How to Meet Your Remaining Costs
Meeting Your Remaining Costs
Your Financial Aid Award letter will detail the amount of financial aid that you will receive. Financial aid is disbursed in equal halves twice per year, at the start of each semester. Thus, your award letter will show you the amount of aid you are due to receive per semester and the total amount for the award year.
Once you’ve received your Financial Aid Award letter, you can estimate the remaining costs that you will be responsible to pay by filling out the Planning Worksheet.
You and your family have several options for meeting the remaining costs. You can pay out of pocket, apply for private scholarships, or explore private loans and Parent PLUS loans.
Monthly Payment Plans
Loyola accepts monthly payments through Tuition Management Systems, Inc. TMS offers monthly plans with no interest. Amounts financed through monthly budget payment are limited to the billed charges (tuition, fees, residence hall, and board plan) less any scholarships and financial aid expected to be received.
Parent Plus Loans
If you are a dependent student, your parent(s) can apply for a federal Parent PLUS Loan with a fixed interest rate. Applicants must be creditworthy, and filing the FAFSA is required. Parent PLUS Loans are not certified until you’ve been accepted to Loyola and paid a commitment deposit to attend the University.
Your parents should use studentloans.gov for additional information when they are ready to start a PLUS loan application. Parents will need the same PIN used for the FAFSA when completing the loan application.
Private loans can provide you and your family with another avenue for meeting remaining costs and covering your expected family contribution. Many banks and lending institutions offer student loans privately. The loan will be in the student's name, but most lenders also require a co-signer. Terms and interest rates vary, so borrowers should exercise due diligence and carefully evaluate each private loan offer.