2009-2010 Loyola University Programs | State Programs | Federal Programs | Private Alternative Student Loan Programs Loyola University Programs Graduate Assistantships: A limited number of graduate assistantships are offered to students enrolled on a full-time basis in the College of Arts & Sciences. In the Psychology Department, advanced part-time students may also be eligible. Functions of graduate assistants include (but are not limited to): bibliographic, library and academic research projects, preparations for workshops, seminars, in-service programs and special academic events, laboratory assistance and proctoring exams. Compensation for graduate assistantships varies depending on the program and the duties and responsibilities assigned to the position. Applications for graduate assistantships may be obtained on the Loyola University web site www.loyola.edu/graduate. Resident Assistantships: The Office of Student Life has a limited number of resident assistantship positions that are open to graduate students. Students interested in these positions should contact the Director of Student Life for an application and further information. Departmental Programs: Individual departments may have direct-hire employment opportunities, or departmental grant assistance which is administered by the graduate program director. Contact the graduate program director or coordinator for more information on programs unique to each department. Graduate Program Payment Plan: The convenience of paying tuition and fee charges on a monthly basis is an attractive alternative to many graduate students. Therefore, Loyola University provides a monthly payment plan for graduate students enrolled during the fall and spring semesters. Students must be registered for a minimum of one course during the semester(s) in which the payment plan is used. The payment plan is not available for summer session enrollment. The monthly payment plan carries a $35 per semester administrative fee. The course registration fee is $25 per semester. These fees are not included in the plan. Tuition charges are divided into four payments per semester and a coupon booklet will be mailed to you once you are registered for the payment plan. For more information on Loyola's Graduate Program Payment Plan, contact Student Administrative Services at 410-617-5047. Mount Saint Agnes/Sisters of Mercy Scholarship: The Mount Saint Agnes Alumnae Association funds an annual scholarship for students enrolled in a graduate program at Loyola University Maryland. One $5,000 scholarship will be awarded to a new or continuing graduate student for the 2009-10 academic year. Students who are direct descendants or nieces or nephews of Mount Saint Agnes alumnae are eligible to apply as well as students who are high school graduates of a Mercy-affiliated high school. Click here here for the application. The scholarship application deadline is March 31, 2009.
Return to the top of the page. State Programs Maryland State Senatorial and Delegate Scholarships: These scholarships are awarded by Maryland State Senators and Delegates to residents of their legislative districts. Contact your legislative representatives for the preferred application procedures. Janet L. Hoffman Loan Assistance Repayment Program: Provides assistance for repayment of loan debt to select individuals working full-time in non-profit organizations and State or local government in Maryland. Maryland State Workforce Shortage Student Assistance Grants: Includes grants for critical workforce shortage areas throughout the state of Maryland. For a complete list of shortage areas, go to www.mhec.state.md.us. Maryland Higher Education Commission
Office of Student Financial Assistance
16 Francis Street
Annapolis, MD 21401-1781
www.mhec.state.md.us
410-260-4565 or 1-800-974-1024 Quality Teacher Incentive Credit: Public school teachers who pay tuition during the tax year for graduate level courses to maintain certification may be entitled to an income tax credit. For more information contact Revenue Administration Division, Comptroller of Maryland, Annapolis, MD 21411-0001. 410-260-7980 or 1-800-MD-TAXES
taxhelp@comp.state.md.us
Click here to visit their Web site.
Return to the top of the page. Federal Programs Federal Direct Stafford Student Loan - Subsidized: This program allows graduate students who demonstrate federal financial aid eligibility and who are enrolled for at least 6 credits per term (Fall and Spring Terms) or 3 credits per term (Summer Sessions) to borrow up to $8,500 per academic grade level. The interest rate is fixed at 6.8%. Interest does not accrue, nor does repayment begin on subsidized Stafford Loans until six months after termination of college enrollment on a less than half-time basis. Subsidized Direct Loans carry a 2.0% federal origination fee and an up-front interest rebate equal to 1.5% of the loan amount. Net proceeds will equal approximately 99.5% of the loan amount. Federal Direct Stafford Student Loan - Unsubsidized: This loan allows all students regardless of federal financial aid eligibility and who are enrolled for at least 6 credits per term (Fall and Spring) or 3 credits per term (Summer Sessions) to borrow up to $20,500 per academic grad level including any amount borrowed under the subsidized Stafford Loan Program. The interest rate is fixed at 6.8%. The origination fee is the same as specified above, however, interest accrual begins immediately during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized. Follow the application procedures to apply for a Federal Direct Stafford Loan. New Federal Direct Stafford Loan borrowers must complete an electronic Federal Direct Stafford Student Loan Master Promissory note to borrow funds through this program as well as an online Entrance Counseling Session. Federal Graduate PLUS Loan: This program allows graduate students who do not have an adverse credit history to borrow up to the full cost of attendance, less other financial