Veterans Educational Aid and Your Bill
In This Section:
Department Roles | Cost of Attendance | How Aid is Applied to Your Bill | Refund Policies |
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 feesand allowances for room , board, books, transportation, and a miscellaneous expense allowance. This may not reflect a student's comprehensive cost of living.
Remember, the Veterans Administration pays by the credit hour. Please notify our office as soon as possible if your enrolled hours change after the start of the semester.
How Aid is Applied to Your Bill
Post 9/11 GI Bill - Yellow Ribbon Program, Tuition Assistance Program:
If you are receiving aid from the Post 9/11 GI Bill, Yellow Ribbon Program or the Tuition Assistance Program, the Veterans Administration will send payment directly to the Student Finance Office. This aid will not show up as "estimated aid" on your initial bill for the semester. If you have completed all the paperwork in a timely manner, you can subtract the amount that will be covered from these programs from the amount owed.
Federal Financial Aid Programs
If you receive a Federal Direct Loan, Pell Grant. Perkine Loan, and/ or a PLUS Loan, the Department of Education will send the funds directly to Loyola each semester for one-half the amount awarded minus loan origination and insurance fees. Students applying for their first Federal student 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.
For students in Evening and Online Programs, proposed legislation in Congress as well as concern over the potential misuse of the federal aid funds by students in online programs , have led to changes in how federal loan funds are disbursed over the course of the semester. Multiple disbursements each semester have been mandated to insure that students continue to be actively pursuing their degree requirements.
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.
NOTE: Institutions must refer applicants who are suspected of having engaged in fraud or other criminal misconduct in connection with Title IV programs to the Department of Education’s (ED’s) Office of Inspector General (OIG). The regulations require only that the institution refer the suspected case for investigation, not that it reach a firm conclusion about the propriety of the applicant’s conduct.
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.
Care should be exercised in deciding what to borrow. 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.
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 July 7, 2013