Step-by-Step Laptop Reimbursement Loan

Federal Regulations permit the Office of Financial Aid to consider the cost of purchasing a computer when calculating a student’s Cost of Attendance (COA). You are allowed a ONE-TIME increase in budget during your time as a Loyola Law Student—from your IL year through February of your 3L (4L for PT students) year —to accommodate the purchase of a laptop. The MAXIMUM COA increase is $2,500 FOR THE LAPTOP (accessories WILL NOT be considered for reimbursement). By increasing your COA, you may become eligible for additional loan money. Follow these steps to apply for Laptop Reimbursement Loan:

Step 1: PURCHASE THE LAPTOP AND SUBMIT A RECEIPT

  • The laptop must be purchased in advance (no more than 30 days prior to the first day of classes and no later than late March, so that it can be considered an academic year expense) and appropriate documentation (copy of a detailed receipt) must be submitted to the Office of Financial Aid . You may mail, email, fax or drop the information off in person. Whichever is easiest for you! 

  • 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 2: APPLY FOR ADDITIONAL FINANCIAL AID

  • A laptop purchase is reimbursed in the form of a loan. You must have an approved loan application on file in order to be reimbursed. 

  • You may apply for a Direct PLUS Loan or a Private Loan with any lender of your choice

    • 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 4.248% 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.

    • Students may apply for a private loan with any lender of their choice.

Step 3: COMPLETE REQUIRED PAPERWORK

  • An active Master Promissory Note (MPN) and Loan Entrance Counseling must be on file for an approved Direct PLUS Loan.

Step 4: LOAN DISBURSEMENT

  • An approved laptop reimbursement loan will disburse at the same time as financial aid (1st week of classes) or within 7 business days if approved during the semester.  NO FUNDS WILL DISBURSE ONCE A SEMESTER ENDS.

  • In order to receive any remaining credit on your account, you must submit a refund request with the Office of Student Financial Services.