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 scholarships available, please visit http://luc.edu/finaid/loyolascholarshipconnection/ for more information.
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 2021-2022 FAFSA is used to determine eligibility for the first Fall and Spring terms. This FAFSA must be filed with the U.S. Department of Education by June 30, 2022. We recommend that you file it by July 1, 2021 to complete processing before the program begins.
- The 2022–2023 FAFSA is used to determine eligibility for the Summer and second Fall terms. This FAFSA will be available after October 1, 2021.
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:
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List the year in college as the "fifth year" or "other undergraduate."
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Answer "second bachelor's degree" to the question, "What degree or certificate will you be working on..."
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When filing the FAFSA online, you must print out the signature page and sign and mail it, or sign by electronic signature with your PIN number. Otherwise, the FAFSA will not be processed.
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Be sure to list Loyola University Chicago (Title IV Code: 001710) as a school choice on the FAFSA.
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 (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.
For additional information regarding the financial aid process click here.
Federal Stafford Loans
ABSN students are awarded Federal Stafford Loans based on the undergraduate senior limit. For the Fall and Spring of 2021-2022, they can borrow up to the maximum allowed for one academic year. In the Summer 2022 and Fall 2022, 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
- Entrance Loan Counseling: Click here to complete the form online. The FAO is notified electronically upon completion. Students are encouraged to do this as early as possible so that loans are not delayed.
- Master Promissory Note: Promissory notes for federal loans are completed online and only need to be completed once during the first term the student is receiving loans from Loyola University. The FAO will certify the loan eligibility electronically.
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 Financial Aid 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.
Contact Us
For more information about financial assistance available for ABSN students, contact:
Financial Aid Office
Phone: 773.508.7704
E-mail: lufinaid@luc.edu
