Aid and Your Bill
Loyola's Student Finance Office establishes separate accounts for students. Students are billed for tuition and fees based on their enrollment for the semester. Those who live on campus are also billed for their room charges. Students who enroll for a meal plan will also be charged.
Cost of Attendance for the Academic Year
The "Cost of Attendance" ("COA") or the "Cost of Education" figure noted on LORA represents an estimate of what it will cost a student to attend Loyola for the academic year. This figure includes the cost of tuition and fees and allowances for minimal living expenses(room, board, transportation) and books.
How your aid will be applied to your bill
Once you accept your financial aid offer, any Loyola merit scholarship funds offered through your college will be credited directly to your account as soon as you confirm your registration.
If you receive a Federal Stafford Loan , a Graduate PLUS Loan, or an alternative private loans, the lender will send the funds directly to Loyola each semester for one-half the amount borrowed minus loan origination and insurance fees. Students applying for their first Federal Stafford loan are required by law to attend an entrance interview session before receiving the loan proceeds. Sessions are scheduled during the fall and spring orientation. Students can also complete this requirement online from the "Loan Counseling" section on our web site.
Students who participate in our "streamlined" Stafford and Grad PLUS application process will receive their funds via an eft transfer into their account with the Student Finance Office. Students who borrow their Stafford and Grad PLUS funds through a separate lender will receive the funds in the form of a check made payable to you and Loyola. Students whose lender send checks must must pick up the check at the Bursar's Office within 30 days of it arrival at Loyola.
Note for Students in Non-Traditional and Online Programs: Proposed legislation in Congress may result in changes to how federal loan funds are disbursed over the course of the semester. Multiple disbursements each semester may be mandated. As more information becomes available, we will post it here.
Students enrolled in online non-traditional programs are not eligible for federal student loan funds until they successfully complete their first class and officially begin their second class for the semester. The Student Finance Office will not release any "excess aid" back to the student UNTIL he/she officially begins the second class for the semester.
Refunds If a student's federal aid for the semester exceeds charges for tuition and fees and on-campus room and board for the semester, the Student Office will issue a refund check to the student. Students should complete an online refund request form to initiate this process
When a student withdraws from the University before the end of the semester, refunds- are calculated according to specific guidelines.