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.
Federal Financial Aid funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.
If a recipient of Title IV grant or loan funds withdraws from a school after beginning attendance, the amount of Title IV grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
A students award will be adjusted to reflect the percentage of aid earned based on the number of days in the semester that have elapsed before the student indicated an intent to withdraw to a university official. Students that withdraw after the 60% mark of the payment period are considered to have earned 100% of their pay period award. If the student receives more Title IV Aid than the amount earned, the school, the student, or both must return the unearned funds in a specified order. The amount of federal student aid to be returned is determined by subtracting the amount of earned Title IV aid from the amount of Title IV aid that was actually disbursed. If a student receives less federal student aid than the amount earned, a post-withdrawal disbursement will be offered for the earned aid not received.
Funds that must be returned by the school to the federal program, from which the student received aid during the payment period, will be returned in the following order, up to the net amount disbursed from each source:
· Unsubsidized Direct Loans (other than Direct PLUS Loans)
· Subsidized Direct Loans
· Federal Perkins Loans
· Direct PLUS Loans
· Federal Pell Grants for which a Return is required
· Federal Supplemental Educational Opportunity Grants (FSEOG) for which a return of funds is required
· TEACH Grants for which a Return is required
· Iraq and Afghanistan Service Grant, for which a Return is required
In some cases the student is responsible to return unearned Title IV program assistance (not returned by the school). This amount is determined by subtracting the amount returned from school from the amount of unearned funds. This is the initial amount due from the student as a student does not have to return the full amount of any grant repayment due. The amount of grant overpayment due from a student is limited to the amount by which the original grant overpayment exceeds half of the total Title IV grant funds disbursed and could have been disbursed to the student.
Funds from federal student loans that are part of what a student is required to repay are repaid by the student according to the terms of the student’s promissory notes.
The student is obligated to return any Title IV overpayment in the same order that is required for schools.
Grant overpayments may be resolved through:
o full and immediate repayment to the institution;
o repayment arrangements satisfactory to the school; or
o overpayment collection procedures negotiated with Debt Resolution Services.
Additional information on the calculation of refunds (with examples) and the manner in which refunds will be applied against the financial assistance received may be obtained from the Office of Scholarships and Financial Aid.
Federal Tuition Assistance funds are paid on behalf of the student under the assumption that the student will attend school for the entire period for which the assistance is paid. When a student withdraws, the student may no longer be eligible for the full amount of tuition assistance funds that the student was originally scheduled to receive.
If a recipient of tuition assistance funds withdraws from a school after beginning attendance, the amount of tuition assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned.
A students tuition assistance will be adjusted to reflect the percentage of aid earned based on the number of days in the semester that have elapsed before the student indicated an intent to withdraw to a university official. Students that withdraw after the 60% mark of the payment period are considered to have earned 100% of their pay period award. If the student receives more tuition assistance than the amount earned, the school must return the unearned funds. The amount of tuition assistance to be returned is determined by subtracting the amount of earned tuition assistance from the amount that was actually disbursed.