Financial Aid Award FAQs
How will I know what awards I am eligible for at Loyola after I apply for financial aid?
Students will be provided a Financial Aid Eligibility notice that outlines all financial aid eligibility for the academic year, including scholarships for which you are eligible, as determined by your application for admission and by your aid application.
If I receive a scholarship from an outside donor or organization. Will that affect the financial aid I receive from Loyola?
Outside scholarships generally only impact a student's eligibility for loan assistance. However, if you receive a significant scholarship award or an award that includes living stipends or other benefits, it may have a larger impact on your aid eligibility through the institution. Loyola will only reduce institutional funds as a last resort to maintain federal compliance and minimize tax implications.
How will I receive my financial aid?
All financial aid awards are applied to your university tuition account with the Office of the Bursar. The remaining balance after financial aid is due on the 5th of the following month after school begins. If you are borrowing for living or other indirect expenses, any remaining credit after tuition and fees are paid in full will be refunded to you shortly after disbursement.
How will I know if I need to submit additional documents?
Some students must send additional documentation for review. If further documentation is needed, we will request it via email and your To-Do List in LOCUS. Once the documents are received and reviewed, we will update financial aid eligibility, if needed, and send a Financial Aid Award. Your financial aid will not be disbursed until all requested information is provided and reviewed.
Will my financial aid stay the same from year to year?
Students are required to submit a new FAFSA each year to determine their eligibility for federal aid in the upcoming academic year. Changes in a student’s cost of attendance, total borrowing while at Stritch, and other factors, including donor-defined requirements, may affect the award from year to year. Additionally, students are required to meet all scholarship requirements and satisfactory academic progress policies to ensure that scholarship and financial aid eligibility is maintained.
I have been awarded scholarships and loans. What is the difference between the two?
Scholarships do not need to be repaid by the student. Some may be merit-based or awarded based on criteria other than finances, and some may be need-based, awarded based on the financial information reported to the university. Loans, including federal, institutional, and private loans, are forms of financial assistance that need to be repaid according to the terms of your master promissory note.
How will I know what awards I am eligible for at Loyola after I apply for financial aid?
Students will be provided a Financial Aid Eligibility notice that outlines all financial aid eligibility for the academic year, including scholarships for which you are eligible, as determined by your application for admission and by your aid application.
If I receive a scholarship from an outside donor or organization. Will that affect the financial aid I receive from Loyola?
Outside scholarships generally only impact a student's eligibility for loan assistance. However, if you receive a significant scholarship award or an award that includes living stipends or other benefits, it may have a larger impact on your aid eligibility through the institution. Loyola will only reduce institutional funds as a last resort to maintain federal compliance and minimize tax implications.
How will I receive my financial aid?
All financial aid awards are applied to your university tuition account with the Office of the Bursar. The remaining balance after financial aid is due on the 5th of the following month after school begins. If you are borrowing for living or other indirect expenses, any remaining credit after tuition and fees are paid in full will be refunded to you shortly after disbursement.
How will I know if I need to submit additional documents?
Some students must send additional documentation for review. If further documentation is needed, we will request it via email and your To-Do List in LOCUS. Once the documents are received and reviewed, we will update financial aid eligibility, if needed, and send a Financial Aid Award. Your financial aid will not be disbursed until all requested information is provided and reviewed.
Will my financial aid stay the same from year to year?
Students are required to submit a new FAFSA each year to determine their eligibility for federal aid in the upcoming academic year. Changes in a student’s cost of attendance, total borrowing while at Stritch, and other factors, including donor-defined requirements, may affect the award from year to year. Additionally, students are required to meet all scholarship requirements and satisfactory academic progress policies to ensure that scholarship and financial aid eligibility is maintained.
I have been awarded scholarships and loans. What is the difference between the two?
Scholarships do not need to be repaid by the student. Some may be merit-based or awarded based on criteria other than finances, and some may be need-based, awarded based on the financial information reported to the university. Loans, including federal, institutional, and private loans, are forms of financial assistance that need to be repaid according to the terms of your master promissory note.