Loyola University Maryland

Office of Financial Aid

General Undergraduate FAQs

Applying for Aid

How do I apply for financial aid at Loyola University Maryland?

Applying for financial aid is very easy. Loyola requires all financial aid applicants to file the Free Application for Federal Student Aid (FAFSA). The application process is available on our web site.

What is Loyola University Maryland’s school code for the FAFSA?

FAFSA school code: 002078

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.

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 FAFSA.

Do I have to complete the FAFSA 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 FAFSA to be assured that you are considered for all sources of need-based aid for which you may qualify.

I am not a U.S. citizen or eligible non-citizen; can I still apply for need-based financial aid?

Yes, although non-U.S. citizens are unable to complete the FAFSA, you can apply for need-based financial aid by submitting the CSS Profile application. While filling out the application, you will most likely encounter a pop-up on the site indicating Loyola does not accept this application. Please bypass all warnings and continue to complete and submit the application. Loyola's CSS Code Number is 5370.

Submitting the CSS Profile allows Loyola to consider you for institutional need-based grants.

Do I need to be admitted before I can apply for financial aid?

No. Applicants for admission should submit the FAFSA according to the application filing deadlines listed above.

Is it necessary to file for financial aid each year?

Yes, eligibility for all forms of need-based institutional and federal forms of aid is determined based upon an annual review of the information submitted on 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.

Is Loyola University Maryland "need-blind" in its admission decisions?

While we adhere to a need-blind policy for most of our admission decisions, budgetary constraints result in need-aware admission decisions for a small segment of the applicant pool. This allows us to meet as much of the financial need for as many students as possible. We are need-aware for all international applicants and during the waitlist process.

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 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.

Deadlines

What are the financial aid application deadlines?

First Year Early Action November 15
  Regular Decision February 1
Transfer Fall January 1
  Spring November 1
Continuing Students   April 1

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. Late awards are not guaranteed and will be made on a funds available basis.

Loyola Grant consideration for Late Applicants

  • FAFSA application submitted between July 1st and July 31st - Up to 90% calculated grant eligibility.
  • FAFSA application submitted between August 1st and August 31st - Up to 80% calculated grant eligibility.
  • FAFSA application submitted after August 31st - Up to 70% calculated grant eligibility.

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 February 1.  Regular Decision applicants will be notified no later than April 1.  Transfer applicants who meet the application filing deadline will be notified beginning in May for fall admission and December for spring admission.  Continuing students who meet the application filing deadlines will be notified no later than June 15.  

Federal Work Study

Are federal 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. Students who are not federal work-study eligible may seek direct hire positions on campus. The Human Resources office has information on available direct hire positions.

Eligibility and Qualifying Changes

I have a sibling who is also enrolled in college. Will this have an impact on my eligibility for financial aid?

Families with multiple children in college at the same time may have greater financial aid eligibility. However, when the eldest sibling leaves college, the expected family contribution (EFC) for the younger sibling increases to reflect that the family again has only one child in college. Families should expect a significant increase in their EFC when a dependent child graduates or is no longer enrolled in an undergraduate program.

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 is subject to review. Please contact the Office of Financial Aid if you are considering a housing status change.

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. Students who are Federal Pell Grant eligible and who have enrolled in a minimum of 24 credits for the prior fall and spring semesters, may be eligible to use Federal Pell Grant funds in the summer as long as the student enrolls in a minimum of 2 classes (at least 6 credits) in any of the summer sessions.

What happens to my financial aid if I study abroad?

If the study abroad program is a Loyola sponsored 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 external program, student’s are eligible to receive Federal Direct Loans (Subsidized and Unsubsidized), Federal Direct Parent PLUS Loans, Federal Pell Grant, and most forms of state grant/scholarship assistance. Institutionally controlled forms of financial aid including academic scholarships, athletic grants, non-need-based grants, need-based grants, Federal Supplemental Educational Opportunity Grant, 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 review of the financial aid decision. The financial aid appeal policy for returning students is available on our website. Incoming first-year and transfer students interested in appealing their financial aid package may contact the Office of Financial Aid at financialaid@loyola.edu for instructions.

Can I transfer my aid from another school to Loyola University Maryland?

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 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.