Questions about FAFSA
Q. How do I apply for financial aid?
A: To apply for federal student aid, you must complete and submit the Free Application for Federal Student Aid (FAFSA) at FAFSA.ed.gov.
By completing and submitting a FAFSA, you will automatically be considered for federal student aid.
Q. What will I need to fill out the FAFSA?
A. To complete the Free Application for Federal Student Aid (FAFSA), you will need:
Your Social Security Number
Your Alien Registration Number (if you are not a U.S. citizen)
Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
Bank statements and records of investments (if applicable)
Records of untaxed income (if applicable)
An FSA ID to sign electronically.
Q. What is an FSA ID?
A. The FSA ID allows students to identify themselves electronically to access FSA Web sites.
An FSA ID is made up of a username and password and can be used to log into FAFSA on the Web.
If you do not already have an FSA ID, you can create an FSA ID.
Q. What is the deadline to complete the FAFSA?
A. Loyola does not have a deadline. We have a priority date of March 1.
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. It is highly recommended that you fill out the FAFSA as soon as you can after October 1 of the previous year you plan to enroll in classes.
For the 2019–20 year, you can apply between Oct. 1, 2018, and June 30, 2020.
For the 2018–19 year, you can apply between Oct. 1, 2017, and June 30, 2019.
Q. How do I apply for loans?
A. Students may complete the FAFSA online at www.fafsa.ed.gov, using our school code 002016. By submitting the FAFSA, a student initiates the financial aid process. Our office will respond by sending an award letter to the admitted student, detailing a student’s eligibility for a Direct Unsubsidized Loan, any scholarship offered through Law Admissions, and the steps to receive loan funds.
Q. What are the loan limits for the year?
A. An eligible student is allowed to borrow a $20,500.00 Direct Unsubsidized Loan per academic year. The difference between the Cost of Attendance and any other sources of aid may be covered with a supplemental Loan (Direct PLUS or Private Loan).
The Department of Education outlines lifetime loan limits.
If a student is in default on ANY federal loan, he/she will not qualify for a Direct Unsubsidized Loan.
Q. When does interest begin to accrue on Direct Unsubsidized Loans?
A. Interest on a Direct Unsubsidized Loan begins to accrue upon disbursement.
Q. What are the interest rates on loans?
A. Congress has passed and the President has signed The Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
Interest Rates for Direct Loans
|Loan Type||Borrower Type||Loans first disbursed on or after 7/1/17 and before 7/1/18||Loans first disbursed on or after 7/1/18 and before 7/1/19|
|Direct Unsubsidized Loans||Graduate or Professional||6%||6.6%|
|Direct PLUS Loans||Parents and Graduate or Professional Students||7%||7.6%|
Q. What if the Direct 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 Direct PLUS Loan or a Private Loan with the lender of their choice.
Q. What is a Direct PLUS Loan?
A. A Direct 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 funds.
Q. What if I am denied for a Direct PLUS Loan?
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 the application.
Q. When does repayment begin on loans?
A. While all federal loans are automatically assigned a 10-year standard repayment plan, the Department of Education offers borrowers a variety of repayment options, allowing borrowers to extend the repayment term. Once a student graduates or ceases enrollment, a six month grace period will occur before repayment begins.
Q. How much can a student borrow from a Direct PLUS Loan?
A. Loan eligibility is based on a student’s Cost of Attendance (comprised of tuition, fees, living expenses, and book costs). Law students may borrow under the PLUS Loan program up to the Cost of Attendance less other estimated financial assistance.
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. The loans are credit based with variable interest rates.
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?
|Loan Origination Fees|
|Loan Type||First Disbursement Date||Loan Fee|
|Direct Subsidized Loans and Direct Unsubsidized Loans||On or after 10/1/18 and before 10/1/19||1.062%|
|On or after 10/1/17 and before 10/1/18||1.066%|
|Direct PLUS Loans||On or after 10/1/18 and before 10/1/19||4.248%|
|On or after 10/1/17 and before 10/1/18||4.264%|
Q. How long does repayment last?
A. There is a 10-year standard repayment plan. Other repayment plans are available.
Q. May I receive financial aid for the summer term?
A. If a student takes at least three credit hours, he/she may qualify for aid (externships are EXCLUDED). Since the summer term is considered a trailer to our academic year, if a student has any remaining Unsubsidized Loan eligibility (funds not used during fall or spring), he/she may borrow those funds during summer. Otherwise, a student may apply for a Direct PLUS Loan or a Private 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 three credit hours, he/she may qualify for federal aid.
Q. Do I need to complete any documents?
A. Yes, students will have to complete the In-house Summer Financial Aid Application.
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.