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Financing

Financing Your Way to Your Future

The Office of Financial Aid is here to provide you with the financial tools and guidelines to help you obtain your law degree. Our office takes pride in providing law students with up-to-date information regarding loans and scholarships. The financial aid staff is available by email, phone or in person to assist you with any questions or concerns before, during or after your time at Loyola. Explore the links below to learn about tuition, financial aid, scholarships and more.

Important News
Apply for the 2020-2021 FAFSA starting October 1, 2019

The new 2020-2021 FAFSA is here and waiting for you! You may file now by visiting FAFSA.ed.gov. Enter Loyola’s school code: 002016 to make sure we receive your FAFSA information. You will need to have your FSA ID number handy. If you have not created one yet, please visit FSA ID as this ID confirms your identity when accessing your financial aid information and allows you to electronically sign your federal student aid documents.

The Office of Financial Aid is required by federal regulations to establish a Cost of Attendance each year for students. The Cost of Attendance (COA) is an ESTIMATE of your educational expenses for a given period of enrollment.  It includes tuition and fees; room and board; and allowances for books, supplies, transportation, and personal (miscellaneous) expenses (nine months). Students are only able to receive financial aid up to their Cost of Attendance.

For the 2020-2021 Academic Year, estimated tuition and fees are:

$46,752.00 ($45,226.00 tuition and $1,526.00 fees) full-time 3 year program  

$34,726.00 ($33,920.00 tuition and $806.00 fees) part-time 4 year program

Please review the table below of the Estimated Cost of Attendance (COA) for Law Students:

2020-2021 School Year (Fall and Spring only)
COA Categories
Full Time
(13+ hours)
Part-Time
(8-12+ hours)
Tuition
$45,226.00
$33,920.00
Fees
$1,526.00
$806.00
Room & Board
$10,608.00
$10,608.00
Books & Supplies
$2,084.00
$1,654.00
Transportation
$3,468.00
$3,468.00
Miscellaneous
$6,324.00
$6,324.00
*effective fall 2020 all law students are required to have a laptop and internet
$2,000.00
$2,000.00
Total: 
$71,236.00
$58,780.00
 

Student Bar Association: First Year Law Students only:

$250.00

 

 

 For the 2020-2021 Academic Year, estimated tuition and fees are $44,130.00 in tuition and $758.00 in fees.

Please review the table below of the Estimated Cost of Attendance (COA) for Professional Students:

Masters in Health Law & Administration & Masters in Environmental Law.  

COA

Grad off Campus

Tuition

$44,130.00

Fees

$758.00

Room & Board

$10,608.00

Books & Supplies

$1,300.00

**Transportation

$495.00

Personal/Misc

$4,238.00

Total:

$61,529.00

 

Calculated at 30 credits per academic year

***$1,471.00 per credit hr Above tuition

Summer Financial Aid is available to eligible admitted Loyola College of Law students enrolled in summer term. Financial Aid is offered to students based on the Cost of Attendance (includes tuition & fees, room & board, books & supplies, transportation, miscellaneous) set for each period of enrollment.

What’s Required to be Eligible?

    Must have submitted a FAFSA for the current academic year.

    Enroll in a minimum of 3 required credit hours (excluding externships) for summer.

    Be an admitted College of Law student and meet any of these criteria:

        * a Law Student making Satisfactory Academic Progress with a complete financial aid file who was not dismissed in Fall or Spring semesters; OR

        * a graduating Law Student who is completing degree requirements during Summer term*

*NOTE: Students that have completed all of their degree requirements prior to summer are NOT eligible.

What’s the Process?

ALL continuing students MUST submit a Financial Aid In-House Application (available April 1st) 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 follow the guidelines on the Summer Financial Aid Checklist and Application pertaining to their particular course of study.

Institutional Aid Eligibility

Study in summer abroad programs and summer session courses are NOT COVERED by Institutional Aid (includes scholarships).

Student Loan Eligibility

Direct Unsubsidized Loans: You will be awarded a Direct Unsubsidized loan, if you are eligible. Summer is considered the last term of the current 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 Direct PLUS or private loan to help finance the cost of the summer term.

Direct PLUS Loans: Students may apply for Direct PLUS Loans at StudentAid.gov. We recommend students apply after March 1st as approved credit checks for Direct PLUS Loans expire every 180 days. Summer is considered the last term of the current academic year so please complete a current year 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 Direct 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 current academic year, you may apply for a Direct 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 Direct PLUS loan must complete Loan Agreement for a PLUS Loan (MPN) and Loan Entrance Counseling for graduate/professional students at StudentAid.gov.

