Financial Aid Awards FAQs
How will I know what awards I am eligible for at Loyola after I file the FAFSA?
Students will be are provided with a Financial Aid Award that outlines all financial aid awards and scholarships for which you are eligible, as determined by your application for admission and by your FAFSA.
If I receive a scholarship from an outside donor or organization from my high school, will that affect the financial aid I receive from Loyola?
Loyola does not reduce your aid if you receive small outside scholarships! However, if you receive an outside scholarship that is a significant award amount, we will have to review your overall financial aid award. Click here more information about the outside scholarship process.
How will I receive my financial aid?
All financial aid awards are applied to your University account with the Office of the Bursar. The remaining balance after financial aid is credited may be paid in installments by signing up for a payment plan. Federal Work-Study earnings are received via a bi-weekly paycheck or via direct deposit into a student’s checking or savings account.
How will I know if I need to submit additional documents?
Some students must send additional documentation for verification review. Students selected for verification will receive their award as an Estimate of Financial Aid Eligibility. The Estimate will include a request for the needed verification documents. Once the documents are received and reviewed, we will update financial aid awards, if needed, and send a Financial Aid Award. Your financial aid will not be disbursed until all requested information is provided and reviewed.
If we are required to submit our taxes for verification at a later date, will the award change?
If figures are reported inaccurately on your FAFSA, your financial aid package could change. Our verification process is intended to ensure that the correct information is used to determine an accurate award package for each student.
Will my financial aid stay the same from year to year?
Students are required to submit a new FAFSA each year, which will determine their eligibility for the upcoming academic year. Changes in the family's financial situation and increased loan amounts, among other factors, may affect the award from year to year. Additionally, students are required to meet all scholarship requirements and meet the satisfactory academic progress policies to ensure that eligibility for scholarships and financial aid is maintained.
If I change the number of credit hours I am enrolled in, or where I live, will this change affect my financial aid?
Your financial aid can be affected by your enrollment level (i.e. part time, full-time) and/or living arrangements (i.e., in a Loyola residence hall, off-campus apartment or commuting from a parent's home). Changes to these items could potentially impact your financial aid awards. Students considering changing their enrollment status or living plans should contact OSFA.
How many credit hours are considered part-time and full-time student status?
Enrollment requirements differ for undergraduate and graduate students. Click here for the specific enrollment parameters.
I have been awarded grants and loans. What is the difference between the two?
Grants are need-based assistance which does not need to be repaid by the student. Federal Loans, such as the Federal Stafford Loan and the Federal Perkins Loan are forms of financial assistance that need to be repaid.
After all of my financial aid is applied to my account, what other options are there to finance the “bottom line” figure?
While how you choose to finance your education is up to you, we recommend utilizing any scholarships or college saving plans first. There are also many other resources you can use to cover your educational expenses at Loyola University Chicago including installment plans.