Loyola University Chicago

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Loyola University Chicago

Financial Aid Office

New Verification Process for 2012-2013!

Good news!  Changes from the Department of Education allow us to simplify our verification process for many students.  To begin, if you and your parents are able to retrieve your IRS data directly from the IRS to your FAFSA, your chances of being selected for verification are greatly reduced!  And - if you are selected - we may not need additional tax information.

What do you need to do to make this happen?

What if you are selected for verification?

New FEDERAL DIRECT STAFFORD LOAN Changes (Important Changes Beginning July 1, 2012)

Elimination of subsidized interest on Graduate Stafford loans

All Stafford Loans for graduate and professional students whose programs begins on or after July 1, 2012 will be unsubsidized.  This means the interest will begin accruing at disbursement for all graduate and professional Stafford Loans and will continue to accrue until the loan is repaid.

Elimination of the rebate on loan fees

The up-front rebate that all federal direct borrowers receive on loan fees has been eliminated.  Beginning July 1, 2012 the full 1% fee on Stafford loans and the 4% fee on the PLUS/Graduate PLUS loans will be deducted from each loan disbursement.



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