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Important Steps to Follow in Order to Receive Financial Aid

While many consider applying for financial aid to be a daunting task, it is our priority to make this process as easy as possible. Follow these steps to apply for financial aid:

Step 1: COMPLETE YOUR FAFSA

To apply for federal student aid, you must complete and submit the Free Application for Federal Student Aid (FAFSA) at http://fafsa.ed.gov.  Loyola's school code is 002016.

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.

    • 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 at https://fsaid.ed.gov/npas/index.htm

Step 2: REVIEW YOUR AWARD LETTER

Once the Office of Student Financial Services receives your FAFSA, each admitted student will be packaged for financial aid. You will receive an electronic award letter discussing your eligibility. In order to be eligible for federal aid, students must meet certain requirements

Step 3: COMPLETE YOUR LAW FINANCIAL AID RESPONSE FORM

To accept your financial aid award, you must complete a Law Financial Aid Response form. This form may be completed electronically at https://secure.loyno.edu/law/admissions/finaid_response.php. . All new students are required to submit a hard copy http://law.loyno.edu/sites/law.loyno.edu/files/file_attach/Financial%20Aid%20Response%20Form%202017-2018.pdf

If you choose not to accept a portion of your financial aid, you may decline any part of your package on the Response Form. Please remember that the Federal Direct Unsubsidized Loan and Direct PLUS loan both have an origination fee (1.066% unsub, 4.264% gradPLUS). 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: APPLY FOR ADDITIONAL FINANCIAL AID

Direct Plus Loan for Graduate and Professional Students

Graduate and Professional degree students are now eligible to borrow under the PLUS Loan Program up to their Cost of Attendance minus other estimated financial assistance. The requirements include a determination that the applicant does not have an adverse credit history. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Direct Unsubsidized Loan Program before applying for a Direct PLUS loan. You may apply for Direct PLUS Loans online at https://studentloans.gov/myDirectLoan/index.action. Please note, the Direct PLUS Loan requires a Master Promissory Note and Entrance Counseling.

PLUS Credit Counseling

What is PLUS Credit Counseling?

PLUS Credit Counseling will help students and parents understand the obligations associated with borrowing a PLUS loan and assist them in making careful decisions about taking on student loan debt.

PLUS Credit Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have:

  • Obtained an endorser or

  • Documented extenuating circumstances to the satisfaction of the U.S. Department of Education

PLUS Credit Counseling can be completed voluntarily at any time at https://studentloans.gov/myDirectLoan/index.action.  If PLUS Credit Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Credit Counseling completion, your PLUS Credit Counseling requirement will be considered to be fulfilled. 

Step 5: COMPLETE REQUIRED PAPERWORK

For new students, if you opt to borrow loans, you are required to complete a Master Promissory Note and Entrance Counseling for the Direct Unsubsidized Loan and Direct PLUS Loan (each loan has a separate MPN). These forms are to be completed electronically at https://studentloans.gov/myDirectLoan/index.action. Once submitted, the Department of Education electronically transmits all documents to our office within 48 hours.
For returning students, promissory notes should not expire for ten (10) years. If you have already completed a Master Promissory Note and Entrance Counseling for a previous award year, you do not have to complete these forms again. (Endorsed Direct PLUS applications require a new promissory note).

Step 6: 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