As a part of the Health Care and Education Affordability Reconciliation Act of 2010, Loyola University Chicago is now 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 and Graduate PLUS Loans from the U.S. Department of Education, rather than from private banks and credit unions.
Federal Direct Stafford Loan
The Federal Direct Stafford Loan program is available to all students. The student must be enrolled at least half-time in a degree-seeking program. Interest is charged during all periods, starting on the date which the loan is disbursed to the student. Students do not have to make payments while they are attending school at least half time and during their grace period, but can elect to pay the interest while in school or to have it added to the principal amount of the loan.
Lifetime Aggregate Limits
Professional/ Medical Students (SSOM)
|Subsidized Federal Stafford Loan||$65,500|
|Total Federal Stafford Loan||$224,000|
Federal Direct Graduate PLUS Loan
This loan is a credit-based, unsubsidized loan for graduate or professional students. Although not a need-based loan, a Federal Direct Graduate PLUS Loan requires a student to complete the FAFSA. During the application process, a credit check and a Master Promissory Note are also required. The student must be enrolled at least half- time in a degree-seeking program. Students can borrow up to your remaining Cost of Attendance, less all other financial assistance received. Interest is charged during all periods, starting on the date which the loan is disbursed to the student. Direct PLUS Loans do not have a grace period. The repayment begins as soon as the loan is fully disbursed, but students may defer repayment while they are enrolled at least half time and for an additional six months after they drop below half time.
Institutional loans are campus-based. Students with exceptional need are given priority for these funds. The interest rate varies from 5 to 6 percent. Qualified students will automatically be awarded, subject to availability of funds.