CLASS OF 2021
“Now That We’re Here, How Do We Pay for This?”
Office of Financial AidKnott Humanities Center, Room 211Ph: 800-221-9107
410-617-2576Fax: 410-617-5149Email: [email protected]: www.loyola.edu/financialaid
Agenda• Financial Aid Cycle• Verification• Award Notification• Loan Processing Procedures• Federal Work-Study• Bill Calculation Worksheet &
PLUS Loan Calculator• Financial Access for Parents• 2018-19 Financial Aid
Application Procedures
Financial Aid Cycle2017-18 Academic Year
• Apply
– 2017-18 CSS PROFILE
– 2017-18 FAFSA• Submit 2015 Income Information
(Verification)• File Review• Financial Aid Award Notification
Application Procedureswww.loyola.edu/department/financialaid
Verification
Need-based financial aid (grants, loans, work-study) remains in “pending status” until verification is complete!
Loan Procedures1. Federal Direct Stafford Loan
– Subsidized & Unsubsidized2. Federal Perkins Loan3. Federal Direct Parent Loan (PLUS)4. Private Student Loans
Federal Direct Stafford LoansSubsidized Loan• Based on demonstrated need• $3,500 freshman year• 1.069% origination fee• 4.45% interest rate• Interest benefit – Federal
Government pays interest while in school
Unsubsidized Loan• Eligibility is not based on
financial need• $2,000 freshman year• 1.069% origination fee• 4.45% interest rate• No interest benefit – borrower is
responsible for paying all interest
Federal Direct Stafford Loans• https://studentloans.gov • Loan Entrance Counseling AND• Master Promissory Note (MPN)
• Detailed information available on Loyola Office of Financial Aid website
Federal Direct Stafford Loanshttps://studentloans.gov
Federal Perkins Loan
• Maximum loan amount for first year students: $1000 ($500/$500)• Fixed interest: 5%• Interest benefit• Loan Servicer: Conduent (Heartland ECSI 9/1/17)• Master Promissory Note (MPN)• Detailed information available on Loyola Office of Financial Aid
website
Federal Direct Parent Loan (PLUS)
• Available to parents of dependent undergraduate students
• Parent may not have adverse credit history• 4.276 origination fee• 7% interest rate• Interest accrual begins on the date of the first
disbursement• Repayment begins 60 days after the second
disbursement; repayment deferral option available
• Student must file 2017-18 FAFSA• Best if student exhausts eligibility for Direct
Loans first; lower interest rates and fees
• https://studentloans.gov • Federal Direct PLUS Loan Request for
Supplemental Information• Federal Direct PLUS Loan MPN• Detailed information available on Loyola
Office of Financial Aid website
Federal Direct Parent Loan (PLUS)
https://studentloans.gov
Private Student Loans• aka Alternative Student Loans• Non-federal education loans• Made by banks, credit unions, etc. • Interest rates, fees and other terms set by the lender, not the federal government• May require a cosigner• Will probably have to be school certified – the lender will confirm with Loyola the student is
enrolled and eligible to receive a private student loan• Detailed information is available on the Loyola Office of Financial Aid website
Federal Work-Study (FWS)
• Provides on-campus employment in administrative and academic departments– 10 to 15 hours per week
• Hourly wage rate starts at $9.25• FWS Employment Information (August via email)
– Job listings (departments, job descriptions, contacts)– Payroll procedures (employment agreement, direct deposit, etc.)– FWS Manual (terms and conditions)
• Detailed information available on Loyola Office of Financial Aid website
Bill Calculation Worksheet & PLUS Loan Calculator
Financial Access for Parents
• FERPA• Financial Access for Parents
– Access must be granted by your student– Not mandatory– Allows parent access to student account,
billing, and/or financial aid information• Will be discussed in greater detail by Student Administrative
Services (SAS)
2018-19 Financial Aid Application Procedures
1. 2018-19 CSS PROFILE2. 2018-19 FAFSA3. Based on student and
parent 2016 income4. Application Filing
Deadline: April 1, 2018(March 1, 2018 for MD residents)
Student Administrative Services“One Stop Shopping”
Maryland Hall 1st FloorMonday – Friday7:30AM-5:00PMwww.loyola.edu/sas
Main Responsibilities• Billing• OneCard
Student Administrative Services• Payment of Bills
– Fall• Mid June – Due August 1st
– Spring• December 1st – Due January 5th
• Parking Registration• Emergency Loans • ATM Machines
Payment Methods• Cash/Check• Credit/Debit Cards (2.5% convenience fee)
• E-Check (no fee)
• 529 Plans/Third Party• Wires• Tuition Management Systems Payment Plan
The Loyola OneCard1. ID Card2. Library Card3. Security/Gate Card4. Athletic Entry5. Meal Plan6. Meal Points7. Evergreen Account
Evergreen AccountNo Minimum deposit required
• Book Store• Vending Machines• Laundry Machines• All Food Services• Post Office• Student Activities
• Photocopier• Recreational Sports• Theatre Box Office• Health Center• Selected Off-
Campus Merchants
Off Campus Merchants– The Evergreen Cafe – Miss Shirley’s– Namaste Baltimore– Qdoba Mexican Grill– Roland Park Bagel Co.– Smoothie King– Subway– Toss
– Whole Foods - Mt. Washington
– CVS• 4625 Falls Rd
(West Side of Campus)• 5200 York Rd
(East Side of Campus)
Evergreen Account Depositswww.loyola.edu/evergreendeposit
Phone – 410-617-5802
Mail – Loyola University Maryland4501 N. Charles Street Baltimore, MD 21210
Attn: SAS
Guest Deposit• Only Need Name & Loyola ID
– Anyone can contribute– Credit/Debit Cards– No Additional Fees
• No Account Information• Available Immediately• Email Receipts – up to 3 addresses
Student Logged In• Full Account Information
– Balances – Meal Plan/Points & Evergreen– Monthly Statements
• Save Credit Card Info Securely• Schedule Recurring Deposits
– Start/End Dates– Daily/Weekly/Monthly/Yearly
QUESTIONS & COMMENTS