Federal regulations permit the Office of Student Financial Services to consider the cost to purchase a computer when calculating a student’s Cost of Attendance (COA). Students are allowed a ONE-TIME increase in budget, allowing them to reimburse themselves for the purchase of a laptop. The MAXIMUM COA increase is $2,500 FOR THE LAPTOP, PRINTER, AND NECESSARY SOFTWARE (accessories WILL NOT be considered for reimbursement). By increasing your COA, you may become eligible for additional loan money in the form of a Graduate PLUS Loan. Follow these steps to apply for financial aid:
Step 1: CONFIRM ELIGIBILITY
Before a student purchases a laptop, he/she should check with the Office of Student Financial Services to confirm eligibility. If there is no record of a previous laptop purchase, then a student should be eligible.
Step 2: PURCHASE THE LAPTOP AND SUBMIT A RECEIPT
The laptop must be purchased in advance and appropriate documentation (copy of receipt ) must be submitted to the Office of Student Financial Services.
The receipt must be in the student’s name. When submitting any documentation, please be sure to include your Campus Wide ID # on all forms.
The receipt will be reviewed, and the student will be informed of his/her approved amount.
Step 3: APPLY FOR ADDITIONAL FINANCIAL AID
Students may apply for a Direct PLUS Loan. The application for Direct PLUS Loans may be found online at https://studentloans.gov/myDirectLoan/index.action. Please remember that the Direct PLUS loan has a 4.264% origination fee. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.
Step 4: COMPLETE REQUIRED PAPERWORK
Promissory notes will not expire for ten (10) years. If you have already completed a promissory note and entrance counseling for a previous award year or Graduate Plus loan, you do not have to complete these forms again. (Endorsed applications require a new promissory note).
Step 5: COMPLETE YOUR ONLINE REFUND REQUEST
In order to receive any remaining credit on your account, you must submit a refund request. This form is available at https://secure.loyno.edu/finance/student-finance/refund-request.php.