Step by Step Financial Aid Process
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). 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. (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. (Create a new FAFSA ID)
Step 2: Review your award letter
Once the Office of Financial Aid receives your FAFSA, each admitted student will be packaged for financial aid. Initially, you will receive an *electronic award letter discussing your eligibility. Students must meet certain requirements of eligibility for federal aid. Once you submit your deposit to enroll, your Financial Aid Award will be populated in LORA-Self Service for you to digitally accept the award.
If you choose not to accept a portion of your financial aid, you may decline any part of your package on the Law Financial Aid Response Form PRIOR to disbursement. Please remember that the Federal Direct Unsubsidized Loan and Direct PLUS loan both have an 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 borrowed and not just the amount received.
For more information about Interest Rates and Fees, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates.
Step 3: Apply for additional financial aid
Direct Plus Loan for Graduate and Professional Students
As a graduate/professional student, you are now eligible to borrow under the PLUS Loan Program. Applicants for this loan are required to complete the FAFSA and must have applied for your annual loan maximum eligibility under the Direct Unsubsidized Loan Program before applying for a Direct PLUS loan.
The U.S. Department of Education is the lender for the Direct PLUS Loan. The maximum PLUS loan amount you can receive is the Cost of Attendance minus another financial assistance you receive like scholarships. The PLUS loan requires a credit check. If you have an adverse credit history, you may still be able to receive a PLUS loan if you satisfy other requirements.
If you are interested in applying for the Direct PLUS Loan, visit StudentLoans.gov. Please review your award letter for the maximum amount you may borrow.
Private loans can provide you with another avenue for meeting remaining costs. Many banks and lending institutions offer student loans privately. The loan will be in the student's name, but most lenders also require a co-signer. Terms and interest rates vary, so borrowers should exercise due diligence and carefully evaluate each private loan offer. The maximum private loan amount you can receive is the Cost of Attendance minus any other financial assistance.
If you are interested in applying for a private loan, please contact a lender of your choice for details about the loan and application process. Please review your award letter for the maximum amount you may borrow.
Step 4: Complete required paperwork and due dates
There is no due date for forms, but we suggest that all required documents be on file at least a week prior to tuition & fees due date. Be sure to also accept your Financial Aid Award on LORA-Self Service.
Information about tuition and fees may be found by visiting Student Finance.
For new students, if you opt to borrow loans, you are required to complete a Loan Agreement (MPN) and Loan 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 StudentAid.gov. Once submitted, the Department of Education electronically transmits all documents to our office within 48 hours.
MPNs are good for ten (10) years. A new MPN must be completed after 1 year of inactivity or after each endorsed Direct PLUS Loan approval.
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 must be completed electronically at StudentAid.gov under the Graduate/Professional Student Tab.
Step 5: Complete Your Online Refund Request
Financial Aid is scheduled to disburse the 1st week of classes each semester. Once funds are disbursed, you will notice a credit in your university student account. After all tuition, fees and other charges are paid and you still have excess funds in your student account, you may request a refund by using Student Financial Services’ online refund request form at https://secure.loyno.edu/finance/refund-request/ or from the Account Summary page in LORA. Refunds usually require about a week processing time and will be released only when all funds are received.
***Excess funds WILL NOT be available to students until after the add/drop period ends in each session enrolled. Please check the Academic Calendar for dates. ***
Loyola University New Orleans is offering this free service to its students who are eligible for refunds, please visit the Student Account Refunds page for more information. Please note that setting up an e-Refund Profile is NOT the same as requesting a refund. After you have successfully set up an e-Refund profile, you MUST submit a request for refund (directions have been provided above).