How do I apply for financial aid at Loyola University Maryland?
The application procedures are available on our web site, www.loyola.edu/financialaid, under "Quick Links." Loyola requires all financial aid applicants to file both the CSS PROFILE and the Free Application for Federal Student Aid (FAFSA).
What are Loyola University’s school codes for FAFSA and CSS Profile?
Our FAFSA school code is 002078.
Our CSS school code is 5370.
I probably don't qualify for aid. Should I apply for aid anyway?
Yes! Many families mistakenly assume they don't qualify for aid and prevent themselves from receiving assistance by failing to apply. We recommend that you apply and allow us to determine your eligibility. If you are not eligible, we will provide you with information on the sources of aid that are available regardless of need.
What are the financial aid application deadlines?
First Year and Transfer applicants must submit their application for financial aid no later than February 15. Continuing students must submit their application for financial aid no later than April15. Maryland residents must file the FAFSA by March 1 to be considered for Maryland state aid programs.
What if I miss the deadline?
We encourage you to still complete the application process. However, priority awarding of institutional need-based aid is given to students who meet Loyola’s filing deadline.
Is it necessary to file for financial aid each year?
Eligibility for all forms of need-based institutional and federal forms of aid is determined based upon an annual revue of the information submitted on the College Scholarship Service PROFILE Application and the Free Application for Federal Student Aid (FAFSA), Annual changes in family income, assets, family size, and the number of dependent children enrolled in college will affect the annual expected family contribution toward educational expenses.
How will I be notified of my financial aid award?
First year and Transfer applicants will receive an award notification via regular mail that identifies the types and amount of financial aid for which they are eligible. First Year and Transfer students are also notified via regular mail of revisions made to the financial aid package based on receipt of outside scholarships, change in enrollment or housing status, or changes required as a result of the verification process. Once a student is enrolled, award notifications or revisions will be sent to the student’s Loyola email account. Continuing students will be sent an email notification to their Loyola email account. The email will direct you to view your financial aid award in the Financial Aid section of WebAdvisor.
When will I be notified of my financial aid award?
First Year applicants who meet the filing application deadlines and are admitted under the Early Action Program will be notified no later than March 15. Regular Decision applicants will be notified no later than April 10. Transfer applicants who meet the application filing deadline will be notified based on the date they are admitted to the University. Continuing student who meet the application filing deadlines will be notified no later than June 15.
I have a sibling who is also enrolled in college. Will this have an impact on my eligibility for financial aid?
For families with two or more children attending four-year private or public colleges, the parent contribution is assessed at 60 percent for each child if two children are enrolled and 45 percent for each child if three children are enrolled. There is no adjustment in the parent contribution when parents are enrolled in an undergraduate or graduate program, for children enrolled in graduate school, or for children enrolled part-time in an undergraduate program. Parents should expect a significant increase in their expected contribution when a dependent child graduates or is no longer enrolled in an undergraduate program.
Do I have to wait until my parents file their federal tax return before I complete the FAFSA and CSS PROFILE?
No, but you should wait until you and/or your parents know what income they will be reporting on their federal tax return. You could determine this after W-2 forms are received or other records are available. The online versions of the FAFSA and PROFILE provide instructions and worksheets to help you determine the entries for the income and asset questions. Both forms contain line references to federal tax returns. However, these entries may be estimated if necessary in order for you to comply with our deadline. Estimated figures can be updated and corrected once your applications have been submitted and processed.
What is the difference between merit and need-based financial aid?
Merit scholarships are strictly based upon academic achievement: the family's financial circumstances are not a factor when determining eligibility for merit aid. Determination of eligibility for all merit-based scholarships is made by the Office of Admission. Eligibility for need-based aid is determined based on an evaluation of family financial strength using the information provided on the CSS PROFILE and FAFSA.
Do I have to complete the FAFSA or CSS Profile in order to be considered for merit-based aid?
No, since the eligibility for merit-based scholarships is determined based only on the strength of the student's high school academic record. However, we recommend that all applicants complete the CSS PROFILE and FAFSA to be assured that you are considered for all sources of need-based aid for which you may qualify.
Do I need to be admitted before I can apply for financial aid?
No. Applicants for admission should submit the CSS PROFILE and FAFSA as soon after January 1 as possible but no later than February 15, Loyola's financial aid application deadline.
Can I transfer my aid from another school to Loyola University?
Most financial aid awards cannot be transferred from one institution to another. If you are planning to transfer to Loyola from another institution, you must make sure that the results of your FAFSA and CSS PROFILE are sent to Loyola by our published application deadline. If you are a Maryland state resident and have been awarded a state scholarship or grant, you must contact the Maryland Higher Education Commission to have the aid transferred.
Are work-study earnings applied to my bill?
Federal Work Study (FWS) is a need-based federal student aid program that allows students the opportunity to earn funds throughout the academic year to support a portion of their educationally related expenses. Most students work from 10-15 hours per week. Students are paid on a bi-weekly basis for the number of hours worked. FWS earnings may not be applied as a credit on the student's bill.
I was not awarded or eligible to participate in the Federal Work- Study Program. Can I still work on campus?
Federal Work-Study eligible students are given highest priority for the student worker positions on campus.
What happens to my financial aid if I move off-campus?
Your "cost of attendance" or student expense budget is determined based on your housing status, (living on-campus, off-campus, or with parents). The off-campus budget is lower than the on-campus budget. Therefore, your aid eligibility will be adjusted accordingly.
How are privately-funded scholarships treated as part of my financial aid package?
Our goal is to incorporate privately-funded awards or awards from other outside sources in a student's financial aid package as favorably as possible. These awards are added to meet any unmet need first and then substituted for self-help forms of financial aid (excluding Federal Direct Stafford Loan funds) before adjusting institutional grant assistance. Additionally, the awards are applied evenly to the students account between the fall and spring semesters unless otherwise specified by the donor.
Is financial aid available to cover summer courses?
Institutional funds are not available for use during the summer term. Loan assistance through the Federal Parent Loan (PLUS) Program or private alternative education loan programs may be used for summer course expenses.
What happens to my financial aid if I study abroad?
If the study abroad program is a Loyola sponsored program or a Loyola exchange program, the student is eligible for all forms of federal, state, institutional, and private sources of aid except Federal Work-Study. Students studying abroad for a semester or full academic year will forfeit the value of a Federal Work-Study award.
If the study abroad program is an affiliation or host program, the student’s aid is limited to Federal Direct Stafford Loans (Subsidized and Unsubsidized), Federal Direct Parent PLUS Loans, Federal Pell Grants, and most forms of state grant/scholarship assistance. Institutionally controlled forms of financial aid including academic scholarships, athletic grants, need-based grants, Federal Perkins loans, Federal Supplemental Grants, and Federal Work-Study are forfeited and may not be used to assist with educational expenses incurred for these study abroad programs. Privately funded scholarships and grants may be used only with written permission of the organization or donor sponsoring the award.
What if I have special or unusual financial circumstances?
Families who suffer significant losses of income due to temporary or long term loss of employment or the death of a wage earner, or families who incur significant medical expenses not covered by insurance may appeal for a mid-academic year review of the financial aid decision. In these unusual situations, Loyola University will use "current year" income rather than the "prior year" income to determine a change in financial aid eligibility. All requests for a mid-academic year review must be made in writing.