Loyola University Maryland

Office of Financial Aid

General Undergraduate FAQs

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

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

What are Loyola University’s school codes for the FAFSA and the CSS Profile?

FAFSA school code: 002078.
CSS school code: 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.

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 of an many students as possible. We are need-aware for all international applicants and during the waitlist process.

What are the financial aid application deadlines?

First Year Early Action December 1
  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 and/or CSS Profile applications submitted between June 15th and June 30th - Up to 90% calculated grant eligibility.
  • FAFSA and/or CSS Profile applications submitted between July 1st and July 31st - Up to 80% calculated grant eligibility.
  • FAFSA and/or CSS Profile applications submitted between August 1st and August 31st - Up to 70% calculated grant eligibility.
  • FAFSA and/or CSS Profile applications submitted after August 31st - Up to 60% calculated grant eligibility.

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 Free Application for Federal Student Aid (FAFSA) and the CSS Profile Application.  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.

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 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.  

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 Institutional Methodology assesses the parent contribution at 65 percent for each child if two children are enrolled and 50 percent for each child if three children are enrolled; the Federal Methodology assesses the parent contribution at 50 percent if two are enrolled and 25 percent if three 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.

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 according to the application filing deadlines listed above.

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. 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.

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.

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.

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 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 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. Additional documentation may be required depending on the nature of the unusual circumstance. All requests for a mid-academic year review must be made in writing.

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