Financial Aid FAQs
- Will I be eligible to receive federal financial aid at Loyola?
- What documents will I need to complete the Free Application for Federal Student Aid (FAFSA)?
- What is Loyola’s Federal School Code (information required on the FAFSA form)?
- Will I be eligible to receive Loyola scholarships and/or grants in my online program?
- What is “verification,” and do I have to complete it?
- How will I know if I am selected for verification?
- What documents will I need to provide if I am selected for verification?
- Should I send in my tax forms and other paperwork before you ask for it?
- Will I be able to start and stay in classes during the verification process?
- How long does the financial aid awarding process take?
- How many classes do I have to take to be eligible for my financial aid disbursements?
- Where can I find more information about the federal financial aid programs?
- What if I need more aid and/or the FAFSA does not reflect my present situation?
- My financial aid awards were reduced. How can aid be reduced after it was awarded it to me?
- What happens if I withdraw?
- Who is handling my file?
1. Will I be eligible to receive federal financial aid at Loyola?
- In order to determine your eligibility for financial aid, Loyola will check that:
- You have completed the FAFSA for the appropriate award year
- You are not in an active default or overpayment on any of your previous student aid
- You have not reached or exceeded your lifetime aggregate limits for direct loans and/or Federal Pell Grant
- If you want to check your remaining eligibility status for federal loans and grants, you can log onto your account at nslds.ed.gov at any time.
2. What documents will I need to complete the Free Application for Federal Student Aid (FAFSA)?
You will need the following documents:
- The FAFSA on the Web Worksheet (found at fafsa.ed.gov)
- Your federal tax return and all W-2 forms
- Your spouse’s federal tax return and all W-2 forms (if applicable)
- Your parents’ federal tax return and all W-2 forms (if you are dependent)
- Bank statements for checking, savings, and investment accounts
Use the Data Retrieval Tool to access required tax information. This will be visible when you are in the FAFSA and will streamline the process for you. All you will need to utilize the Data Retrieval Tools is your FSA ID (Federal Student Aid ID) and the mailing address you submitted on your tax return for the applicable tax year.
(Note: You can complete the FAFSA using “estimated,” but if you choose this option, you will need to send us a copy of all tax forms when they are completed and submitted to the Internal Revenue Service.)
3. What is Loyola’s Federal School Code (information required on the FAFSA form)?
Our Federal School Code is 002016.
4. Will I be eligible to receive Loyola scholarships and/or grants in my online program?
No. Tuition and fees for our online programs are significantly discounted, so online students are not eligible to be awarded any Loyola institutional aid.
5. What is “verification,” and do I have to complete it?
Verification is a process designed to verify that students complete the FAFSA accurately and completely; being selected for verification does not mean that you have done anything wrong. However, verification is mandated by the Department of Education, so if your FAFSA is selected, you are required to provide all the documents that Loyola requests in order to be awarded federal financial aid. Failure to complete verification will not affect your admittance status to the college, but it will bar you from receiving any federal aid until the process is completed. A financial aid package will not be offered until all verification documents have been received on campus.
6. How will I know if I am selected for verification?
This is dependent on the information you provided on the FAFSA. After you complete your FAFSA online, you will receive a Student Aid Report (SAR) emailed to you from the Department of Education that will inform you if you were selected for verification. Loyola will also reach out to you via email to explain the exact documents we require in order to complete the process.
7. What documents will I need to provide if I am selected for verification?
All students selected for verification are required to complete a Verification Worksheet – which Loyola will provide to you – and submit certain tax documents. Loyola will email you with a complete list of required documents, dependent on your situation.
8. Should I send in my tax forms and other paperwork before you ask for it?
Please do not submit tax forms unless specifically requested.
9. Will I be able to start and stay in classes during the verification process?
Verification must be completed before an award package will be offered, and payment arrangements for each term are due by the first day of class. If verification is not completed by the first day of class, you must make other arrangements for paying your tuition and fees balance to remain in classes (e.g. cash payment, private student loan).
10. How long does the financial aid awarding process take?
- Financial aid packages are calculated only after you have:
- Been accepted for admission
- Submitted a processed Free Application for FAFSA to our office
- Financial aid packages are completed on a rolling basis, so we encourage you to:
- Complete your FAFSA
- Respond to requests for additional documents as quickly as possible
11. How many classes do I have to take to be eligible for my financial aid disbursements?
- Federal law requires that students attend at least half-time per semester to be eligible for direct loan disbursements during that semester.
- Undergraduate half-time enrollment is equal to six credit hours per semester.
- Graduate half-time enrollment is equal to three credit hours per semester.
- Fall and Spring semesters contain two eight-week terms within the semester, so students will maintain half-time enrollment by attending at least the minimum number of credit hours across both 8-week terms within the semester. Our Summer semester only contains one eight-week term so students must attend at least half-time in this term to be eligible for direct loan disbursements.
12. Where can I find more information about the federal financial aid programs?
The federal website https://studentloans.gov/myDirectLoan/index.action is a great resource for information about federal loan programs. Feel free to reach out to your financial aid counselor if you are unable to find answers to your questions online.
13. What if I need more aid and/or the FAFSA does not reflect my present situation?
Any financial aid offer Loyola presents you with will be the strongest package available based on the information provided on your FAFSA. If you need to discuss any extenuating circumstances, please contact your financial aid counselor directly.
14. My financial aid awards were reduced. How can aid be reduced after it was awarded it to me?
The specific dollar amounts provided to you on your award letter are based on either:
- Your current enrollment at the time your package was created, or
- Half-time enrollment, if you were not registered at the time you were awarded aid.
The amount that you are eligible to receive from Federal Pell Grants is directly related to your enrollment status, so if the number of credits you are registered in decreases or increases from the time of your original package, your Pell award (if applicable) will be updated and you will be sent a revised award letter.
Loyola University New Orleans is obligated to reduce your federal or state aid if outside aid or scholarships result in an over-award. For example, if a student receives a new scholarship midyear, causing him to be over-awarded, then the aid package will need to be reduced to compensate for the scholarship. Had we known about this scholarship when the original financial aid package was calculated, the aid amount would have been lower in the original package. To adjust for an over-award, we will reduce your direct loans – unsubsidized, then subsidized – before we would reduce your remaining eligibility for gift aid.
15. What happens if I withdraw?
The amount of financial aid you were awarded is based on the assumption that you complete 100% of your courses. If you withdraw from an entire term, Loyola may be required to return all or a portion of the federal financial aid you received for the term. Students considering withdrawing should speak with their academic advisor and their financial aid counselor.