Who should I contact when I have questions about graduate financial aid?
Graduate students can contact the Office of Student Financial Assistance (OSFA) by email at: firstname.lastname@example.org or call graduate financial aid at: 773.508.2984.
Loyola offers graduate programs on both semester and quarter schedules, whereas undergraduate programs are semester only. It is helpful to identify yourself as a graduate quarter or semester student when calling or sending correspondence.
What types of financial assistance are available to graduate students?
Federal financial aid programs are available to eligible graduate students in the form of federal student loans and/or federal work study. A graduate student may be eligible for up to $20,500 in Federal Stafford Loan funds each academic year. of this total, no more than $8,500 may be subsidized. Federal work study is earned through eligible employment, generally on-campus.
You must complete the Free Application for Federal Student Aid (FAFSA) each year to be considered for these federal student aid programs. If you are required to complete the FAFSA but do not wish to receive federal student loans or federal work study answer 'No' to these questions in section one of the FAFSA. If you decide later you would like to participate, notify the Office of Student Financial Aid at: email@example.com.
Departmental scholarships, assistantships and fellowships are awarded by Loyola's graduate academic departments. (These forms of financial aid are not available to graduate education cohort students.) Check with your academic department for eligibility, application and deadlines. Apply early! In addition, you should search online (e.g. www.fastweb.com) or in your local library for private scholarships.
Loyola's Office of the Bursar offers programs for deferred employer payments and for student payment plans. For more information, visit www.luc.edu/bursar/payment.shtml.
Graduate PLUS Loans and alternative student loans are student loans offered by private lending companies. Both loans are based on the creditworthiness of the applicant and/or co-signer. Contact the lender directly to inquire or apply. Click here for more information. Students who are ineligible for federal loans or those who need to supplement their federal loans often apply for one of these additional student loans. If you are an international student contact the lenders to ask if loans are available to you as an international student.
Applying for Federal Aid
Who is eligible to apply for federal financial aid?
United States citizens and eligible non-citizens can apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA). Generally, you are an eligible non-citizen if you are:
- A U.S. permanent resident and you have an Alien Registration Receipt Card (I-551)
- A conditional permanent resident (I0551C)
- An non-citizen with an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service showing any one of the following designations: refugee, asylum granted, indefinite parole, humanitarian Parole, or Cuban-Haitian entrant
If you are in the U.S. on an F1 or F2 Student Visa or on a J1 or J2 Exchange Visitor Visa or a G Series Visa, you are not eligible for federal financial aid.
For more information about eligibility for federal financial aid, visit www.ed.gov/studentaid or call: 1.800.433.3243.
How do I apply for federal financial aid at Loyola University Chicago?
Each year you must submit the Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education's central processor. You can complete and submit the FAFSA online at www.fafsa.ed.gov or via a paper FAFSA form. Be sure to list Loyola's Title IV School Code (001710) on the FAFSA. Keep a copy for your records.
Verification: A key part of the financial aid process is verification of reported data. After Loyola receives your FAFSA data we may ask you to supply additional information or documents if you are selected for either of these processes: FAFSA Verification or Quality Assurance Verification. If you are selected for one of these processes, your financial aid cannot be processed until all documents are received and reviewed by the financial aid office. Documents can be requested at any time in the process.
Special Circumstance: The FAFSA requires your previous year's income information. If your information changes significantly, you can appeal using the appropriate financial aid form: Student Loss of Job/Decrease of Income and/or Special Circumstance. Click here for the Office of Student Financial Assistance forms page.
When should I apply for federal financial aid?
The FAFSA form is year specific so it must be submitted for each academic year that you would like to be considered for federal aid. An academic year at Loyola begins with the Fall term and continues through the end of the following Summer term. The FAFSA cannot be filed prior to January 1 each year. Therefore, if you want to be considered for federal aid beginning in the Fall 2007 term, you should file the 2007-2008 FAFSA as early as January 1, 2007. Because the process takes several weeks, you are encouraged to file as early as possible. We recommend that you file your FAFSA by March 1st each year to ensure smooth processing.
What if I haven't completed my federal tax return yet?
If you haven't completed your federal tax forms you can estimate your tax information on the FAFSA. Loyola's Office of Student Financial Assistance (OSFA) may request that you submit a copy of your completed federal tax forms at a later date.
What happens after I submit my FAFSA?
The U.S. Department of Education will reply to your FAFSA application by sending you a Student Aid Report (SAR), usually within 6-8 weeks. The SAR is a summary of the information you reported on your FAFSA. Review your SAR information to ensure its accuracy. If the SAR is correct, keep it for your records. Do not send your SAR to Loyola. If you listed Loyola University Chicago on your FAFSA, we will receive the information electronically from the U. S. Department of Education. If your SAR does not list Loyola, contact the U. S. Dept. of Education's central processor at the toll free number on the SAR. You will be asked to provide information from your SAR.
