Finalizing Your Financial Aid Award

Financial Aid Notification (FAN) Letter

Based on the information that you provided on your FAFSA, the Loyola University Office of Scholarships and Financial Aid will calculate your estimated eligibility for the financial aid programs offered at Loyola University New Orleans. We will send incoming students a Financial Aid Notification (FAN) letter to your permanent home address. Awards for continuing undergraduates will be posted on the Loyola Online Records Access (LORA) system. Continuing students can request a traditional financial aid notification letter by sending an e-mail to finaid@loyno.edu.
     
Students should review the information on their FAN. Students must complete a Financial Aid Response form and return it to the Office of Scholarships and Financial Aid  by May 1 (for incoming students) or within two weeks of their award being posted on LORA (continuing students). Students can complete an online version of the Financial Aid Response form. You must complete and return this form BEFORE we credit funds to your account and transmit your Stafford loan eligibility to your lender.

  • 2010-2011 Financial Aid Response Form

Verification

Approximately 30 percent of all applications are picked for a process called verification by the Department of Education. If your application is picked for verification (which will be noted on your SAR) , you and your parents will need to submit complete (all schedules and W-2 forms), signed copies of your 2008 federal tax returns. We will also send you the federal verification worksheet.

Transition to the Federal Direct Loan Program

NEW FOR 2010-2011 : On March 25, 2010, the U.S. House of Representatives  and the U.S. Senate passed  The Health Care and Education  Affordability Reconciliation Act of 2010 ("HCEARA"-H.R. 4872) . This bill makes major changes in several federal student aid programs AND mandates that, effective July 1, 2010, all federal student loans (Stafford, PLUS, and Grad PLUS)  will be originated through the Federal Direct Loan Program.  The Family Federal Education Loan Program, which permitted private lenders to originate these loans, is eliminated effective June 30, 2010

  • Read more about this transition
  • ALL current borrowers will need to sign a new Master Promissory Note with the Direct Loan Program as the terms of the loan are slightly different from the FFELP Program. PLEASE NOTE: we are currently updating our computer systems to communicate with the Direct Loan Program. While we encourage you to become familiar with the web site, please do not complete your electonic MPN at  this time. We will notify you when all systems have been completely tested and activated for the 2010-2011 year.

Updated October 11, 2011