and installment loans (but not rent or mortgage payments), should not exceed 8% of your expected gross monthly salary.

Failure to repay your loan when scheduled is called default. If you go into default, your lender can require immediate payment, including interest plus collection and late payment charges. The Internal Revenue Service may withhold any income tax refund and apply it toward payment. You will not be eligible for further financial assistance until satisfactory arrangements to repay the loan have been made. The lender will notify credit bureaus of your default, which will affect your credit rating and future borrowing ability.

You may be able to consolidate some of your loans into one payment plan. However, the costs you could save may be added in interest if you revise the repayment time frame. If you are interested in consolidation, contact your lender or guarantor.

Unexpected life changes could make repayment temporarily impossible. In some cases, and at the lenders discretion, you may be permitted to stop making payments temporarily, or they may accept smaller payments than scheduled. This is called forbearance. In some cases, you may be eligible to apply for a deferment. Some examples of allowable deferment periods include service in the armed forces or Peace Corps, or attending school full-time. Deferments and forbearances must be applied for through your lender; they are not automatic.

Shortly after each semester begins, Loyola reports students' enrollment to the National Student Loan Clearinghouse. Your lender will be able to verify your current enrollment at Loyola. It is always advisable to contact your lender to verify that your loans are in deferment.

Start with Loyola's list of outside scholarship resources. Also, research as many other sources as possible, including high-school guidance offices, local clubs, civic organizations and businesses.