Borrowing money for school is a serious, long-term, financial obligation. We want to insure that all borrowers learn how to handle their finances so that they are in a position to repay their loan debts after they leave Loyola. The Department of Education mandates that all first time Federal Stafford Loan and Federal Grad PLUS borrowers complete an "entrance counseling" session before receiving their first loan. Loan proceeds can not be credited to students' accounts until they fufill this requirement
Options:
Students have two options for completing this requirement:
- If they have Internet access, they may complete the requirements on-line at Mapping Your Future;
- NOTE: Graduate and Professional students who will be borrowing under both the Federal Stafford AND Federal Grad PLUS Proram should complete the module that combines requirements for both programs
- Students can also complete this requirement at the Office of Scholarships and Financial Aid (Room 110 Marquette Hall) during the week.
Students who utilize the on-line counseling program must forward their results to our office. Any questions should be addressed to us . We attempt to answer all e-mail queries received during the week within 24 hours. Students can also call our office between 8:30-4:45 p.m. during the week and ask to speak to the staff members responsible for their files.
Want to Learn More About Managing Your Own Money?
We know that this is the first time that many of you will be handling your own finances. Learn the tricks of the trade so that you don't have to make any "emergency" calls to your parents to ask for more cash in the money management section of our website.
Project on Student Loan Debt
Their student debt report for the class of 2006 finds that the average student loan debt for graduating seniors climbed by eight percent in one year, while starting salaries rose by only four percent. Student debt levels vary enormously by state, with some Midwestern and New England states facing the highest debts.
Please carefully consider your finances as you begin your enrollment at Loyola University New Orleans. Try to borrow the minimum amount possible so that you do not face an excessive debt burden upon graduation.