2023-24 Academic Year

STEP 1: File the 2023-24 Free Application for Federal Student Aid (FAFSA)

Complete the FAFSA online using your FSA ID. New applicants must create a FSA ID. Once created, the FSA ID allows access to the applicant's data in several Federal Student Financial Aid systems and also serves as that person's electronic signature. The FAFSA website is https://studentaid.gov/h/apply-for-aid/fafsa Loyola University's FAFSA Code Number is 002078.

STEP 2: Upon receipt of the electronic confirmation that your FAFSA has been processed, submit the following form to the office of financial aid

2023-24 Direct Loan Program Graduate Information Sheet (online form)

In some cases, additional documentation may be required. You will be notified via your Loyola email account if additional documentation is needed to complete your application.

IMPORTANT INFORMATION FOR ALL NEW AND RENEWAL FINANCIAL AID APPLICANTS: Federal regulations require students who are receiving financial aid to make deliberate and measurable progress toward your degree in order to continue to receive financial aid. This requirement is referred to as Satisfactory Academic Progress or SAP. To review the policy for graduate students at Loyola University Maryland, visit the Satisfactory Academic Progress Policy.

ENROLLMENT REQUIREMENT: Direct Loan regulations require a student to be enrolled at least half-time in a degree or certificate-granting program each term during the period of the loan. Half-time enrollment at Loyola is defined as a minimum of 6 credits per term (fall and spring) and a minimum of 3 credits (summer).

Eligibility for any type of federal student financial aid requires that a student be enrolled in courses leading to a degree or certificate.  Your enrollment in courses that do not count toward the completion of your degree may result in the cancellation of your federal aid.

All application materials for a Direct Loan must be completed and received by Loyola's financial aid office at least four weeks prior to registration to ensure that loan proceeds are available for payment of University charges. Late applicants must pay all University charges when registering for classes and may be reimbursed when the loan proceeds come through.

The proceeds of student loans (federal and private) must be disbursed to Loyola University Maryland and credited to a student's account no later than May 1. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed at least two weeks prior to the May 1 processing deadline.

Upon completion of the determination of your federal aid eligibility, the graduate financial aid office will email you (via your Loyola email account) with information on how to view your financial aid award account via Self Service, Loyola's online administrative access system. Instructions on how to sign your Master Promissory note and complete Entrance Counseling will also be included in the email.

Students who wish to borrow less than the maximum amount approved can submit a Direct Unsubsidized Loan Revision Request Form or email the office of graduate financial aid at gradfinancialaid@loyola.edu.

All borrowers are required to sign the MPN (Master Promissory Note) prior to any deposit of loan proceeds.

All borrowers through the William D. Ford Direct Loan Program must complete Direct Loan "Entrance Counseling" before loan proceeds can be credited.

The proceeds from a William D. Ford Direct Loans are disbursed in one, two or three equal payments based on the number of terms you plan to attend as indicated in the "Enrollment Information" section of the Direct Loan Program Graduate Information Sheet. Loan proceeds are deposited in the student's account upon confirmation that an electronic Master Promissory note has been completed. Also, all borrowers through the William D. Ford Direct Loan Program must complete Direct Loan Master Promissory Note and Entrance Counseling before loan proceeds can be credited. Funds not needed to complete payment of University charges will be disbursed by check or direct deposited within the latter of 14 days after the first day of the enrollment period or 14 days after the credit balance occurs. Requests to decrease loan amounts cannot be processed for the remainder of the term after loan proceeds have been deposited into the student's account.

Loan disbursement for students who enroll half-time, (6 credits) in an 8 week II session during the fall or spring semesters, will occur 10 days prior to the start of 8 week II.  Credit balance refunds will occur within the latter of 14 days after the first day of the enrollment period or 14 days after the credit balance occurs. 

Loan proceeds that result in a credit balance will be available by check or direct deposit within the latter of 14 days after the first day of the enrollment period or 14 days after the loan proceed deposit occurs.

Federal regulations require colleges and universities to notify student loan borrowers of their right to cancel all or a portion of their loan or loan disbursement. No action is required on your part unless you wish to reduce or cancel your loan(s). Requests must be made in writing and should be sent via email directly to the office of graduate financial aid at gradfinancialaid@loyola.edu. You must include the borrower's full name, student ID number, and the name of the loan and the amount to be reduced or cancelled. If the cancellation results in a balance due on your student account, payment will be required immediately.