Federal Financial Aid
Students who are applying for need-based financial aid will automatically be considered for any federal program eligibility after they have filed the Free Application for Federal Student Aid (FAFSA) form. Federal student aid is awarded on the basis of need and the availability of funding from the School of Law. Federal student aid is not available to international students. Please see Information for Applicants: Non-U.S. Citizens/Non-U.S. Permanent Residents.
Applying for Federal Financial Aid
A Free Application for Federal Student Aid (FAFSA) is available after January 1 at www.fafsa.ed.gov. Students are encouraged to fill out a FAFSA unless they are certain that federal loans will not be needed to finance any part of their legal eduction, including living expenses. Please note: Some scholarships require you to complete the FAFSA.
After processing, the results are sent to the applicant and up to six schools listed on the FAFSA. Loyola University Chicago School of Law can be added as one of the six schools by adding the federal Title IV school code "001710" to the online FAFSA.
If a FAFSA has already been completed and submitted, and the applicant wishes to add Loyola University Chicago School of Law, the applicant can correct their FAFSA online or by contacting the Department of Education at 1-800-433-3243 (1-800-4-FED-AID).
Note: Any offer of federal funds made through Loyola University Chicago School of Law is contingent upon the student's prior satisfactory repayment of federal loans and meeting other federal requirements (see Federal Student Aid Student Guide).
Federal Stafford Loan
A Federal Stafford Loan is a low-interest loan made to a student by a variety of lenders to assist in paying the costs of attending school. Students may borrow a combination of Subsidized and Unsubsidized Federal Stafford Loan up to $20,500 per year. The interest rate is 6.8 for loans made on or after July 1, 2007.
Students whose processed FAFSA forms indicate that they meeting federal need criteria may borrow up to $8,500 per academic year in a Subsidized Federal Stafford Loan. "Subsidized" means that the federal government pays the interest that accrues while the student is enrolled at least half time and for six months after the student leaves school.
Under the Unsubsidized Federal Stafford Loan program, interest is capitalized and added to the principal upon repayment. Prepayment may be made at any time without penalty. Individuals who fill out the FAFSA, but do not meet the federal need criteria, may borrow the full $20,500 in Unsubsidized Federal Stafford Loan.
The Federal Stafford Loan is the loan of first resort. Other need-based funding is awarded only after Federal Stafford Loan borrowing is assumed.
Federal Perkins Loan
Due to limited funding, Federal Perkins Loans are awarded to incoming law students with documented proof of having previously received a Federal Perkins Loan at their undergraduate institution. Documentation must be provided by the student in the form of a copy of the Federal Perkins Loan Promissory Note or a previous financial aid award letter.
A full-time division student (12-18 hours per semester),can receive up to $3,000 annually; 1/2 disbursed per semester. Students who register for less than the above range of hours will have their loan reduced by 50 percent for that semester.
A part-time division student (8-12 hours per semester), can receive up to $2,000 annually; 1/2 disbursed per semester.
The interest rate is zero percent while the student is in school and five percent in repayment. Repayment is not required while the student is enrolled at least half-time and for nine months after graduation.
Federal Work-Study Program
The Federal Work-Study Program provides limited employment for students who need financial aid and wish to earn part of their educational expenses. Eligibility is determined if the student has filled out the FAFSA and has financial need. Jobs are available both on campus and in eligible off-campus agencies.
Due to ABA employment guidelines, full-time students cannot work more than 20 hours a week while they are in class. Because of their academic schedules, a number of first year students find positions within the law school or university. Federal Work-Study cannot exceed $2,000 in a full-time student's first year.
Federal work-study is also available to eligible students for summer work with qualifying employers. For a list of work-study qualifying agencies, click here.
