The steps below outline the major points in the financial aid process. Click on the links for more details about each step.
|WHAT YOU NEED TO DO|
Merit-based scholarships for freshmen and transfers are awarded at the time of admission without consideration of financial need. Check out other scholarship opportunities that require separate applications. You'll find a brief description of each scholarship, Web sites where you can print out applications, and contact information if you have questions.
|File the Free Application for Federal Student Aid (FAFSA)
Use Loyola’s federal school code: 001710. Get more information about the FAFSA online. Loyola's priority filing date is March 1. Filing by March 1 will allow new students to receive financial aid award information before the May 1 Admission Deposit Date. Continuing undergraduate students need to file by March 1 to ensure they are considered for all available aid programs.
|Review the Student Aid Report (SAR)
You will receive a SAR four to six weeks after mailing the FAFSA or one to two weeks after filing the FAFSA online. Please check for errors. If necessary, make corrections online or mail it back to the federal processor. If the SAR is correct, keep it for your records. Loyola will receive the SAR data electronically from the processor.
|Review Financial Aid Award
Once we receive the SAR data, we will send you a Financial Aid Award. If you completed the FAFSA before March 1, you should receive an award in early April. Loyola calculates your award, which represents assistance from one or more sources, based on information you or your parents provide on the FAFSA, along with our knowledge of program funding, program award limits, and eligibility criteria.
|Submit requested material for verification
Some students must send additional documentation for verificationreview. 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 reviewed, we will update financial aid awards, if needed, and send a Financial Aid Award.
|Reduce or reject awards
If you decide to accept all awards, keep the award letter for your records. If you wish to reject or reduce any award, you may do so in LOCUS.
|Review additional financing resources
You can compare the costs of credit-based loans with payment plans, loans, and other financing options. Please note that you can combine financing options (for example a payment plan and an alternative student loan) to find the method that works best for you and your family. Learn more about additional financing.
|Federal Direct Stafford Loan recipients choose a lender and sign the Master Promissory Note (MPN) * at any time|
|Federal loan recipients complete entrance loan counseling * at any time
Make sure you indicate that Loyola University Chicago should receive the information.
|Get an e-bill
The Office of the Bursar generates electronic bills on the 15th of every month. For example, if you register for fall classes by July 14, you will receive a July e-bill. Students who register between July 15 and August 14 will receive an August e-bill. All charges not covered by financial aid are due on August 5.
If the financial aid process is complete, your e-bill will reflect your anticipated financial aid. If any documents are still needed by the Office of Student Financial Assistance or if your documents have not yet been reviewed, the e-bill will not reflect your full financial aid award. Check the To-Do List in the Student Center in LOCUS to determine if any documents or other steps must be completed.
Loyola allows students to charge books and supplies purchased at the university bookstore to their university accounts with Rambler Bucks. Rambler Bucks enable students to use their campus I.D. cards as a prepaid debit card.
Students may add Rambler Bucks to their university accounts up to two weeks before the beginning of each term and during the first week of classes by filling out the Charge Authorization form, available online http://www.luc.edu/campuscard/
|Monitor University account (LOCUS) for disbursement
Disbursement occurs early each semester, after the add-drop period has ended. For Federal Stafford Loans, funds transmitted by the lender via Electronic Funds Transfer (EFT) will appear as credits to your University account after entrance counseling has been completed and a signed promissory note has been submitted. We will send you an email when your loan funds arrive at the university. Refunds will be deposited directly into bank accounts if you are enrolled in Electronic Refunds.
For additional information, check out these publications:
* Requirement must be fulfilled before disbursement of loans can occur.
The Financial Aid Office reserves the right to review, adjust, or cancel awards at any time due to changes in academic status, enrollment status, verification, conflicting information, additional resources, fraud, availability of funds, federal or state regulations, and computation error. Some awards may be adjusted because of institutional policy. For instance, your scholarship award may replace Loyola Grant funds in which you may be asked to write a letter to the scholarship donor. Your eligibility for financial aid is contingent upon your compliance with all federal, state, and institutional policies and regulations that govern awards.