Loyola University Maryland

Office of Financial Aid

Undergraduate Loan FAQs

I took a semester off from school. How do I make sure my loans do not go into repayment?

Once you are enrolled at least half-time (as defined by your program) in a degree granting program then the University will automatically send information regarding your new enrollment status to an agency commonly referred to as the "Clearinghouse". Updated enrollment information is transmitted by the University's Records Office several times a semester. Typically, lenders and lending authorities who hold your loans review the Clearinghouse's website and retrieve enrollment information and update your student loan status as your enrollment status changes.

When do I start re-paying my loans?

Generally, students begin repayment of their Federal Direct Loan(s) and Loyola Student Loan six months after they cease to be enrolled at least half time in a degree-seeking program. Repayment on a Federal Perkins and Loyola Student Loans begins nine months after at least half-time enrollment ends. Repayment terms on private alternative loans vary depending on the lender.

How do I track my student loan debt?

The best source of information is the National Student Loan Data System (NSLDS) website. It provides a listing of federal loans you have received for each academic period, interest rates on each loan, the cumulative amount of your loans, and where you should send payments. You will need your Federal FSA ID to access the NSLDS at https://nslds.ed.gov.