00:00:00
Financial Aid Q&A
Good evening how are you my name is Tom Patterson and I'm here with Mary Beth Brandenburg and we're here from the financial aid office here at Loyola University welcome this evening in the next hour. We would like to go over the financial aid process answer. Some questions you might have regarding financial aid and hopefully just try to put your mind at ease we understand that the entire.
Clay Myers
05:00:32 PM
Hello everyone, and welcome to our Financial Aid Q&A online chat. Our office, the office of undergraduate admission, has partnered with the office of financial aid in ensuring all of your questions on Loyola's financial aid process are answered. We'll have a PowerPoint presentation on the process, followed by a Q&A session. You are welcome to ask all questions pertaining to financial aid in the chat box, but please refrain from asking about your personal financial aid situation. Instead, we encourage you to contact the office of financial aid directly at 410-617-2576 or at financialaid@loyola.edu. Thank you for your participation, and congratulations on your admission into Loyola!
Uh it mission an financial aid process for colleges can be very, very intimidating confusing and so we would like to hopefully in this next hour again address some of those questions. You might have put your mind at ease as we try to traverse this with you So what we'd like to do first is just go over briefly the filing procedures for financial aid and then what will do is will get into some of your individual questions.
And again this form is for general questions. Unfortunately, we can't get into very specific information. 'cause obviously you wouldn't want to speak about family, or individual circumstances in a form like this, but
the first slide you can see here gives you are contact information where you can reach us either by Phone or email and also our web address.
The best way to reach us again. It's probably email This time of year. The Phone lines. Do get jammed up where we always have folks here to answer your questions, but email, I always recommended to go that route first.
Um so this next slide is basically our application procedures. If you're applying for financial aid or have will be applying every school needs the facts are requires the facts of the twenty twenty one. FAFSA so you would need to fill that out. Our school code is 002078 and you do need to use your Social Security number. We do suggest that you do the data retrieval when completing the FAFSA because there is a lower chance that.
The students file may be selected for federal verification by the Department of Ed.
Loyal and a lot of private colleges also use the CSS S profile so that would be something that may be unique that you haven't done yet or you're only doing it for a handful of colleges. The CSS S profile is the company that administers the essay Tees and it's a form very similar to the Fasa but goes a little bit more in depth and if you want to be considered for financial aid at literally need to do both forms.
And at this point uhm. Most we are deadline for filing for for need based aid for EA group. The group that most of the folks here listening.
Was back in December? So we would have gotten the decisions out to you. A few weeks ago we would have sent an email and that was followed up by a paper copy just a few days ago if for some reason that you have not you have not filed or if you have not received in a package and you know you filed you probably want to get in touch with get in touch with us at this point. If you haven't filed at all. We generally recommend that you should even if you don't think there should qualify for aid.
It's very possible there might be some forms of aid that you would qualify for.
Um we have some exciting new um awards that are new this year. And here's a little information about that. The family Grant, which is if you have 2 children that are enrolled at Loyola University as undergraduates at the same time, then each family member would receive a $3000 grant.
And that would be for you know the years that there, you had 2 or more. The Majlis Grant is a grant that's for students who graduated from a ginger with high school and that is also a $3000 Grant and then the legacy. Grant is if you had a relative apparent step parent a grandparent or Guardian or a sibling graduate from Loyola. You could receive that $3000 grant all of these grants can be stacked together.
Um and there are some retention requirements that are listed at the bottom, but you know if a student has a family Grant and then their sibling graduates that family grant would go away, but then the Legacy Grant could possibly you know bump in at that point in time.
In addition to those we have need based aid forms of aid, they can be federal federal forms of need based aid include things such as federal Pell grants and COG, which is a federal supplemental grant. Those are determined again by completing the FAFSA in the CSS S profile. Also, we have Loyola Grant money and that is need based so again. It's going to be based on the information that you're providing.
On those applications those if you haven't filled those applications out. They're going to ask questions regarding the financial information off of tax returns a family size. The profile looks at things such as assets where you live in a country those kinds of things, so those are all the ingredients that were kind of putting into the pot. So to speak to try to determine what a family is eligible for.
In those federal and also institutional forms of Grant.
In addition to the grants there is also self help forms of aid that would be indicated on a student's award letter every student would be eligible to receive a federal direct loan. It could be portion of it could be subsidized or unsubsidized or it could be all unsubsidized subsidized means interest does not accrue for the student while they're in school, so it's basically free money until the student graduates or stops attending.
