Loans
Loyola University Chicago students have a number of borrowing options available to them, including:
- Federal Student Loans: Loyola is a participant in the William D. Ford Federal Direct Student Loan (Direct Loan) Program. Direct Loans are low-interest loans for students and parents to help finance the cost of education at the post-secondary level. Under the Direct Loan Program, students will work with the Financial Aid Office to obtain Federal Stafford Loans, PLUS Loans* and Nursing Student Loans from the U.S. Department of Education. To learn more about the application process for federal student loans, see the Loan Specifics page.
- Private Loans: Private or alternative loans are loans that allow students or parents to borrow from banks and other financial institutions. They are allowed to cover the cost of tuition and other school-related expenses, up to the federal Cost of Attendance (COA) allowance for the year. Loyola does not keep a referred lender list as interest rates and loan terms can change frequently. For more information, see our Private Loans* page.
*The "Allowance for Addl Borrowing" on your financial aid award shows the estimated maximum amount you can borrow in a federal PLUS loan or a private loan. If you feel this amount does not adequately reflect your expenses, please review the Budget Adjustment Appeal form found on our forms page.
Loan disclosure information is provided by the Department of Education when students sign the Master Promissory Note (MPN) and complete Loan Entrance Counseling. Student may track their borrowing history at NSLDS.ed.gov and explore repayment options at studentloans.gov. We encourage students to borrow the least amount possible and to use Loyola's installment plan for payments to either avoid borrowing or to reduce their debt.
For detailed information regarding loan options at Loyola, please review the helpful links below:
For information about loan options available to students at our Strich School of Medicine (SSOM), please visit their website.
