Academic Year 2014-2015
Selection of Award Recipients and Determination of Financial Aid Packages
Applicants for financial aid are evaluated on the basis of demonstrated financial need, potential for academic success and standards of satisfactory academic progress. Financial need is defined as the difference between the cost of attending Loyola and the amount you and your parents are expected to contribute from income and assets. A student's cost of education is determined based on enrollment status, grade level and housing status. Student expense budgets have been established which include actual charges for tuition, fees and room as well as standard allowances for books and supplies, meal services, transportation and personal/miscellaneous expenses. The expected family contribution toward educational cost is determined using the information provided on the College Scholarship Service PROFILE Application and the Free Application for Federal Student Aid (FAFSA). Eligibility for federal financial aid may differ from eligibility for institutionally-controlled forms of financial aid due to institutional policies and the use of specific data elements which are omitted from the federal eligibility formula.
At the time your application was evaluated, you were automatically considered for all types of assistance, including scholarships, grants, loans and employment. The office of financial aid determined your eligibility for each type of aid and assigned a combination of assistance in accordance with your eligibility. The specific components of your aid package depend upon the availability of funds and your demonstrated financial need.
Your aid package has been constructed using all resources known at the time of the award. If you are eligible for financial aid from a source outside the University, an estimate has been provided on the Financial Aid Award Notification. If you receive additional assistance not indicated on your Financial Aid Award Notification, you can usually expect an adjustment in your financial aid package.
Entering first-year applicants are selected for academic scholarship assistance based on a comprehensive review of the high school academic record including grade performance, course selection and strength of high school. SAT/ACT scores are also considered if provided by the applicant. Financial need is not a factor in determining eligibility for academic scholarship assistance.
The office of financial aid reserves the right to request documentation to verify any information used to determine eligibility for financial assistance. Changes required as a result of the verification process may require an adjustment in the total expected family contribution and the student's financial need.
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Financial Aid Award Notification and Acknowledgment of Financial Aid Package
Indicate whether you wish to accept or decline the aid offered by circling the appropriate choice for each type of assistance printed on the Financial Aid Award Notification. Return one copy of the Financial Aid Award Notification, signed and dated, to the office of financial aid. If your financial aid package is adjusted for any reason during the academic year (e.g. receipt of outside sources of aid, changes in enrollment or housing status, or changes required as a result of the verification process), you will be sent a revised Financial Aid Award Notification.
Financial aid cannot be reserved beyond the response deadline given on your Financial Aid Award Notification.
You will be sent an email notification to your Loyola email account when a financial aid eligibility decision has been made. The email notification will indicate that your financial aid award is available electronically via the financial aid office website under the tab, "View Financial Aid Award." You may also view your financial aid award directly by accessing "WebAdvisor for Students."
The office of financial aid will assume that you are accepting all forms of financial aid offered (except the Federal Direct Parent (PLUS) Loan). However, if you wish to decline a form of financial aid offered (e.g. Federal Work-Study, Unsubsidized Federal Direct Stafford Loan) or reduce the amount of a loan, contact the financial aid office in writing via regular mail, fax, 410-617-5149 or email (firstname.lastname@example.org). Include your full name and Student I.D. Number in your correspondence.
If your financial aid award requires a revision or correction, you will be informed via email notification delivered to your Loyola email address.
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Responsibilities of Financial Aid Recipients
You are required to notify the office of financial aid of any additional financial aid you receive from sources outside Loyola. Receipt of additional financial aid may result in an adjustment of the financial aid offered by Loyola.
You are required to notify the office of financial aid of any change in your name, address, enrollment status, anticipated graduation date, housing status (on-campus, off-campus, with parents), or other changes related to your attendance at Loyola.
Financial aid for subsequent years will be considered only if all renewal application materials, including the College Scholarship Service PROFILE Application, the Free Application for Federal Student Aid (FAFSA), and the parents' and student's federal tax returns are submitted by the appropriate financial aid deadlines.
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The total dollar amounts listed on the Financial Aid Award Notification are yearly awards which are divided in equal amounts (unless specified otherwise) between the fall and spring terms. All financial aid (except Federal Work-Study) is credited to your student account as soon as it is determined that you have a) registered for the required number of credits and b) completed all processes and procedures as required by each financial aid program. Funds not needed to complete payment of the University charges will be refunded by check within the later of 14 days after the first day of the enrollment period or 14 days after the loan proceeds deposit occurs.
The proceeds from Federal Direct Stafford Loans, Federal Perkins Loans, and Loyola Student Loans are credited to a student's account after the University receives confirmation that an electronic master promissory note for each program has been completed and signed. New Federal Direct Stafford Loan borrowers must complete "Entrance Counseling" before loan proceeds can be credited.
Students who accept loans can complete loan master promissory notes, loan entrance counseling, and truth-in-lending acknowledgement documents that are associated with each loan program by clicking here.
When a student withdraws from Loyola and is due a refund under the University's refund policy and has received financial assistance from federal student aid programs (other than Federal Work-Study), a portion of the refund will be returned to the programs from which the student was funded. The federal student aid portion of the refund will be determined according to procedures specified by the U.S. Department of Education. Students employed under the Federal Work-Study program are entitled to all wages earned up to the date of withdrawal from the University.
