Financial Aid

Students must complete the year appropriate Free Application for Federal Student Aid (FAFSA)  in order to be considered for all need-based federal, state, and institutional aid programs. The Loyola University New Orleans FAFSA Code is 002016.  The Office of Admissions also offers merit scholarships to incoming students based on the strength of their admission application. International students can also tap various private resources.

   
Completing the FAFSA.


Need-based financial aid packages are calculated after a student is accepted AND we received their processed FAFSA data. Therefore, we recommend that incoming students complete and submit their FAFSA to the federal processor as soon as possible. The student’s custodial parent and that parent’s current spouse (if applicable) must complete the FAFSA.

If your family has unusual circumstances (such as loss of employment) that might impact your eligibility for need-based aid programs, please send that information directly to the Office of Scholarships and Financial Aid. Make sure that the student’s name and Social Security number is clearly indicated on all correspondence sent to the Office of Scholarships and Financial Aid.

You should receive a Student Aid Report (SAR) approximately four to six weeks after submitting a paper application. If you completed the application online, you should receive your SAR immediately. Check the SAR for accuracy and notify the Office of Scholarships and Financial Aid immediately at finaid@loyno.edu if you notice any errors.


Finalizing Your Financial Aid Award.


Based on the information that you provided on your FAFSA, the Loyola University Office of Scholarships and Financial Aid will calculate your estimated eligibility for the financial aid programs offered at Loyola University New Orleans. We will send incoming students a Financial Aid Notification (FAN) letter to your permanent home address.

Awards for continuing undergraduates will be posted on the Loyola Online Records Access (LORA) system. Continuing students can request a traditional financial aid notification letter by sending an e-mail to finaid@loyno.edu.
     
Students should review the information on their FAN. Students must  complete a Financial Aid Response form and return it to the Office of Scholarships and Financial Aid  by May 1 (for summer/fall term students), January 1 (for spring incoming students) or within two weeks of their award being posted on LORA (continuing students). Students can complete an online version of the Financial Aid Response form. You must complete and return this form BEFORE we credit funds to your account and transmit your Stafford loan eligibility to your lender. For questions about these forms, please contact the Office of Scholarships and Financial Aid at 504-865-3231.
     
Approximately 30 percent of all applications are picked for a process called verification by the Department of Education. If your application is picked for verification (which will be noted on your SAR) , you and your parents will need to submit complete (all schedules and W-2 forms), signed copies of your 2008 federal tax returns. We will also send you the federal verification worksheet. All documents should be returned directly to the Office of Scholarships and Financial Aid before May 1 for incoming undergraduates and before August 1 for returning students. Aid awards may need to be adjusted if there are differences between the data reported on the FAFSA and that reported on your tax returns and verification addendum.

The federal processor may list additional documentation requirements or problems with the data you submitted on your SAR. We cannot finalize your award until you submit all required documentation to the Office of Scholarships and Financial Aid for review.

Incoming students who wish to apply for a Federal Stafford Loan must also complete and return a Choosing Your Federal Stafford Lender form. Contact the Office of Scholarships and Financial Aid to obtain the form.


General Eligibility.


Your eligibility for assistance is based on two factors: the cost of attending Loyola University New Orleans and your family’s ability to pay.
 

  • Cost is an estimate of the full expense associated with attending Loyola for the academic period described on the FAN– not merely the amount of the Loyola bill.  Loyola does not directly bill for some of the costs.  Included in our cost estimate are average tuition, fee, and book charges, and allowances for transportation and personal expenses.  For local students commuting from home, the estimate also includes a commuter allowance; other students will have a room and board allowance added to the cost estimate. You can find current information on tuition and related charges from the Student Finance Office.
  • Family ability to pay is determined by a formula supplied by the U.S. Congress, and is based on information from the FAFSA.  The results are forwarded to the schools you listed on the FAFSA to determine aid eligibility. If you are curious about how your family contribution was calculated, you can utilize the calculators on Finaid: The Smart Student Guide to Financial Aid.

    If the family ability to pay is lower than the cost, the difference is the student’s aid eligibility for need-based programs. The philosophy of the federal need-based aid programs is that the family has the primary responsibility, to the extent that they are able, to contribute to the cost of attending college.


Requirements for Need-Based Financial Aid.


1. Aid recipients must enroll as described in the narrative section of the Financial Aid Notification (FAN) letter, otherwise, the award is not valid.  Please note that for financial aid purposes, enrollment does not include audit or noncredit course work or courses for which you have already received credit.
 
2. For federal and state financial aid programs, a recipient must be:
 

  • a high school graduate or hold a General Equivalency Diploma (GED).
  • enrolled at Loyola in a program leading to a degree.
  • a U.S. citizen or permanent resident.
  • making reasonable academic progress in the program of study. Progress guidelines
  • not in default on any government loan, and not owing a refund on any previously received federal grant or loan.

3. More requirements

4. Programs for Louisiana students