Loyola University Chicago

Financial Aid Office

FAQs

The Financial Aid Office can help guide you through the financial aid process. This list is not exhaustive so please contact our office if you need additional assistance.

To apply for financial aid at Loyola, please complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is year-specific, so you must reapply every year. Use Loyola's School Code 0017010. Some aid funds are limited so please file the FAFSA as quickly as possible after it opens on October 1st (i.e. October 1, 2018 for the 2019-2020 year).

When you complete the FAFSA, you are automatically considered for need-based grant programs, federal loans, and work study.

You are required to complete the FAFSA using your marital status at the time of application. If you are unmarried now, you must indicate "single" as your marital status. Contact the financial aid office if you get married during the academic year to discuss your options.

Dependent students are required to submit their parents’ information on the FAFSA in order to be considered fully for financial aid. This does not require your parents to pay for your educational costs.

If, however, your parent refuses to complete the FAFSA, you may still be eligible for an Unsubsidized Federal Stafford Loan when completing the FAFSA with only your information. This loan is only for a maximum of $2,000 so we encourage your parents to contact our office for more information about protecting their privacy on the FAFSA.

Not necessarily. You will be considered a dependent student for the current academic year unless you are 24 years of age or older, are an orphan or ward of the court, a veteran of the US Armed Forces, a graduate or professional student, are married, or a student who has legal dependents other than a spouse. If you feel you have a unique situation that does not meet the above criteria, you should contact the Financial Aid Office for assistance.

If your family has experienced a change in your financial situation (loss of employment, excessive paid medical expenses, death of a parent, etc.), you may complete a Special Circumstance Appeal to request a reevaluation of your financial aid eligibility. Make sure to provide us with copies of all relevant documentation of the situation and its impact on your family’s finances.

Students are required to submit a new FAFSA each year, which will determine their eligibility for the upcoming academic year. Changes in the family's financial situation may affect the award from year to year. Additionally, students are required to meet all scholarship requirements and meet the satisfactory academic progress policies to ensure that eligibility for scholarships and financial aid is maintained.

Your financial aid can be affected by your enrollment level (i.e. part time, full-time) and/or living arrangements (i.e. in a Loyola residence hall, off-campus apartment or commuting from a parent's home). Changes to these items could potentially impact your financial aid awards. Students considering changing their enrollment status or living plans should contact FAO.

If you have never borrowed federal Stafford loans before, you need to complete Entrance Loan Counseling and sign a Master Promissory Note at studentloans.gov. If you have also been awarded a Nursing Student Loan, a separate Master Promissory Note is required for that loan program. Please review your to-do list in LOCUS for more information.

You can log onto the National Student Loan Database for complete listing of the federal loans that you have borrowed. You can also estimate how much you will borrow in futurue years to predict what your monthly payments will look like once you go into repayment. Federal loans go into repayment after a 6 month grace period, which begins after you are no longer full-time or graduate. If you have borrowed alternative loans, you should contact your lender for more information on what is owed and repayment options.

You will need to submit a new appeal based on any new situations not yet communicated to our office. Please submit a new Special Circumstance Appeal form and all supporting documentation so that FAO can evaluate your new circumstances.

Graduate students can contact the Financial Aid Office (FAO) by e-mail at lufinaid@luc.edu or by calling 773.508.7704. There is sometimes an FAO representative at the Water Tower Campus (WTC), as well. Please call our main office to inquire about the WTC availability before visiting that location.

Loyola offers graduate programs on both semester and quarter schedules, whereas undergraduate programs are semester only. It is helpful to identify yourself as a graduate quarter or semester student when calling or sending correspondence.

Departmental scholarships, assistantships and fellowships are awarded by Loyola's graduate academic departments. Check with your academic department for eligibility, application and deadlines. In addition, you should search Loyola Scholarship Connection for external scholarship opportunities.

Loyola's Office of the Bursar offers programs for deferred employer payments and for student payment plans. For more information, visit www.luc.edu/bursar/payment.shtml.

Federal financial aid programs are available to eligible graduate students by filing a yearly FAFSA application. Graduate student are eligible for Federal Stafford Loans, the Graduate PLUS Loan, and possibly work study through our appeal form.

Once payments are posted to your Loyola account, you may have a credit balance on your account. A refund is automatically generated and sent to you from the Office of the Bursar. Students are encouraged to sign up for Direct Deposit in LOCUS so that funds are deposited directly into the students checking or savings account, usually within 2 business days from the date the refund is processed.

FAFSA

Financial Aid Awards

Loans

Special Circumstances

Graduate