Graduate Student Aid and Your Bill

Department Roles

The Student Finance Office and The Bursar's Office work with The Office of Financial Aid and Scholarships to process the financial information associated with a student's enrollment at Loyola. Understanding each department's role will help you better understand how a student's bill is created and how funds are applied to that bill.

The Office of Student Finance 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. The office also assists students with questions or concerns regarding their tuition, fees, and related costs. Also available through LORA , the student account is maintained by and billing statements are generated by the friendly staff of Student Finance. Interest -free monthly payment plans are also administered through this office

The Bursar's Office assists students with financial deposits to tuition or departmental accounts. The Office accepts credit card and e-check payments. The office also assists students in managing their Loyola Express Card account.

Cost of Attendance for the Academic Year

The "Cost of Attendance" ("COA") or the "Cost of Education" figure noted represents an estimate of what it will cost a full-time undergraduate student to attend Loyola . This figure includes the cost of tuition and fees and allowances for room , board, books, transportation, and a miscellaneous expense allowance.  This may not reflect a student's comprehensive cost of living.

How Aid is Applied to Your Bill

Loans

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.

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.

Non-traditional Programs

For students in Evening 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.

Institutional Scholarships

Once you accept your financial aid offer, any scholarship funds offered through your Graduate Division will be credited directly to your account as soon as you confirm your registration.

Refund Policies

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 automatically issue a refund check to the student.

When a student withdraws from the University before the end of the semester, refunds are calculated according to the University Refund Policy and the Federal Financial Aid Refund Policy.

 

Responsible Borrowing

Care should be exercised in requesting an increase in the cost of attendance budget. After you have calculated your estimated total student loan indebtedness, use an online calculator to establish your REQUIRED monthly payments. Then, use the calculators at TrueCareers.com to estimate the average starting salary and the cost of living in various cities.

We are working with Simple Tuition to provide families a simple student loan comparison tool that will compare the benefits offered by lenders who participate in our streamlined electronic loan application system. NOTE: The website will also give you the option to display the information from ALL lenders in their database.

Make sure you understand the total cost involved in borrowing student loans and the impact the choices you make now will have on your life after graduation. Ideally, you want your monthly student loan payments to be less that 8% of your monthly income after you graduate. Student loan payments between 8% and 10% of income are considered average these days. However, depending on your starting salary, this amount of debt could be a burden.

Updated April 24, 2009