CLASS OF 2021 - Loyola

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