New borrowers for the 2018-19 academic year will be prompted via email by mid June with instructions for applying for the Loyola Student Loan Program.
This institutional loan program allows students who demonstrate institutional financial need and who are enrolled for at least 12 credits per term to borrow up to $1,000 for each year of undergraduate study.
The interest rate is fixed at 5.0%. Interest does not accrue to the borrower, nor does repayment begin on Loyola Student Loans until six months after termination of Loyola enrollment. Interest accrued during in-school and the grace period is paid by Loyola. The repayment is up to 10 years depending on the total amount borrowed. Loyola Student Loans do not carry an origination fee. First time borrowers must complete a Loyola Student Loan master promissory note and truth-in-lending agreement to borrow funds through this program.