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Loyola University Chicago

Financial Aid Office

ABSN Program: August Cohort

The Fall ABSN program begins in August and lasts for 16 months. Students admitted to the ABSN program have earned a bachelor's degree and therefore do not qualify for federal, state or Loyola-awarded need-based grants or scholarships. This limits the award consideration by the Financial Aid Office (FAO) for ABSN students to federal and private loan programs.

There are a limited number of departmental scholarships available from the Marcella Niehoff School of Nursing, which are offered to qualified students currently enrolled in the ABSN program. For more information about application procedures and deadlines for departmental scholarships, contact the School of Nursing at 773.508.3249 or email SchoolofNursing@luc.edu.

Eligibility   

Students must be accepted into the ABSN program before their financial assistance application will be reviewed. The School of Nursing notifies the FAO when students are accepted. The FAFSA can be filed before the admission process is complete.

The amount of loan eligibility each ABSN student receives depends on the FAFSA results, prior loan borrowing and the cost of attendance. The cost of attendance for a student enrolled in the ABSN Program at Loyola University Chicago accounts for direct expenses such as tuition and standard fees, and provides allowances for indirect expenses such as living expenses, books, transportation, and personal expenses.  

   

Application Procedures

To apply for loans during the 16-month program, students must complete two FAFSAs:

The federal government processes your applications and then sends you a Student Aid Report (SAR) for each FAFSA you submit. Carefully review the SARs. If the information is correct, keep the SAR for your files; if the information is incorrect, make corrections directly on the SAR, sign it and forward the corrected version to the address indicated for processing. SAR information and corrections are forwarded electronically to Loyola. Documents such as tax return transcripts and W-2s may be requested by the FAO for verification purposes.

When completing the FAFSA forms, please note the following:

Are You a Dependent or Independent Student?
Step Three of the FAFSA asks questions pertaining to your dependant status. If any of the questions can be answered "yes," then you are an independent student. Independent students do not fill out Step Four questions (parental information).

If you answer "yes" to any question in Step Three, you will be prompted to proceed and may include your parent information if you are a medical or nursing student. Many medical schools require independent students to include parent information, but Loyola's ABSN program does not. It is generally in your best interest to not include parent information if you are an independent student and are not required to do so.

   

Federal Stafford Loans

ABSN students are awarded Federal Stafford Loans based on the undergraduate senior limit. For the Fall and Spring of 2012-2013, they can borrow up to the maximum allowed for one academic year.  In the Summer 2013 and Fall 2013, they are again awarded up to the maximum academic year award.  Students with prior borrowing will have Federal Stafford Loan awards reduced so loan borrowing does not exceed the aggregate loan amounts.

Stafford Loan Program Requirements

   

Eligibility for Additional ABSN Alternative Loan

A budget appeal may be submitted if an individual's expenses exceed the estimated budget allotted by the FAO. Please bear in mind, however, that only certain expenses may be considered. The amount listed as [Eligibility for ABSN AltLoan] represents the maximum amount that students COULD borrow through a credit-based alternative loan.  This amount reflects the estimated direct and indirect costs associated with the academic year, less other aid.  Additionally, the parents of a dependent student may choose to apply for a Federal Direct PLUS Loan, instead of the student borrowing an alternative loan.

Alternative loans are available through OSFA to provide additional funds. These are credit-based loan programs offered through private lenders. Many ABSN students use alternative loans to pay living expenses. Programs may require co-signers. Interests rates and terms vary from program to program. Most alternative loans must be certified by the school. Loyola cannot certify an alternative loan for an amount that exceeds the cost of attendance.

The amount of loan eligibility each ABSN student receives depends on the FAFSA results, prior loan borrowing and the cost of attendance. The cost of attendance for a student enrolled in the ABSN Program at Loyola University Chicago accounts for direct expenses such as tuition and standard fees, and provides allowances for indirect expenses such as living expenses (rent, food and utilities), books, transportation, and personal expenses.  You can review the cost of attendance when you VIEW YOUR FINANCIAL AID AWARD in Locus.  A student who finances all direct and indirect expenses through loan borrowing would plan on approximately $75,000.

A budget appeal may be submitted if an individual's expenses exceed the estimated budget allotted by the FAO. Please bear in mind, however, that only certain expenses may be considered. Specifically, consumer debt is generally not an expense that OSFA can consider in compliance with regulatory guidelines.

   Additional Information

Check out these links for additional information about the ABSN Program:

   Contact Us

For more information about financial assistance available for ABSN students, contact:

Financial Aid Office
Sullivan Center, Lake Shore Campus
Phone: 773.508.7704
E-mail: absnfinaid@luc.edu  

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