PRIVATE 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.

Disbursement Process

The financial aid process for summer follows the same guidelines as fall and spring.

Financial Aid is scheduled to disburse the 1st week of classes each semester.  Summer classes have different start dates so remember your aid will ONLY disburse based on the start date of your scheduled classes. Example, if you are studying abroad, your financial aid will disburse depending on the start date of your program.  In accordance with federal regulations, Loyola University New Orleans MAY NOT disburse funds prior to 10 days of a scheduled start date of any semester (session).

Received Summer Aid, but are Dropping, Canceling, or Failing* a Course?

Dropping a course may result in your financial aid award being revised. Awards are based on total Summer credit hours enrolled and the duration of summer instruction. Therefore, dropping a course may result in an adjustment to your summer financial aid package.

Canceling a course may result in you being billed for a portion or all of your summer financial aid.

If you drop/cancel below 3 credit hours, your aid may be canceled. Students must be enrolled in at least 3 credit hours to receive financial aid.

*Failing or not passing summer courses due to non-attendance may result in you being billed for a portion or all of your summer financial aid.

NOTE: Your financial aid package is revised any time there is a change in your enrollment status during Summer term. Please review the withdrawal information for details on how an enrollment change may affect your aid.

Bar loans are intended to be used for expenses related to completing the bar exam.  The cost of sitting for the Bar (usually a few hundred dollars) can be covered with a GradPLUS loan, as long as you are still enrolled, with proper documentation.  Living expenses and the cost of a bar review course can only be obtained from a private lender.  Borrowing these loans might be a good option if you don’t have the funds available and are not receiving assistance for these costs from your future employer.  Learn more about bar loans.

To have your tuition refund directly deposited into your checking or savings account, you must set up your e-Refund Profile and then complete the Online Refund Request Form.

e-Refund Profile Setup Instructions

(1) Log in to LORA

(2) Under the Tuition and Billing section, select Account Summary / Pay Tuition / Request Refund

(3) Click on the Pay Tuition Online / View e-Bills / Add Authorized Users / Create e-Refund Profile

(4) You will be re-directed to the e-Commerce system

(5)  Under the Quick View section, select Create a Refund Profile tab

(6) Select Payment Profile

(7) Select Electronic Check under Add a Payment Method

(8) Enter checking or savings bank account information

(9) Select Refund Option

(10) Save setting

(11) Click the "I Agree" box to accept the agreement with Loyola University New Orleans

(12) Confirmation appears that your ACH payment method has been saved to your account for future ACH payments and refunds. (The green check mark under Use for Refunds confirms that all refunds will be deposited to this account.)

Please Note: e-Refunds can only be processed to the student and only if the student has a checking or savings account stored within the e-Commerce system. No parent or 3rd party refunds are allowed through the e-Refund process.

Don’t forget to complete the Online Refund Request Form if you have excess funds on your tuition account!!

Federal Regulations permit the Office of Financial Aid to consider the cost of purchasing a laptop 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 or warranty 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 (laptop reimbursement form, copy of a detailed receipt which includes date of purchase, total, and method of payment) 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 your name. When submitting any documentation, please be sure to include your Campus Wide ID # on all forms.

If your name is not listed on receipt, you must submit a copy of the credit/debit card (please secure the card number to only show the last 4 numbers) used, with YOUR name visible, to match receipt.

The receipt will be reviewed and you will be informed of the 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 4.236% 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.

It is very important that you monitor the total amount of Federal loans you have borrowed as you progress through your program. There are limits on the maximum amount you are eligible to receive each academic year (annual loan limit) and in total (aggregate loan limits). The cumulative amount that a student can borrow through the years is called the aggregate limit. A student who exceeds the aggregate loan limit is ineligible to receive any Title IV funding, including the Federal Pell Grant. The actual amount you can borrow each year depends on your year in school, whether you are a dependent or independent student, and other factors, and may be less than the maximum amounts shown in the loan limit chart. This chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford loans.

Office of Financial Aid

Staff: Linda Osorio, Associate Director,  Deshon Robertson, Financial Aid Counselor

Physical Location: 526 Pine Street Room 115

Office Hours: Monday – Friday 8:30 a.m. – 4:45 p.m.

Email: lafinaid@loyno.edu

Phone: 504-861-5551

Fax: 504-861-5734

Mailing Address: 7214 St. Charles Avenue Box 919 New Orleans LA 70118