Frequently Asked Questions
Questions about FAFSA
Q: How do I complete the FAFSA?
A: Students may complete the FAFSA online at www.fafsa.ed.gov.
Q. What will I need to complete the application?
A. If you have filed a 2011-2012 federal tax return, this information will be requested on the application. If you have not and will not complete a tax return, you still have to complete a FAFSA, but tax information will not be required. In order to electronically sign your application, you will need a Personal Identification Number. For more information on PINs, please visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp.
Q. What is the deadline to complete the FAFSA?
A. We do not have a deadline. A student may complete this application at any time throughout the academic year.
Q. Do I need to complete the Parents section of the FAFSA?
A. Parental tax information is not required for graduate students.
Q. What if my parents claim me as a dependent?
A. Parents are allowed to claim graduate students as dependents. You are not required to provide parents’ information on the FAFSA.
Q. What is Loyola’s school code for the FAFSA?
A. The school code is 002016.
Q. When should I file my FAFSA?
A. You may file any time after January 1.
Questions about Loans
Q. How do I apply for loans?
A. After completing the FAFSA, depending on the Expected Family Contribution (EFC), a student may be eligible for an Unsubsidized loans. Each student will be notified of his/her eligibility.
Q. What are the loan limits?
A. An eligible student is allowed to borrow a $20,500.00 Unsubsidized loan per academic year. If a student is in default on ANY federal loan, he/she will not qualify for an Unsubsidized loan.
Q. When does interest begin to accrue on Unsubsidized loans?
A. Unsubsidized loans begin to accrue interest upon disbursement.
Q. What are the interest rates on loans?
A. All federal loans have fixed interest rates, as follows:
- Unsubsidized: 6.8% Interest Rate
- Graduate Plus: 7.9% Interest Rate
Q. What if the Unsubsidized loan does not cover all my expenses?
A. If a student needs additional funds and his/her budget allows, he/she may apply for a Graduate Plus loan online at www.studentloans.gov.
Q. What is a Graduate Plus loan?
A. A Graduate Plus loan is a federal, credit-based loan. Every time a student applies, the government performs a credit check. Credit expires after 90 days. Interest begins to accrue upon disbursement of the money.
Q. What if I am denied?
A. If the application is denied, a student has two options: appeal the decision or get an endorser. In certain cases, after the student appeals the credit decision and submits a credit report, the government overrides the credit decision. Otherwise, a student may have someone endorse their application.
Q. When does repayment begin on loans?
A. For Subsidized and Unsubsidized loans, repayment begins six months after a student graduates or ceases to be enrolled. For Graduate Plus loans, repayment begins immediately after graduation or withdrawal from the university. A deferment or forbearance may be requested for Graduate Plus loans to allow a grace period of six months.
Q. How much can a student borrow from a Graduate Plus loan?
A. Loan eligibility is based on a student’s budget (comprised of tuition, fees, and costs of living expenses).
Q. What is a bar loan? Are they available?
A. Private loans are available to assist students in alleviating costs associated with bar preparation, including preparatory courses, exam fees, and living expenses. Loans are available through private lenders, such as Sallie Mae, Citibank, and Wells Fargo. The loans are credit-based with interest rates varying from 5% to 15%.
Q. What are loan fees?
A. The Department of Education charges loan origination fees for all federal loans.
Q. May I borrow my loan fees?
A. Yes, any student is allowed to increase his/her budget by the amount of loan fees, allowing him/her to borrow them.
Q. How much are loan fees?
A. Unsubsidized loans have 1.0% fees. Graduate Plus loans have 4.0% fees.
Q. How long does repayment last?
A. There is a 10 year standard repayment plan. Other repayment plans are available.
Summer Financial Aid
Q. May I receive financial aid for the summer term?
A. If a student takes at least five credit hours, he/she may qualify for aid. Since the summer term is considered a trailer to our academic year, if a student has any Unsubsidized funds not used during fall or spring, they may borrow those funds during summer. Otherwise, a student may apply for a Graduate Plus loan.
Q. How much may I borrow?
A. Once budgets are created, students will be informed of loan eligibility.
Q. When will I receive my money?
A. Funds will be disbursed to the school seven days before school begins.
Q. Do I qualify for aid for study abroad programs?
A. As long as a student takes at least five credit hours, he/she may qualify for federal aid. If a student takes three to four hours, a private loan may be obtained.
Q. Do I need to complete any documents?
A. Yes, students will have to complete the In-house Summer Financial Aid Application.
Requirements for Aid
Q. What do I have to do to qualify for aid?
A. A student must be admitted, degree-seeking, and enrolled in at least five credit hours to qualify.