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Satisfactory Academic Progress and Renewal of Awards
Except as otherwise noted in the individual program descriptions, all awards require that you be continuously enrolled for at least 12 credits per term. You must notify the Office of Financial Aid if you fail to register for the required number of credits for any term in which you are receiving aid. If you are considering withdrawing from a course, you should first contact the Office of Financial Aid to determine what effect such action may have on your financial aid.
Federal regulations require that a student receiving federal financial aid make Satisfactory Academic Progress (SAP) in accordance with standards set by the University. Students are normally expected to complete their undergraduate degree within eight terms. Loyola University Maryland is not obligated to continue institutionally funded forms of financial aid to a student who requires more than eight terms to complete degree requirements. However, federal regulations allow federal aid recipients to complete their degree program in no more than 150 percent of the published length of the program in credit hours. Students who complete at least 67 percent of attempted credits are considered to be making satisfactory progress toward completion of degree requirements if they achieve and maintain a 2.0 minimum grade point average by the end of their second year.
Students who fail to meet these quantitative and/or qualitative minimum standards will be denied financial aid. Students may regain eligibility by enrolling in the University at their own expense and resolving the deficiencies identified in the SAP review process. Students also have the option of submitting a written appeal explaining the special circumstances that contributed to their inability to make academic progress. A written academic plan may be required as part of the appeal review process.
Financial aid based on federal and institutional eligibility formulas is granted for one academic year only. The College Scholarship Service PROFILE Application and the Free Application for Federal Student Aid (FAFSA) must be submitted each year you are applying for financial aid. Renewal awards are based on continued demonstrated financial need and satisfactory academic progress toward a degree.
Students who are suspended from the University as the result of a violation of the Student Code of Conduct or the Honor Code will forfeit eligibility for institutionally funded need-based grant assistance for additional semesters needed to complete an undergraduate degree. Academic scholarship recipients who are suspended from the University risk complete termination of the scholarship award.
Under the Federal Higher Education Opportunity Act (HEOA), students who are convicted for any offense related to any federal or state law involving the possession or sale of illegal drugs will lose eligibility for any type of Title IV, HEA grant, loan or work-study assistance.
Satisfactory Academic Progress Policy
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Return of Title IV Funds Policy
The financial aid office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.
If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 180 days of the student's withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal.
Refunds are allocated in the following order:
- Unsubsidized Direct Stafford Loans
- Subsidized Direct Stafford Loans
- Federal Perkins Loans
- Federal Direct PLUS Loans
- Federal Pell Grants for which a Return of funds is required
- Federal Supplemental Opportunity Grants for which a Return of funds is required
- Iraq and Afghanistan Service Grant for which a return is required
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Student and Parent Educational Loan Programs
All students who demonstrate financial aid eligibility based on financial need are expected to meet their first level of need by borrowing through federal and institutional student loan programs. The maximum annual amount students are expected to borrow through a combination of federal and institutional student loan programs is determined on an annual basis.
Students who do not demonstrate need based on either the Federal Methodology or Institutional Methodology need analysis formulas may consider borrowing funds through the unsubsidized versions of the federal and private alternative student loan programs. Interest begins to accrue immediately after the first disbursement on unsubsidized student loans.
Parents of undergraduate students may borrow up to the full cost of attendance minus other forms of financial aid through the Federal Direct Parent Loans for Undergraduate Students (PLUS) Program. This loan program is unsubsidized and not need-based.
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Special Conditions for Individual Programs
Presidential Scholarships, Claver Scholarships and Knott Scholarships
Students awarded Presidential Scholarships, Claver Scholarships and Knott Scholarships must maintain the term and cumulative GPA requirements and credit completion requirements specified in the original scholarship award letter. All academic scholarships are awarded for a four-year period only and may only be applied to tuition charges. Students who are suspended from the University as a result of violations of the Student Code of Conduct of the Honor Code risk complete termination of the scholarship award.
Loyola Grants and Claver Grants
Eligibility for Loyola and Claver Grant assistance is determined annually based on changes in family income, assets, family size, and the number of dependent children enrolled full-time in an undergraduate program.
Athletic grants are awarded by the director of athletics and are administered in accordance with the National Collegiate Athletic Association (NCAA) rules, regulations and recommended policies.
The amount of the Federal Work-Study award listed on the Financial Aid Award Notification is an estimate of what a student may earn during the academic year. The award is earned on a biweekly basis according to the number of hours the student works. Working hours are generally limited to 10 to 15 hours per week while classes are in session. Students are paid at hourly rates ranging from $7.25 to $9.50. Federal Work-Study earnings cannot be automatically applied to University charges. Students who accept Federal Work-Study awards are sent information in August which outlines the procedures to begin the FWS job search. All work-study jobs are on-campus in administrative or academic departments or through programs in partnership with the University's Center for Community Service and Justice. Students studying abroad will forfeit Federal Work-Study Assistance for the entire academic year.
Student and Parent Loan Processing Deadline
The proceeds of student and parent loans (federal, institutional and private) must be disbursed to Loyola and credited to a student's account no later than May 1, 2015. 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, 2015 processing deadline date.
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