Online Check Your Eligibility
For those students interested in applying for federal financial aid, the first step is completing the Free Application for Federal Student Aid – or FAFSA – online. The FAFSA is not required as part of your admission into your online program at Loyola, but it is how we determine your eligibility for both federal grants and student loans.
Plus, filling out the FAFSA is risk-free! All students who complete a FAFSA and meet the basic eligibility requirements will be offered a federal financial aid award package – regardless of family income – and you are never under any obligation to accept financial aid award packages you are offered.
Take me to the FAFSA now! (Make sure you submit for the correct school year – see the table below.)
We encourage all interested students to complete a FAFSA for the current school year as soon as possible after completing an application to one of Loyola’s online programs.
|Start Date||Required FASA|
Loyola’s Federal School Code: 002016
You can add Loyola’s federal school code to a FAFSA you have already completed by logging into the FAFSA website and selecting “Make FAFSA Corrections.”
Remember, after adding our federal school code or making any other FAFSA corrections, you’ll need to make sure to sign and re-submit the FAFSA in order for Loyola to receive the changes.
We strongly encourage you to use the Link to the IRS tool (if eligible) to securely transfer required tax information from the IRS directly into the FAFSA. This option is available on both the Parent and Student financial information pages.
All you will need to utilize the Data Retrieval Tool is your FSA ID and your mailing address exactly as it appears on your tax return for the applicable tax year.
All students’ situations are unique and eligibility for federal financial aid will vary from student to student. Please watch the brief video below to go over all the factors that will determine your personal eligibility for a federal financial aid award package.
Click here to view the loan eligibility chart from the video above.
Previous federal direct student loans borrowers can check their current standing and remaining federal financial aid eligibility anytime by logging into studentaid.gov and visiting the Manage Loans page.
The Federal Student Aid website is a fantastic resource for understanding federal financial aid eligibility and all available financial aid programs.
The U.S. Department of Education selects a small percentage of all FAFSA applicants for a review process called “Verification.” Verification is a process designed to ensure that students complete the FAFSA accurately and completely by verifying information already provided on the FAFSA with additional documentation. Being selected does not mean that you have filled out anything incorrectly.
Completing the Verification process is mandatory for those selected students to be eligible to receive any federal grants or student loans. Loyola policy requires that all Verification documents are received and approved by the Office of Financial Aid before selected students will be offered a financial aid award package.
Failure to complete Verification will not affect your admittance to an online college, but you will be ineligible to receive any federal financial aid, including grants and loans, until the process is completed.
The Loyola Office of Financial Aid will contact you directly, via email, to inform you of any required documents.
Please do not submit any financial aid or tax documents to our office until requested.
All Financial Aid documents are collected electronically. In just four easy steps, you can create your account and submit your documentation:
- Go to http://loyno.verifymyfafsa.com
- Click the “Create Account” link – you must have your student ID # to complete
- Enter/confirm your student information
- Click the “Create Account” button
Once your account is created, any required tasks you need to complete will become available.
Federal student loans are offered to all eligible students as part of their federal financial aid award packages.
All federal student loans are optional. Students can choose to decline their federal student loans in full, and can also choose to accept only a portion of the loans they are offered.
Please view the video below for more in-depth information about student loan options and requirements.
For many online students, student loans are an important tool for making their education affordable. Loyola encourages our students to borrow responsibly. All federal student loans are charged interest and require repayment. Direct federal subsidized and unsubsidized student loans also have certain borrowing limits that cannot be exceeded.
Your financial aid team is here to assist you in making smart borrowing choices – please let us know if we can advise you on ways to keep your student loan debt to a minimum. If you have low remaining eligibility in the federal student loan programs, our staff can help you plan how to maximize your available aid in order for you to have the funding you need to complete your degree.
You can find a wealth of information about direct federal student loans online at studentaid.gov, even if you are a first-time borrower.