Online Finalize Your Award

All federal student loans are optional and you are not required to accept them.

If you choose to accept all or a portion of the federal direct subsidized and/or unsubsidized loans you are offered, you are required to complete two additional electronic forms at studentaid.gov (this is true for both graduate and undergraduate students).

• “MPN for Subsidized and Unsubsidized Loans” (log in at the appropriate undergraduate or graduate level)
• Loan Entrance Counseling

Both documents are required before you will be eligible for any federal direct subsidized and/or unsubsidized loan disbursements.

Federal Direct PLUS loans are available to:

1. The parents of undergraduate students considered dependent on the current year’s FAFSA (under the age of 24)
2. All graduate-level students

Parent and Graduate PLUS loans are based on credit approval and require an additional electronic PLUS loan application at studentaid.gov.

Make sure to apply for the appropriate Direct PLUS Loan Application for either:

• Graduate/Professional Students
• Parents

All approved Direct PLUS loan borrowers are required to complete a Loan Agreement/MPN for a PLUS Loan under the appropriate Graduate/Professional Student or Parent of an Undergraduate Student section.

All federal direct student loans are optional and you are not required to accept all or any of the award(s) you are offered.

If you wish to decline or reduce any portion of your financial aid package, please email your request to onlineFA@nfmy6688.com.

The dollar amount of your Federal Pell grant is subject to change based on your enrollment status in the applicable semester.

Your eligibility for a Federal Pell Grant is based only on the information provided on the FAFSA for the current school year, and is subject to change from year to year.

 All award amounts per semester are split into two equal disbursements that pay to your Loyola student account on different dates. Students are eligible to receive half of the semester total of each award in the first session of a semester and the other half in the second session.

Financial Aid is scheduled to disburse on or after the tenth day of class, after the add/drop period ends, in each of the sessions within a semester.

Note: We are not able to disburse Federal Aid funds prior to the scheduled date.

Scheduled Disbursement Dates for the 2021-2022 School Year:

Students are eligible to receive Federal Student Aid disbursements only in the terms and sessions in which they attend courses. If you do not attend any of the semesters and/or sessions for which you are awarded Federal Aid, any Federal Grant and/or Direct Student Loan disbursement(s) you were offered will not disburse to your Loyola student account. Canceled loan disbursements will not be included in the repayment amount of your loan or be charged interest.

Please remember that the Department of Education charges an origination fee on all Federal Direct Student Loans. This is a small percentage of the loan principal you borrow that will not be applied to your Loyola student account. For more information about Interest Rates and Fees, please visit Federal Student Aid Interest Rates and Fees.

Financial Aid refunds are not available before the start date of classes and not all students are eligible to receive a financial aid refund.

Whether you are eligible for a refund or not depends on:

• The number of credits/classes you attend in a semester. Since you are charged by the credit hour, your class schedule determines the cost of tuition and fees you are responsible for in the term.
• The dollar amount of financial aid you are eligible for and have accepted for the current term.

All federal grant and student loan disbursements are applied toward tuition, fees, and all other direct charges, first. If you have excess funds on your student account after your bill is paid in full, you will receive a refund to you within 14 days after the credit is created.

We encourage you to complete an online refund request form on the Loyola University website here or from the Account Summary page in LORA for the quickest processing times.

Students enrolled in Loyola’s online programs are not able to charge textbooks directly to their student account from the University Bookstore.

In some cases, however, financial aid refunds can be advanced to students to use to purchase textbooks before classes begin. You can apply for an advance on that refund for up to $500.00 online here.

You must be eligible to receive a financial aid refund in a term (see above) to receive a book advance.

Please check with our office BEFORE making any changes to your class schedule as this may affect your eligibility.

Federal Financial Aid awards offered to you are what you are eligible to receive assuming that you complete the entire period for which the aid is awarded.

Students who Drop classes prior to the end of the add/drop period in any session will not be charged for those dropped courses.

The Financial Aid awards for students who Drop classes are subject to change. Financial Aid awards depend on your enrollment status in the semester and changes to that enrollment status will possibly change your Financial Aid eligibility.

Students who Withdraw from classes after the end date of the add/drop period are responsible for all or a portion of the tuition and fees charges for those classes.

After any course Withdrawals, the Office of Financial Aid is required to calculate the amount of Financial Aid a student is considered to have earned by their time spent in class. This calculation may result in Loyola being required to return a portion of the federal financial aid you have already received in the session or semester to the Department of Education. This could cause a balance due on your account with Loyola. Please contact financial aid if you have questions.

Find deadlines for Drops and Withdrawals in the Academic Calendar.

While student loans are a vital piece of many students’ award packages, we strongly encourage all students to borrow responsibly. Here are some sensible borrowing tips:

• There are certain dollar limits students may borrow in all Federal Direct Student Loan programs. To ensure you will have enough remaining Federal Aid eligibility to cover the remainder of your program, you should consider the remaining cost of your program and your remaining eligibility in the Federal Student Loan programs. Our financial aid counselors can assist you in determining those costs and how to maximize your remaining Federal Aid eligibility.
• Borrow as little as possible to cover costs, and only borrow what is needed for education-related expenses.
• Consider your estimated monthly payments and don’t borrow more than you can reasonably afford to repay. Your loan payment should not exceed 10 percent of your monthly income.
• When you take out a student loan, you are entering a binding contract. Defaulting on student loan debt can negatively impact your credit – and even affect your ability to get a job. If you are unable to afford your monthly loan payment, contact your loan servicer immediately to discuss other repayment options.

Students receiving Federal Financial Aid are required to meet Satisfactory Academic Progress (SAP) standards to ensure successful completion of coursework in order to continue receiving financial aid. Loyola University New Orleans, in accordance with Federal Regulations, reviews all students’ academic records at the conclusion of each semester to determine whether each student is meeting both the qualitative and quantitative SAP requirements. Failure to meet either or both of the SAP requirements will result in a loss of eligibility for Federal Financial Aid. For more details, please review our SAP policy here.