What if I forgot to sign the FAFSA or if I realize a mistake after I have sent the form to be processed?
After the FAFSA is processed you will receive a Student Aid Report (SAR) that summarizes all the information you reported on the FAFSA. If you forgot to sign or need to make corrections, use PART 2 of the SAR and submit it to the address listed to reprocess. If you file the FAFSA online, you may make corrections online as well.
Determining Your Award
How is the amount of my aid determined?
The combination of all federal and non-federal aid cannot exceed the cost of attendance at Loyola University Chicago. Additional factors include: your FAFSA information (for federal aid), your actual enrollment, your associated tuition and fees, and your living costs.
What is the 'Cost of Attendance'?
Loyola's Office of Student Financial Assistance (OSFA) uses a projected budget to determine your eligibility for financial assistance. Your budget has been customized for you based on your academic program, your living arrangements (on-campus, off-campus, with relatives), and your planned level of enrollment.
Your budget includes expenses paid directly to the University, such as tuition and fees, as well as indirect expenses, such as books, transportation, and average living expenses.
Budgets do not include discretionary expenses such as car payments, long distance phone charges, or credit card payments.
Budgets can be adjusted to meet unusual situations. If you have unusual expenses such as childcare, medical bills/prescriptions not covered by insurance, or any extraordinary expense, complete the Budget Appeal form available here. You may be asked to provide supporting documents.
Graduate students who will be attending study abroad programs should e-mail: firstname.lastname@example.org. Budgets for these programs are determined on an individual basis.
How will Loyola's Office of Student Financial Assistance (OSFA) notify me of awards?
In the spring, OSFA begins mailing award notices to those graduate students whose FAFSA information has been received and who have been admitted to an eligible academic program.
Award notices are mailed to students throughout the academic year as OSFA is notified of eligibility or eligibility changes. Continuing students at Loyola receive an email advising them to review their awards in LOCUS.
When will I know what I have been awarded in federal aid?
Loyola receives your FAFSA information electronically (as long as you listed Loyola on the FAFSA). Beginning in May, Award Letters are sent to students who received a valid Student Aid Report (SAR) and have been admitted into an eligible program at Loyola. You should expect to receive an award notice within 30 days of receiving your SAR (but no sooner than May 1st.) The Award Letter will request additional information from you that must be completed before your aid will be finalized.
Will my Award package include non-federal aid (scholarships, etc.)?
Non-federal aid (scholarships, employee tuition benefits, etc.) will be included in the award letter from Loyola's Office of Student Financial Assistance (OSFA) after we receive notification about the non-federal award from you or from the funding source. Federal regulations require you to notify OSFA about any additional assistance you will receive. Upon notification, previously awarded aid, such as loans, may be adjusted. You will be mailed a revised award letter if your aid changes.
What should I do with the Award Notification package?
The Award Package contains information, explanations, directions and documents that you will need to read/complete. You should review the packet carefully and return requested documents and/or any corrected information to Loyola's Office of Student Financial Assistance (OSFA) immediately.
Billing & Disbursements
How will I receive my financial aid?
When a student enrolls at Loyola, an account is created in the Office of the Bursar. A monthly Statement of Account (your bill) is issued which lists University charges including tuition and fees; credits from financial aid scholarships, loans, etc; cash payments and any balance due. Financial aid awards received or sent directly to Loyola are applied to your University account.
LOCUS (Loyola's Online Connection to University Services) www.luc.edu/locus, allows you to go online and monitor your University account. You can: see your financial aid, your tuition bill, change your address and phone number, register for classes, see class schedules, and more.
How will I receive any excess aid (credit refunds)?
Credit balances: Once payments are posted to your Loyola account, you may have a credit balance on your account. A refund is automatically generated and sent to you from the Office of the Bursar. Students are encouraged to sign up for Electronic Refunds in LOCUS. With Electronic Refunds, funds are deposited directly into the students checking or savings account usually within 2 business days from the date the refund is processed. Otherwise refunds must be picked up from the Bursar.
When can I expect my financial aid to be credited to my University account?
Financial aid normally pays to a student's account at the beginning of each term. Many factors affect the processing and payment of your aid. All payments are contingent upon verification of documents requested by Loyola's Office of Student Financial Assistance (OSFA), your level of enrollment, and eligibility requirements for the specific awards.
How is my Federal Stafford Loan disbursed?
Your Stafford Loan funds are disbursed to Loyola by your lender. Loans are normally disbursed in equal installments at the beginning of each term. The disbursement dates are set at or near the start dates of each term. Most funds are sent to Loyola as EFTs (Electronic Funds Transfers) from the lender. Once disbursed by your lender, EFT funds are normally received at Loyola in 2-3 business days. If your lender sends your funds to Loyola via a paper check, allow a minimum of 10 business days for Loyola to receive the check.