aid received, including Federal Stafford Loans (Subsidized and Unsubsidized). The interest is fixed at 7.9%. Interest accrual begins on the date of the first disbursement; the first payment is due within 60 days after the final disbursement. Direct PLUS Loans carry a 4.0% federal origination fee and an upfront interest rebate equal to 1.5% of the loan amount. Net proceeds will equal approximately 97.5% of the loan amount. Colleges determine eligibility for the Federal Stafford Loan before determining any remaining eligibility for a Federal Graduate PLUS Loan. PLUS Loans at Loyola University are processed and serviced through the Federal Direct Graduate PLUS Loan Program. The Financial Aid Office will calculate the maximum a student may borrow through the Graduate PLUS Loan program after completion of the Federal Stafford Loan application process. Students may apply for a Graduate PLUS Loan online by completing the Loyola College Federal Direct Grad PLUS Loan Request Form. Click here to complete the Federal Direct Grad PLUS Loan master promissory note. Click here to complete the Federal Direct Grad PLUS Entrance Counseling. Federal DVA Yellow Ribbon Program: The Yellow Ribbon Program is a provision of the Post-9/11 Veterans Educational assistance Act of 2008 (GI Bill). Under this program, the act provides payment for tuition, fees, a books and supplies stipend, and a housing allowance for veterans who have served on active duty since September 11, 2001. Colleges and universities enter into matching agreements with the Department of Veterans Affairs (DVA) to pay veterans’ tuition and fee costs above those covered by the GI Bill benefit. The maximum tuition and fees benefit available under the law is capped at the level of the highest cost public institution in state, with Maryland’s current tuition cap set at $458.13 per credit and up to $1,107 for fees. Loyola is committed to funding a student’s remaining tuition and fee expenses that exceed the additional contribution available under the Yellow Ribbon Program. Complete information on the Yellow Ribbon Program is available on the Veterans Affairs website, www.gibill.va.gov .
TEACH Grant Program: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides up to $4,000 per year in non-need-based grants for graduate and undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. Students may receive up to $16,000 for undergraduate study and up to $8,000 for graduate study. Part-time students are eligible, but the maximum grant will be reduced.
In exchange for TEACH Grant assistance, recipients must agree to serve as a highly-qualified, full-time teacher in a high-need subject area for at least four years at a school serving low-income students. Current legislation has identified the following as meeting the definition of a high-need subject area for the TEACH Grant Program: Bilingual Education and English Language Acquisition; Foreign Language; Mathematics; Reading Specialist; Science; Special Education. Failure to complete the teaching obligation will cause the TEACH Grant to be permanently converted to a Federal Direct Unsubsidized Loan with interest accrued from the date the grant funds were first disbursed. Once a grant is converted to a loan, it cannot be converted back to a grant. To learn more about the TEACH Grant Program please visit, www.teachgrant.ed.gov. To apply for a TEACH Grant, please contact Danielle J. Ballantyne, Graduate Financial Aid Counselor at dballantyne@loyola.edu or 410-617-5205.
All federal, state, and institutional student financial aid recipients must be U.S. citizens, U.S. nationals, or eligible noncitizens with a valid Social Security number. An eligible noncitizen is a U.S. permanent resident who has an I-151, I-551, or I551C (Permanent Resident Card). Return to the top of the page. Private Alternative Student Loan Programs Private educational loan programs are non-federal loans issued by banks, savings and loan associations, and credit unions. These programs allow students to borrow up to the full cost of attendance* minus other forms of financial aid. Private educational loans carry variable interest rates based on the LIBOR rate or the Prime rate and repayment periods may range from 5 to 25 years. Interest rates, origination fees, loan maximums, and repayment terms should be carefully considered when researching and choosing a private loan. Before obtaining an alternative loan, graduate students should compare the terms of the loan with loan assistance available through the Federal Direct Stafford Loan Program. Most private loan programs are not competitive with the Stafford Loan Program and are intended to provide supplemental educational financing. Once an application is approved by a lender, the school will receive an electronic certification request. The proceeds of private alternative education loans may not be credited to a student's account until the funds are actually received by the University. Therefore, if the loan proceeds will be used to pay a remaining balance due, the loan application process should be completed well in advance of the bill payment due date. *A students cost of attendance includes actual tuition and fees and standard allowances for books, supplies, and living expenses. Student Lending Analytics, an independent loan research and advisory firm, provides a website that contains a list of lenders currently offering private alternative educational loans. This website also provides a table that compares each lender's minimum and maximum interest rates, origination fees, repayment terms and benefits, and other loan terms and conditions. http://www.studentlendinganalytics.com/alternative_loan_options.html The Project on Student Debt, an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization, offers sound advice and information to consider when applying for a private alternative educational loan. http://projectonstudentdebt.org/advice.vp.html
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