SUMMER AID

ALL continuing students MUST submit a 2018 Financial Aid In-House Application in order to be awarded summer financial aid. You may submit the application to our office via email, fax or in-person (priority deadline for submission is May 1st).

Students should please follow the guidelines on the Summer Financial Aid Checklist pertaining to their particular course of study.  

ENROLLMENT REQUIREMENTS

YOU MUST BE ENROLLED IN AT LEAST 3 CREDIT HOURS IN ORDER TO RECEIVE AID FOR THE SUMMER SEMESTER. Dropping or withdrawing from summer courses will affect your financial aid eligibility.  Any student with questions about how changing enrollment during summer semester will affect their aid should contact our office prior to making any changes.

INSTITUTIONAL AID ELIGIBILITY

Funds for institutional merit scholarships and Loyola Grant programs are generally earmarked for use during the academic year. No funds will be awarded for the 2018 summer semester.

STUDENT LOAN ELIGIBILITY

In order to receive federal aid for the summer term, you must have submitted a 2017-18 FAFSA and need to be enrolled in at least 3 credit hours; if you are enrolled in less than 3 credits, you may apply for private loans only.

Direct Unsubsidized Loans: You will be awarded a Direct Unsubsidized loan, if you are eligible. Summer is considered the last term of the 2017-18 academic year. Therefore, if you have already borrowed the full $20,500 in an unsubsidized loan during this academic year, you will not be eligible for any additional unsubsidized loan funds in the summer. However, you may be eligible to borrow a Graduate PLUS or private loan to help finance the cost of the summer term.

Graduate PLUS Loans: Students may apply online for Graduate PLUS Loans at StudentLoans.gov. Summer is considered the last term of the 2017-18 academic year so please complete a 2017-2018 Direct PLUS Application. Please select award dates May -August of the current year in the section Award Range Request Start/End Date.
 

PREVIOUS BORROWERS: During the application process you MUST request a new Graduate PLUS Loan. Please DO NOT attempt to adjust a previous loan application. Once accepted, a credit check will be performed by the Department of Education before it can be guaranteed. You will need to pass this credit check, or have a credit-worthy endorser, in order to receive this loan.

NEW BORROWERS: If you have not previously borrowed a Grad PLUS loan, but have borrowed a total of $20,500 in a Direct Unsubsidized loan for the 2017-18 academic year, you may apply for a Grad PLUS loan to help finance your summer courses. You will need to pass a credit check, or have a credit-worthy endorser, in order to receive this loan. All 1st time borrowers of the Graduate PLUS loan must complete Loan Agreement for a PLUS Loan (MPN) and Loan Entrance Counseling for graduate/professional students at StudentLoans.gov.

Private Education Loans: Apply for a private education loan directly with the lender of your choice for the amount requested and be sure to use a loan period of May -August of the current year for summer semester on the application. If you will not be enrolled in at least 3 credits, you can apply for a private education loan directly with the lender of your choice. 

Should you have any questions, please stop by Room 115 (Pine Street Building) or contact us via email or by phone.