Loyola University Chicago

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Loyola University Chicago

Financial Aid Office

Federal Direct Stafford Loans

Direct Subsidized Stafford Loans

This loan is awarded to students who demonstrate financial need as determined by the FAFSA.  To receive a Direct Subsidized Stafford Loan, a student must complete Entrance Loan Counseling and a Master Promissory Note (MPN).  The student must be enrolled at least half-time in a degree-seeking program.  No interest is charged while a student is enrolled in a school at least half-time, during a student’s grace period, and during deferment periods.  Students receiving this loan are not required to make payments while they are attending school at least half-time and during their grace period.

Direct Unsubsidized Stafford Loans

This loan does require a student to demonstrate financial need as determined by the FAFSA.  To receive a Direct Subsidized Stafford Loan, a student must complete Entrance Loan Counseling and a Master Promissory Note (MPN).  The student must be enrolled at least half-time in a degree-seeking program.  Interest is charged during all periods, starting on the date which the loan is disbursed to the student.  Students do not have to make payments while they are attending school at least half time and during their grace period, but can elect to pay the interest while in school or to have it added to the principal amount of the loan.

The instructions below are to complete the process for both the Direct Subsidized Stafford Loan and the Direct Unsubsidized Stafford Loan.

To Start the Loan Process:

  1. Visit StudentLoans.gov and sign in using your (the student’s) information.
  2. Select the Complete Entrance Counseling option and follow the instructions to complete Steps 1 to 4.
  3. Once completed, an electronic confirmation of your Entrance Counseling will be sent to the Office of Student Financial Assistance.
  4. Navigate to the Home page, or select the Complete (Master Promissory Note) MPN option on the left-side menu.
  5. Select the Subsidized/Unsubsidized loan type and follow the instructions to complete Steps 1 to 4.
  6. Once completed, an electronic confirmation of your Master Promissory Note will be sent to the Office of Student Financial Assistance.

 

The student must complete Entrance Loan Counseling and the Master Promissory Note before the funds from the Direct Subsidized Stafford or Direct Unsubsidized Stafford Loan can disburse to the student's account.



Loyola

Financial Aid Office · Sullivan Center · 6339 N. Sheridan Rd., Chicago, IL 60660 · 773.508.7704 · lufinaid@luc.edu
Mailing Address: 1032 W. Sheridan Rd., Chicago, IL 60660

Notice of Non-discriminatory Policy