Unsubsidised means that interest begins accruing once the money is dispersed with this unsubsidized loan. You can elect to pay the interest as you go along or you can wait until you graduate an you know when you start repaying the loan repay interest and principle at that time.
Caroline
05:07:05 PM
Will we have access to these slides after the call? Thank you.
Garrett
05:07:12 PM
Would you be sharing this presentation with us?
Do you accept the subsidized and unsubsidized loans you will be required to do 2 online processes which are called? Which would be the master promissory note and entrance counseling and once you accept the loans. We would then follow up with how those procedures take place.
Clay Myers
05:07:21 PM
Caroline & Garrett, this chat will be posted on https://admission.loyola.edu/portal/online-events by tomorrow morning. This information can be found on https://www.loyola.edu/department/financial-aid
The other form of self help aid is federal work study the student would be awarded the federal work study at the time that they were received their other financial aid. This is a program where the students could work on campus. Anna Department such as financial aid office or admissions or any other departments on campus and they earn at least minimum wage generally. They work from 10 to 15 hours and it's around their schedule and then they would receive a paycheck.
Either directly deposited or a paper paycheck, which you as a family would discuss whether or not, that was living expenses. Or they save that for their books for the next semester or whatever, but they would get paid for the hours that they put in so if they work 4 hours a week. They get paid for 4 hours. There is a limit that we put on the word notification. Some students may work up to that limit if they're working close to the 15 hours. But if you're only working 4 hours a week, you will not make that maximum limit.
And as I mentioned earlier, the we did send out word notifications of via email. Few weeks ago to everyone that met our filing deadline.
Jordan
05:08:39 PM
If we completed the FAFSA and submitted by January 1 are we still being considered or do we need to request aid specifically?
In the instructions for the uh to view your financial aid. It was taken students to the self service page, which is described in the email and that what happens is the student has to sign in and then they are able to view all of their aid in self service. This is just a screenshot of the entry point into self service.
Um and once a student is logged in they can view their aid. I'll just go through quickly here.
Again, if you got the email you should probably have already gone into this. The email went to the student and giving them a specific instructions on how to navigate the site. And once they're in. They can view their financial aid. They'll see all the different forms of a that they were awarded including scholarships and grants and it also will list the different loans that Mary Beth just discussed subsidized or unsubsidized or both.
And if there's a work study offer that would be listed there as well. An on the self service site any Gift Aid, so a grant or scholarship or AM.
Magis award then I need based grants. You do not need to do anything to secure those they are. You know if the student comes there will be all set to receive them, though work study and the loans. You will need to accept or decline and that can be done right on the self service site so if you decline the loans. Then you won't receive any additional information from our office about in a further steps once you accept the loans or the work study.
Then there, you'll be notified with a follow up email of you know how steps to secure the loans by filling out the master promissory note and the entrance counseling or for work study that will you'll get an email of the procedures for the work study and then how to see what positions may be available.
Braedan
05:10:54 PM
Is a student eligible for a job on campus if they have not received it in their award letter?
OK, that that's the entirety of our brief dry presentation. Now we'd like to open it up to any questions that you might have for us. I know there was 1 question about the availability of this presentation. All this information is going to be available online on our website. You can find out all the information on grants on filing for aid for the loans that work study if you go to our website, which is listed there at www.loyola.edu.
Slash financial aid.
1 question, we have coming in if someone filed a fasa after the December date. Are we still considering them for aid or do they have to reach out to us? We will be moving forward on a rolling basis with any early action students that that miss that deadline doesn't mean that we're not going towards you. It just means you're going to be in the subsequent rounds of filing again we would have.
Ryan
05:12:26 PM
How do we apply for the work study if it was not on our FA Notification>
Um recommend that you go ahead and fill out the CSS S profile because just doing the faster you might be missing out on certain forms of aid, so if you haven't done. Both I would encourage you to do both and again. We will be picking up those those late filers as we move through the spring here because the definitely give you enough time to make the decision as we move towards that May 1st deadline, you should have ample opportunity to get the award.
Andrew
05:12:27 PM
Are there similar jobs on campus not tied to Fed Work Study?
As long as as all the information has been submitted to us in a reasonable amount of time.
We have a couple of questions about work study uhm and if the student wasn't awarded work studying it's not on their financial aid notification? Is there still an opportunity for them to work on campus and the answer is yes. There are 2 types of students that work on campus. There's federal work study students, which is would have to be part of their financial aid package and then there's direct hire positions. There are more federal work study positions in general, then direct hire.
