Loyola University Maryland

Office of Financial Aid

Loan Related FAQ's

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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 Stafford 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 Loan begins nine months after enrollment as at least half-time ends.  Repayment terms on private alternative loans vary depending
on the lender.  

How do I track my loan debt?
Students may view their loan history by accessing WebAdvisor and clicking View My Financial Aid by Year.  You will also receive correspondence from your lender each semester explaining the amounts of the loans, the interest, as well as when and where your loans are disbursed.  Additionally, the National Student Loan Data System (NSLDS) is a repository of all sorts of information on federal loans and grants that you received at all schools.  You can access NSLDS at www.nslds.ed.gov.