2017-18 Academic Year
Students currently receiving assistance (or who wish to apply for assistance) under the Federal Student Aid Programs (Pell Grant, Supplemental Grant, Direct Stafford Loan, Direct PLUS (Parent) Loan, Work-Study), the Maryland Educational Assistance Grant and Guaranteed Access Grant Programs, or the Loyola Grant and Claver Grant Programs must follow the application procedures listed below. These awards are based on financial need which must be demonstrated each year.
Presidential Scholarships, Claver Scholarships, Athletic Grants: Students receiving financial aid which consists entirely of four-year renewable awards are not required to file the Free Application for Federal Student Aid or the PROFILE Application. These awards will be automatically renewed if the retention requirements have been met as outlined in your original award notification letter.
Beginning with the 2017-18 academic year financial aid application processing cycle, students and their parents will be required to report their federal income tax information from an earlier tax year for purposes of calculating the expected family contribution toward educational expenses. When completing the 2017-18 CSS PROFILE Application and the 2017-18 Free Application for Federal Student Aid (FAFSA), you and your parents will report calendar year 2015 income reported on the 2015 federal tax return and any sources of untaxed income received during calendar year 2015.
In the past years, students and parents often faced the challenge of completing the PROFILE and FAFSA with income estimates, requiring corrections after the prior year tax return was completed. The need for corrections of tax return data complicated the application process and in many instances delayed the delivery of a final need-based financial aid eligibility decision.
This new procedure will allow you and your parents to report complete and accurate income information on the PROFILE and allow the majority of parents and students to use the IRS Data Retrieval Tool (DRT) when filing the FAFSA. This will allow Loyola (and all other colleges and universities) to deliver final aid eligibility decisions to students in a more timely manner.
It is extremely important that you and your parents adhere to the financial aid application filing deadlines listed below. The funds available through the federal campus-based student aid programs and Loyola's institutionally-funded need-based grant programs are limited. Therefore, if you do not meet the filing deadlines, you risk being placed on a financial aid waiting list.
2017-18 PROFILE Application
Renewal and New Applicants
File the 2017-18 PROFILE Application online. The College Board website is https://student.collegeboard.org/css-financial-aid-profile. Loyola University's CSS Code Number is 5370.
2017-18 Free Application for Federal Student Aid (FAFSA)
Complete the 2017-18 FAFSA online using your FSA ID. The FAFSA website is www.fafsa.ed.gov. Loyola University's FAFSA Code Number is 002078. TheFAFSA on the Web Worksheet provides a preview of the questions that you may be asked while completing the FAFSA online. The FAFSA on the Web Worksheet provides a preview of the questions that you may be asked while completing the FAFSA online.
New Applicants (Students who did not file a FAFSA for the 2016-17 academic year.)
Create a FSA ID. Parents should also create a FSA ID. Once created, the FSA ID allows access to the applicant's data in several Federal Student Aid systems and also serves as that person's electronic signature. After creating your FSA ID, file the 2017-18 FAFSA online. The FAFSA website is www.fafsa.ed.gov. Loyola University's FAFSA Code Number is 002078.
When completing the FAFSA, select the IRS Data Retrieval Tool (DRT) to transfer your 2015 Federal Tax Return information to your application. This process will allow your FAFSA to be processed using accurate tax return information preventing the need for corrections at a later date.
If families are not eligible or ultimately choose not to use the IRS Data Retrieval Tool to provide the tax information, the U.S. Department of Education will require us to collect additional documentation, including a certified tax transcript that must be obtained from the IRS.
Federal Verification Process
Federal verification is a process required by the U.S. Department of Education to verify the accuracy of the information parents and students submit on the FAFSA. Learn more about the federal verification process here.
Financial Aid Application Filing Deadlines
Complete the PROFILE online at https://profile.collegeboard.org by April 1, 2017.
Free Application for Federal Student Aid (FAFSA)
Complete the FAFSA online at www.fafsa.ed.gov by April 1, 2017.
Maryland residents must file the FAFSA by March 1, 2017 to be considered for Maryland State Grant Assistance.
Parents' and Student's 2015 Federal Tax Returns
Your 2015 Federal Tax Return and your parents' 2015 Federal Tax Return information will be used to verify the financial information reported on the FAFSA and PROFILE applications. Loyola participates in the College Board's Institutional Documentation Service (IDOC) to collect parent and student tax return forms. After you file the PROFILE Application, the College Board will send you complete instructions for submitting your Federal Tax Return forms. Submit your tax return information to the College Board's Institutional Documentation Service no later than April 30, 2017.
Procedures for submitting your tax return information to the College Board.
Financial Aid Eligibility Notification
Financial aid awards for enrolled students will be available for viewing via "WebAdvisor for Students" mid June 2017, after the verification process has been completed and cumulative grade point averages for the 2017-18 academic year are available.