Eligibility for financial aid depends on a number of factors, ranging from your academic accomplishments to your family’s financial circumstances. Whether you’re interested in scholarships, federal need-based loans, or a blend of all available types of aid, the only way to find out the full array of aid that your family qualifies for is to complete the FAFSA.
If you’ve been admitted to Loyola, then you’re already being considered for merit-based financial aid! All students admitted to Loyola University New Orleans are automatically considered for merit scholarships based on the information they put on their application for admission. Factors such as academic achievement, standardized test scores, and community service are considered in awarding merit scholarships. You don’t need to do anything else to apply for institutional merit scholarships—any merit awards you are eligible for will be included in your financial aid award packet.
To be considered for need-based aid at Loyola University New Orleans, you must first complete and submit the FAFSA. We encourage you to complete the FAFSA as soon as possible after January 1, 2014—some forms of aid run out, so the earlier you apply, the more likely you’ll receive a maximum award.
Completing the FAFSA is a good idea even if you don’t think your family qualifies for need-based aid. Filing a FAFSA is free and makes you eligible for non-need-based programs as well.
Once your FAFSA has been filed and processed, you will be considered for federal need-based financial aid, Louisiana state aid (if you reside in LA), and Loyola-specific financial aid programs.
Students must meet the following requirements throughout their time at Loyola to remain eligible for federal and state financial aid programs:
Loyola merit scholarships are automatically renewed each year as long as students remain enrolled full time and maintain the GPA specified for that scholarship.
Loyola University New Orleans, in accordance with Federal Regulations, reviews all students’ academic records to determine if each student is making Satisfactory Academic Progress towards earning their degree. This review is conducted at the conclusion of each payment period and includes both qualitative and quantitative requirements.
All students enrolled in undergraduate programs leading to a bachelor’s degree, must have a minimum cumulative Grade Point Average of 2.0 or higher after 4 semester of enrollment and successfully complete at least 66.67% of attempted credit hours. Incomplete grades (I), Failed (F) or Withdrawn (W) will be considered attempted credits but not successfully completed. Also, all transfer credits accepted towards degree requirements will be included in attempted and earned credits. Each multiple attempt at any given course, will count towards attempted credits regardless of how they are treated in a student’s GPA. Student’s that change major will have all courses taking into consideration for both the GPA requirement and the completion requirement.
If a student is found to not be making Satisfactory Academic Progress they will be granted one financial aid warning semester. The student will be notified in writing concerning this status and will have one payment period during which they can continue to receive federal financial aid, to regain Satisfactory Academic Progress. Financial Aid Warning is not appealable. If at the end of the warning period the student is not making SAP, they will receive notification that they are not eligible to receive federal financial aid.
Students found to be ineligible for financial aid, will be advised of their right to appeal and given clear instructions concerning the criteria and documentation for an appeal. Specifically, appeals should include detailed explanation concerning what caused the academic issues, how those have been addressed and what will be done to gain and maintain SAP in the future. Any appeal based on illness or medical treatment will need to include supporting documentation. Additionally, any student with a cumulative GPA below 2.0 is required to submit an academic plan designed in conjuncture with their academic advisor or the academic support center.
If an appeal is approved, one semester of financial aid probation will be granted. Probationary Students are eligible to receive federal financial aid for one payment period. If at the end of that payment period SAP standards have not been met, students will be found to be ineligible for federal aid. A subsequent appeal may be submitted but will be closely reviewed to determine if the student honored the academic plan and if sufficient progress was made towards improving GPA and/or completion percentage.
All of the above policies will be applied to students enrolled in Graduate programs, except that the GPA requirement will be evaluated at the end of the first payment period, rather than the 4th semester.