Graduate Application Procedures

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Federal Direct Stafford Loan Application Procedures
Graduate Students
2008-2009 Academic Year

For the 2008-09 academic year, graduate students applying for aid must comply with the following procedures:

STEP 1: File the 2008-09 Free Application for Federal Student Aid (FAFSA).

Complete the FAFSA online using your Federal Personal Identification Number (PIN). New applicants must obtain a Federal PIN at the Federal PIN web site, www.pin.ed.gov. Once created, the Federal PIN allows access to the applicant's data in several Federal Student Financial Aid systems and also serves as that person's electronic signature. The FAFSA web site address is www.fafsa.ed.gov. Loyola College's FAFSA Code Number is 002078.

STEP 2: Upon receipt of the electronic confirmation that your FAFSA has been processed, submit the following forms to the Office of Financial Aid:

The 2008-09 Loyola College Federal Direct Stafford Student Loan Information Sheet. (On-Line Form)
The 2008-09 Federal Verification Worksheet. (Adobe Acrobat (PDF) File)
A signed copy of your (and your spouse's) 2007 Federal Tax Return, Form 1040, 1040A, or 1040EZ. (Include all W-2 forms).

Please mail or fax (410-617-5149) the 2008-09 Federal Verification Worksheet and your Tax Return Information to Loyola College Financial Aid Office, 4501 North Charles Street, Baltimore, MD 21210.

All application material should be submitted at the same time to insure the timely determination of your Direct Stafford Loan eligibility.
IMPORTANT: Federal Direct Stafford Loan regulations require a student to be enrolled at least half-time in a degree or certificate granting program each term during the period of the loan. Half-time enrollment at Loyola College is defined as a minimum of 6 credits per term (Fall and Spring) and a minimum of 3 credits per term (Summer Sessions).

Loan Eligibility Notification for Renewal Applicants:

Upon completion of the determination of your federal aid eligibility, the Financial Aid Office will post the maximum amount you may borrow through the Direct Stafford Loan Program on your student financial aid award account. Graduate students can access their financial aid award account via the internet on WebAdvisor, Loyola's on-line administrative access system. Click on WebAdvisor to view your financial aid award.

Loan Eligibility Notification for New Applicants:

Upon completion of the determination of your federal financial aid eligibility, the Financial Aid Office will send you an email notification to your Loyola GroupWise email account. The email will provide information on how to view your financial aid award on WebAdvisor, Loyola's on-line administrative access system, as well as instructions on how to sign your Master promissory note electronically.

Students who wish to borrow less than the maximum amount approved must submit a Stafford Loan Revision Request Form.

Federal Direct Stafford Loan Application Deadline:

All application materials for a Federal Direct Stafford Loan must be completed and received by the Financial Aid Office at least four weeks prior to registration to insure that loan proceeds are available for payment of College charges. Late applicants must pay all College charges when registering for classes and may be reimbursed when the loan proceeds come through.

Loan Disbursements:

The proceeds from a Federal Direct Stafford Student Loan are disbursed in one, two or three equal payments directly to Loyola College. Loan proceeds are deposited in the student's account upon confirmation that an electronic Federal Direct Stafford Loan master promissory note and online Entrance Counseling has been completed. Students who have borrowed through the Federal Direct Loan Program in the past and have an active master promissory note on file are not required to complete a new promissory note. Loan proceeds that result in a credit balance will be available by check within the later of 14 days after the first day of the enrollment period or 14 days after the loan proceed deposit occurs.

2007-08 Student Loan Processing Deadline:

The proceeds of student loans (federal and private) must be disbursed to Loyola College and credited to a student's account no later than May 1, 2009. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed at least two weeks prior to the May 1, 2009 processing deadline.