Loyola University Chicago

- Navigation -

Loyola University Chicago

Financial Aid Office

ABSN Program: January cohort

The Spring ABSN program begins in January and lasts for 16 months. Students admitted to the ABSN program have previously 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 e-mail SchoolofNursing@luc.edu.   

Eligibility

Students must be admitted into the ABSN program before their financial assistance application will be reviewed. The School of Nursing notifies the FAO when students are admitted. 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. The total cost of attendance of the January ABSN Program is approximately $71,000*. This amount includes the current tuition and fee charges.

*This is subject to change at the discretion of the Financial Aid Office (FAO).

Application Procedures

To apply for federal 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. The easiest way to complete or correct your FAFSA with accurate tax information is by using the IRS Data Retrieval Tool through www.fafsa.gov.  In a few steps, you may be able to view your tax return information and transfer it directly into your FAFSA.  SAR information will be forwarded to Loyola.

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 dependent 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 (parent 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 first Spring and Summer session, students can borrow up to the maximum allowed for one academic year.  In the Fall and second Spring terms, they are again awarded up to the maximum academic year award.  Students with prior borrowing may have Federal Stafford Loan awards reduced so loan borrowing does not exceed the aggregate loan amounts.  In order to receive a Federal Stafford loan, you must complete a Master Promissory Note (MPN) and Entrance Loan Counseling before you can receive any loan funds. 

Stafford Loan Program Requirements

   

Eligibility for Additional ABSN Alternative Loan

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 PLUS Loan, instead of the student borrowing an alternative loan for any term.

Alternative loans are available through the FAO 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. Information on these types of loans can be obtained here or by visiting the FAO. Most alternative loans must be certified by the school. Loyola cannot certify an alternative loan for an amount that exceeds the [Eligibility for ABSN AltLoan] amount stated on the student's award.

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 the FAO 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