Sajiv
05:13:10 PM
If you have already received a merit scholarship, is it possible to get additional scholarships?
But direct hire basically means that instead of it coming out of the Department of Education's budget. The the student salary. It would come out of the departmental budget so it's more limited so a student who seek to direct hire position would then just go directly to there's probably 6 or 8 departments that higher direct hires and try to see whether or not, their schedule would match with whatever the availability is at those departments and we can refer you to.
The Department said generally Hydra higher direct hire.
Garrett
05:14:02 PM
thamk you
Aidan
05:14:03 PM
What is the CSS deadline to file with Loyola?
A question about scholarships on merit scholarships are determined on the basis of the academic credentials. A student brings so it's looking at Test scores looking at GPA those kinds of things and they are determined by our admissions office if you have been awarded a scholarship.
They um you can certainly reach out to the particular counselor to see how that decision was made to see if there's availability of anything additional generally they go over that academic information with a fine tooth comb so they really try to make those decisions up front, but you certainly can reach out to them and they be glad to go over how they made decission in if there are any options there.
Sara
05:14:39 PM
When do we receive an itemized breakdown of the cost to attend Loyola (tuition, room and board, etc.) I have my package but don't see an itemized cost juxtaposed with the actual cost.
Clay Myers
05:15:01 PM
Sara, please see https://www.loyola.edu/department/financial-aid/billcalculator for more information on this breakdown.
Uh we have a question about uh? What's the CSS S profile deadline to file with Loyola. The deadline for early action students for filing for financial aid was December, 1st but again as Tom mentioned if you haven't done the Fasa or the profile. You can still file that an we will continue to review files as they become complete on a rolling basis and notify students.
Aidan
05:15:03 PM
Debt is not considered in financial aid calculations. However debt plays a big role in whether or not we can make up the difference between Scholarship awards and full payment. How can we bridge that gap?
A question about the cost of attendance, UM the cost for those of you that received the award notification or we?
Ademi
05:15:41 PM
do you provide loans - what is the apr for them if so?
Obviously it's listed there all the different forms of assistance that we've offered if you go to the website again to our financial aid website. There is a cost Calculator that you can plug in that aid assistance and it also lists a breakdown of all the tuition fees room and board costs. You can get a very accurate figure of what's going to be out of pocket.
After financial aid has been applied and we have really got into this at all but there are other options.
Andrew
05:16:08 PM
If i receive any scholarships outside of the Loyola Financial aid office will those amounts reduce my Loyola merit/scholarships
Except for just the the subsidized and unsubsidized loan. There are parent plus loans and also alternative loans that parents can use and take advantage of to help cover? What's not being covered under any other form of financial aid. Information on all of those loans again is available at that website.
Uh we also have a payment plan option, which is thumb. We partner with a company called Don tiene. TMS Nelnet, which you would decide how much you would like to budget and their their semester plans. So it would be a 5 semester. I mean, 5 months payment plan for the fall and then five month payment plan for the spring.
Hannah
05:16:41 PM
If I know we applied, and I never recieved an award notification, is there another step I need to take?
Chris
05:16:44 PM
We received our hard copy financial aid package by mail today, but my son has not received the email yet. We did check the spam folder.
Then you decide you want to budget 505 thousand dollars and spread that out, or whatever and then you would set that up through TMS and it would automatically be taken out of an account or billed to a credit card.
Question about debt that's that's just on everybody's mind. It's a huge concern and I'm sure it keeps keeps you all awake at night. I have 2 kids in college now and I know it does for Maine.
Nevonah
05:17:14 PM
Is the Loyola Grant for the 4 years
Nevonah
05:17:15 PM
Is the Loyola Grant non-restricted?
The plus loan again is a loan that parents can use that take advantage of and many families do take advantage of that the payment plan also can be something that helps bridge that gap between what is not being covered by financial aid?
Owen
05:17:39 PM
I have tried to change my password to access the self-service awards several times and have been unsuccessful. Do you have any suggestions?
We don't recommend UM one option over the other. It's really what comes down to what's best for your family, we have a lot of folks that do things take advantage of things like home equity loans. Those kinds of options where it can actually be a tax benefit to you, we could certainly sit down and talk about those options with you.
Clay Myers
05:18:02 PM
Sean, please contact the office of technology services at 410-617-5555 during normal business hours.
The plus loan is just the most common federal loan. It's a way to get that big chunk of money. That's not being covered under other forms of aid that that again. It can be one of those things. It's very difficult to try to bridge that gap payment plans 529 plans all of those are options.
