Student Aid and Your Bill

For Undergraduates

In This Section:

Department Roles | Cost of Attendance | How Aid is Applied to Your Bill | Refund Policies | 

Department Roles

The Student Finance Office and the Bursar's Office work with the Office of Scholarships and Financial Aid 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 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. 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.  We want families to understand what is  (and is not ) included in the COA . Families need to fully understand their options in order make wise financial choices appropriate for their unique circumstances.

• Learn more about how to effectively calculate an undergraduate student's cost of living
• Learn more about Interest-free monthly payment plans
• Read the policy for requesting that the cost of purchasing a computer be added to your cost of attendance
• Read the policy for requesting an adjustment for the mandatory purchase of a musical instrument (College of Music and Fine Arts)

How Aid is Applied to Your Bill

Government Grants and Institutional Scholarships

Once you accept your financial aid offer, any Loyola merit scholarship funds  will be credited directly to your account as soon as you confirm your registration. If you have completed all the required processing steps for a Federal Pell Grant and Federal Supplental Educational Opportunity Grant , it will be credited to your account after you confirm your registration. Students who are eligible for Pell Grants AND who qualify for the new Federal Academic Competitiveness and "SMART" Grants will receive half of these awards each semester.

Federal Perkins Loan

A Federal Perkins Loan will be credited to your account after you sign your Master Promissory Note where you accept your legal obligation to repay these funds. One half of these awards are credited each semester.

Federal Stafford Loan

If you receive a Federal Stafford Loan, the lender will send the funds directly to Loyola each semester for one-half the amount borrowed minus fees. Students applying for their first Federal Stafford loan are required by law to complete an entrance interview session before receiving the loan proceeds. Sessions can be completed online or at the Office of Scholarships and FInancial Aid.

Students who participate in our "streamlined" Stafford application process will receive their funds via an eft transfer into their account with the Student Finance Office. Students who borrow their Stafford funds through a separate lender will receive the funds in the form of a check made payable to you and Loyola. Students whose lenders send checks must must pick up the check at the Bursar's Office within 30 days of its arrival at Loyola.

Federal Work-Study

Federal Work-Study earnings are not credited; students are paid by check each month. When you arrive on campus, report to the Student Employment Office . You should plan to have sufficient funds available to meet incidental, personal expenses until you receive your first pay check.

Louisiana Scholarships Programs

We can not bill the state of Louisiana under the TOPS and Go Scholarship Programs until 14 days after classes begin. These awards will remain "tentative" until the Louisiana Office of Student Financial Assistance ("LOSFA") confirms your eligibility

Non-traditional Programs

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.

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  Finance 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.

 

 

Updated September 2, 2009