Financial Aid Office

What we do

The Financial Aid Office provides financial assistance to help bridge the gap between your resources and the amount needed to pay for the cost of attending Loyola. Our office is here to help you navigate the financial aid application process and answer any questions that you have. We offer one-on-one counseling to students on a walk-in basis at Lake Shore Campus, Monday – Friday, 8:30 a.m. to 5:00 p.m. and Water Tower Campus Tuesday and Thursday, 8:30 a.m. to 5:00 p.m. If you are on Lake Shore Campus stop by the Student Services Hub located in the Sullivan Center or Undergraduate Admission suite located in Lewis Tower to meet with an FAO representative. At any time you have questions or concerns about financial aid, we encourage you reach out to e-mail us at lufinaid@luc.edu or call (773) 508-7704.

Each year our office reviews your FAFSA to determine how much assistance you are eligible to receive for the academic award year. Once you complete the FAFSA, you are automatically considered for federal, state, institutional grants and federal loans. In addition to these awards you can also apply for private education loans through a bank or credit union to fund any additional costs. All private educational loan applications are certified in the financial aid office.

If there is a remaining balance after all financial aid awards are credited to your university account, you can sign up for a monthly payment plan option with the Bursar Office.

Our office also offers financial literacy workshops and activities throughout the academic year. Students can continually check out our website, http://www.luc.edu/finaid/financial_literacy.shtml for upcoming events during the school year.


FAFSA

The earliest you can begin to complete your FAFSA is January 1st of the upcoming year. To be considered for all resources available, we encourage you to submit your FAFSA before March 1st.

Don’t Wait – Estimate!

If your parents’ taxes are not completed by the March 1 priority application date,
you may use estimated or the prior year’s tax information to file the FAFSA. However, you must correct the FAFSA to include completed federal income tax information as soon as it is available. When completing the FAFSA with estimated information, be sure that the estimates closely match your actual data. If not, your financial aid package could change when the information is updated.

If you miss the March 1 priority deadline, we encourage you to still apply for financial assistance at any time. Although some programs will not be available after the deadline, you may still be eligible for some assistance to help offset your educational costs.


Student Responsibilities

As a Loyola University Chicago student, you are expected to take responsibility for your receipt of financial assistance. We expect you to:

  1. Update your local and permanent addresses whenever changes occur. We send mail to your local/housing address while classes are in session, and use your permanent address during winter and summer breaks. Be sure both addresses and phone numbers are current at all times. You can update your address through LOCUS
  2. Respond to all requests for information as quickly as possible. Aid programs have deadlines. Delays in returning materials or requested information to FAO can cause delays in processing and disbursement, and possibly loss of eligibility.
  3. Access LOCUS to obtain information on the current status of your financial aid awards and account with the Office of the Bursar.
  4. Access your Loyola e-mail account. We frequently send information, requests or updates to your Loyola e-mail account. Be sure to regularly check your Loyola e-mail or arrange to have messages sent to your Loyola address forwarded to the e-mail program you use.

Verification

Some students must send additional documentation for verification review. 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 you an updated Financial Aid Award.

If we do not ask for any documents, nothing further is needed. Check your To-Do List in the Student Center in LOCUS, and then print any required documents from the “forms” section of our website.


Reducing or rejecting 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 the Student Center 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.


E-bill

The Office of the Bursar generates electronic bills on the 15th of every month. If the financial aid process is complete, your e-bill will reflect your anticipated financial aid. If any documents are still needed by the Financial Aid Office 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.


Satisfactory Academic Progress

Financial aid recipients at Loyola University Chicago are expected to maintain satisfactory academic progress. Satisfactory academic progress is evaluated at the end of each academic semester. Students must be making satisfactory progress to continue receiving financial aid.

Satisfactory academic progress has three components: quantitative, qualitative and degree completion. Students must satisfy all components in order to continue to receive aid.

  1. Quantitative: Students must complete at least 67% of the courses attempted.
  2. Qualitative: Students must have a cumulative grade point average (GPA) of 2.0 on a 4.0 scale.
  3. Degree Completion: Students must complete a bachelor’s degree in no more than 150% of the stated number of credit hours for an academic program.  As an example, undergraduate students must complete the 120 hours for their baccalaureate degree with less than 180 attempted hours

 


Scholarships

We encourage students to continue to apply for scholarships. Our website is a great place to begin your search for scholarships as we are constantly updating our site with new scholarship applications and resources. For more information, look under the Scholarship Resources section of our website: http://www.luc.edu/finaid/scholarships/.


Loans

Entrance Counseling

If this is the first time you are borrowing a federal loan at Loyola, such as a Federal Stafford, Federal Graduate Plus, Federal Parent PLUS, or a Federal Perkins Loans, you must complete an entrance loan counseling session before you can receive any loan funds.

You can complete entrance counseling online. You will be asked to enter the Loyola University Chicago school code, which are 001710. Upon completion, Loyola is electronically notified.

Promissory Notes

Before you can receive any funds from a loan, you must complete a promissory note. A promissory note is your legal commitment to repay the loan funds, any accrued interest and fees to the lender of the loan.

PIN and School Code Information

U.S. Department of Education PIN is required to complete all promissory notes for all loan programs. If you do not have a PIN from the U.S. Department of Education—or if you have forgotten it—you may apply for one online at http://www.pin.ed.gov.

You may also be required to provide Loyola’s School Code to sign the promissory note.

  • Loyola’s School Code for Federal Perkins, Federal Nursing, Nursing Faculty and Mandel Short-Term Loans: N9
  • Loyola’s School Code for Federal Stafford, Federal Graduate PLUS, Federal Parent PLUS Loans: 001710

 


Special Circumstances

If your family has experienced a change of circumstance that affects your financial situation (loss of employment, excessive medical bills, death of a parent, etc.), you may complete a ‌2014-2015 Special Circumstance Appeal‌ to request a reevaluation of your financial aid eligibility.

The form allows you to describe the financial changes in detail and the impact it has on your ability to meet your educational expenses. Appropriate documentation (i.e., federal tax returns, medical bills, unemployment benefits statements) is required.

If you are having a problem paying for college or completing the financial aid application requirements, we are here to help you in any way we can. However, you need to contact as soon as possible in order for us to provide you with the best possible assistance. There are a lot of deadlines and processing times associated with financial aid, so if you wait until the end of the semester to submit a requested document or resolve an unpaid balance, that might limit the kind of assistance that we can offer you.


Contact Information

Locations & Office Hours

Lake Shore Campus

Student Services HUB
Sullivan Center for Student Services
6339 N. Sheridan Rd.
Chicago, IL 60660

Regular Office Hours: Monday – Friday    8:30 a.m. – 5:00 p.m.
Phone Advisement: Monday, Tuesday, Thursday, Friday    8:30 a.m. – 5:00 p.m.
Phone Advisement: Wednesday    9:30 a.m. – 5:00 p.m.

 Water Tower Campus

Undergraduate Admission suite, 8th floor
Lewis Towers
820 N. Michigan
Chicago, IL 60611

Regular office Hours:               Tuesday and Thursday                             8:30 a.m. – 5:00 p.m.

Mailing Address

Office of Student Financial Assistance
Loyola University Chicago
1032 W. Sheridan Rd.
Chicago, IL 60660

Phone, Fax & E-mail

Phone: 773.508.7704
Fax: 773.508.3397
E-mail: lufinaid@luc.edu
Submit documents to: finaidforms@luc.edu

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s