Free Application for Federal Student Aid

For those students interested in applying for federal financial aid, the first step is completing the Free Application for Federal Student Aid – or FAFSA – online. The FAFSA is not required as part of your admission into your online program at Loyola, but many students are interested in seeing what financial aid they may qualify for and federal financial aid award packages are a vital financing tool for many of our students. Plus, filling out the FAFSA is risk-free! All students who complete a FAFSA and meet the basic eligibility requirements will be offered a federal financial aid award package – regardless of family income – and you are never under any obligation to accept any financial aid you are awarded.

We encourage all interested students to complete a FAFSA for the current school year as soon as possible after completing an application to one of Loyola’s online programs. Click here to complete a FAFSA online, or visit www.fafsa.ed.gov.


Important FAFSA Tips

  • The Loyola federal school code is: 002016
  • You can add Loyola’s federal school code to a FAFSA you have already completed by logging into the FAFSA and selecting “Make FAFSA Corrections.” Remember, after adding our federal school code or making any other FAFSA corrections, make sure to sign and re-submit the FAFSA in order for Loyola to receive any changes.
  • After a FAFSA is submitted, the information will usually be available on campus in about 3 business days for currently admitted students.
  • Check for your Student Aid Report (SAR) or FAFSA Confirmation Page in your email for important information, including your estimated financial aid eligibility and comments about any additional documents Loyola might need to request from you.

New students will complete the required FAFSA that correlates with the first semester they attend Loyola. See the table below for the required FAFSAs for each new start date this calendar year.

 

Start Date Required FAFSA
January 2019 2018-2019
March 2019 2018-2019
May 2019 2019-2020
July 2019 2019-2020
August 2019 2019-2020
October 2019 2019-2020

 

Students are required to complete a new FAFSA every school year. FAFSAs for the new school year become available every year on October 1st, so we recommend that all continuing students complete the new application every Fall to prevent delays in funding. New FAFSAs are used to award federal financial aid to continuing students in either the Summer or Fall semester, depending on the semester in which you originally began attendance.


Data Retrieval Tool

We strongly encourage you to utilize the Data Retrieval Tool on the financial information page(s) in the FAFSA to securely transfer your tax information from the IRS directly into the FAFSA. This quick and safe process will save you time and eliminate errors for certain tax information. Most people are eligible to use the Data Retrieval Tool. If you are able to successfully transfer your tax information from the IRS into your FAFSA, this will also cut down on additional documents that might be requested from you later on (see the Verification section below).


Determining Your Eligibility

All students’ situations are different and so each student’s eligibility for federal financial aid will vary. Please watch the brief video below to go over all the factors that will determine your personal eligibility for a federal financial aid award package.

Previous federal financial aid recipients can check their current standing and remaining federal financial aid eligibility online at the National Student Loan Data System by visiting https://nslds.ed.gov/nslds/nslds_SA/.

Click here to view the loan eligibility chart from the video above.

The Federal Student Aid website is a great resource for understanding federal financial aid eligibility and all available financial aid programs.


Verification

Some students who complete the FAFSA will be selected for a review process called “Verification.” Being selected does not mean that you have done anything wrong, but you will be required to provide Loyola with some additional documents before we can award you federal financial aid. Please watch the video below for an overview of Verification and what you should expect.

The documents required to complete Verification vary from student to student. If you are selected, your financial aid counselor will contact you directly via email to explain to you exactly which documents are required. To prevent any delays in your funding, we encourage you to return all requested documents as soon as possible. Feel free to reach out to your financial aid counselor with any questions or concerns.

Those students who were unable to utilize the Data Retrieval Tool within the FAFSA will need to provide Tax Return Transcripts, which are requested directly from the IRS. Click here to download your transcript right away. Those unable to create an online IRS account can request that a transcript be mailed to them by calling the IRS at 1-800-829-1040.

Remember, all verification documents must be received on campus and approved before Loyola will offer you a federal financial aid award package. Those students who are not able to complete the Verification process before the first day of classes will be required to secure an alternative funding method in order to continue in classes.


Student Loans

For many online students, student loans are an important tool for making their education affordable. Loyola encourages our students to borrow responsibly, so please let your financial aid counselor know if you need any additional information about your particular situation. Remember, all loans accrue interest and require repayment.

Federal student loans are offered to all eligible students as part of their federal financial aid award packages. Please view the video below for more in-depth information about student loan options and requirements.

All federal student loans are optional

If you choose to accept all or a portion of your federal student loans, you are required to complete additional documents online at www.studentloans.gov.

Undergraduate students

Complete (1) Entrance Counseling and (2) Loan Agreement for a Subsidized/Unsubsidized Loan (MPN).

Graduate students

Complete the Loan Agreement for a Subsidized/Unsubsidized Loan (MPN).

PLUS Loans

Federal PLUS loans are available to:

  1. The parents of undergraduate students considered dependent on the current year’s FAFSA
  2. All graduate students

Parent and Graduate PLUS loans are based on credit approval. PLUS loans require an additional application filled out online here or at www.studentloans.gov. Make sure to apply in the appropriate section – either “Parent Borrowers” or “Graduate/Professional Students.” All approved PLUS borrowers are also required to fill out the Loan Agreement for a PLUS Loan (MPN) under the appropriate section.


Financial Aid Award Packages

All students admitted into a Loyola online program who have completed a FAFSA for the current school year and meet the basic eligibility requirements will be offered a financial aid award package. Please watch the short video below for detailed information about what to expect and how to understand the information on the award letter you will receive in your student email.

Remember:

  • Loyola will offer you all of the financial aid programs you qualify for in the maximum dollar amount.
  • Your award letter will cover all remaining semesters in the current school year, including Summer semesters.
  • Any financial aid awarded to you in a semester in which you do not attend classes will not disburse to your Loyola student account.
  • Financial aid award eligibility is broken down by the semester – this dollar amount will be used to cover the tuition and fees for all classes in both sessions within each semester.