Online Financial Aid FAQs

In order to determine your eligibility for financial aid, Loyola’s Office of Financial Aid will check that:

• You have completed the FAFSA for the current school year.
• You are not in an active default or overpayment on any of your previous student aid.
• You have not reached or exceeded your lifetime aggregate limits for direct student loans and/or federal Pell grants.

Check out the Submit My FAFSA page for more information.

Our Federal School Code is 002016.

Your eligibility for a financial aid package is reviewed after you have both:

• Been accepted for admission.
• Submitted a FAFSA for the appropriate school year that included Loyola’s federal school code (002016).

Financial aid packages are completed on a rolling basis, so we encourage you to:

• Complete your FAFSA right away.
• Respond to requests for additional documents as quickly as possible.

Remember: You do not have to wait for an admission decision before submitting your FAFSA online!

Your enrollment status is determined by the number of credits you choose to enroll in for each semester, across all sessions within that term. Enrollment statuses are different between undergraduate- and graduate-level programs.

Half-time status in a semester (across all sessions within the term) is the minimum enrollment to be eligible to receive disbursements of direct subsidized/unsubsidized/Parent or Graduate PLUS loans.

Enrollment status also affects the maximum dollar amount of a Pell grant in a semester (for eligible undergraduate students). While attending, your Pell grant might increase if you increase the number of credits in your class schedule, or could decrease if you reduce the number of credits in your class schedule.

Dropping and Withdrawing from classes will affect your enrollment status. Find more information about Drops and Withdrawals here.

We recommend always contacting our office first before making changes to your class schedule. Changes to enrollment status and financial aid eligibility usually can’t be reversed after a schedule change is made.

Please see the Disbursement Process section for more information.

Any financial aid package Loyola offers you will be the best package available. We will offer you the maximum amounts in all of the federal programs you qualify for based on the information provided on your FAFSA.

We understand that financial situations can change, so if you feel your FAFSA does not accurately reflect your household’s current financial situation, please contact your financial aid counselor directly to discuss options.

Verification is a process designed to verify that students complete the FAFSA accurately and completely; being selected for verification does not mean that you have filled out the FAFSA incorrectly.

You will be contacted directly by the Office of Financial Aid if you are required to complete Verification. Loyola policy states that Verification must be completed before you will be offered an award package for the school year.

If requested, all Verification documents should be uploaded to Loyola’s Verify my FAFSA site.

Please do not submit any financial aid documents or tax forms unless specifically requested.

See the Drops and Withdrawals section for more information.

You should always check with your financial aid counselor before submitting any corrections to your FAFSA online if you have already received an award package for that school year. This includes corrections for changes to your address, phone number, household size, or marital status.

Unnecessary changes to your FAFSA can possibly negatively affect your financial aid eligibility in the school year, even if you have already received an award package, so please contact the financial aid office if you are uncertain about making a change.