Uh we had a question about um getting outside private scholarships. Maybe from high schools or or um organizations in your city or town and how they might affect the financial aid package? What we do is we would try to meet see if we met that students calculated need and reduce any self help aid if necessary, but we try. We look at each student an individual basis and try to package those scholarships.
Clay Myers
05:19:04 PM
Christopher, I have resent this email to you.
And to the best that shoots that students package. We do have information on our website that outlines how we package. The aid and of course, when if you have any questions or when the scholarship checks start coming in you can forward those to us and then we would then speak to you about that process.
Regarding loans coming in from outside private law. I'm sorry, Scott scholarships coming in from outside organizations.
That is.
Will add it to the package is best we can also regarding the Loyola Grant question about are they 4 year grants. They are need based forms of aid, so that means that each year. We're going to take a look at the eligibility for that, Grant again. What we generally tell folks is if the information that we're receiving on the fast and profile. Applications are pretty consistent each year, meaning of financial information. We receive family side number of children in college if that remains the same then.
Zac
05:20:08 PM
Do you provide assistance or advice in where to look for additional loans that would be needed to secure sufficient funds to pay for school.
Fiona
05:20:08 PM
Is there a place to view scholarships, grants, and/or loans in the context of the specific total cost of attendance and indirect costs (ie. books)?
You can expect a very, very similar loyal grant moving forward if for some reason there's a change. And it does happen. We have families that there could be a job losses. There could be an increase in income that can cause a grant to fluctuate also number of children in college. If you start with two in college and go down to one your grant could decrease and vice versa. If you start with one in college and go to 2 your grant actually could go up.
Rahma
05:20:42 PM
If the student lives in Maryland and the have turned in their FAFSA already but have been told to fill out the MCAP form, does this effect the financial aid offer? will it be adjusted after this form is turned in?
And it really depends and we can certainly do an estimate for you, if you do anticipate a big change coming up in subsequent years we can give you an estimate if you contact our office to see a kind of a ballpark of what that would do to a loyal a gram.
Um.
Laura
05:21:14 PM
I was only able to fill out CSS for my college application, am I still eligible for need-based aid?
We have a question about um whether or not. We provide assistance or advice of where to look for it is for additional loans if needed. We cannot recommend one lender over another. But we do have a website. It's a service called Elm select which you can take a look and see all inner lenders that our students using you can actually compare them and then you would make a decision.
Braedan
05:21:19 PM
a follow up to the job question- how would the student know which department is hiring?
Based on you know who you like to apply with some families.
Go with home equity loan or a private bank on that they have an account with and that's certainly fine as well. And we can answer any general questions. But since they are private alternative loans. It is specific to the borrower and what their what their credit is and if there's a crowbar or and things like that, so ultimately most of the questions may need to be asked to the lender so you can get the information from them.
Regarding Maryland State residents there are forms of state aid if you are a resident of Maryland. There are senatorial and delegate scholarships. There's also need based scholarships guaranteed access grant guaranteed educational assistant grants.
Um for those need based aids you would need to file the faster before March 1st. If you miss that March 1st deadline. You're out of luck. They do not accept any late applicants.
Mary
05:22:29 PM
Will we be able to speak with a Financial Aid representative at the upcoming Accepted Student Day?
The UM if we if you did file a FAFSA by our deadline.
You were eligible for one of those if we if we could tell by the fast of the information you put on there if it looked like you were in the range of one of the Maryland awards that guaranteed access being most most commonly estimated award we would have put that on the award notification, but that doesn't mean that you have the award necessarily the state of Maryland uses the MD cap system, which students have to log into and at that point that system will let them know.
What other documentation and information they have to supply or the student needs to supply in order to actually get that award so if you are from the state of Maryland and you have filled out the fastener looking or thinking qualify for some of that aid. I would definitely have the student login to empty empty caps and again. There's A to do. List there with the student can explore exactly what they need feel free also to reach out to our office.
Garrett
05:23:40 PM
I think I missed this question. When will the paper financial aid package be sent out?
And we can help you with that as well.
Anthony
05:23:43 PM
what percentage of students retain their merit scholarships all 4 years?
Uh we have a question about um a student only filled out one of the applications would they still be eligible again. We do need the CSS S profile as well as the facts to consider you for all forms of need based aid so if you've done one of the forms one or the other than please fill out the form that you haven't done so. If you would like you can refer to our website for the links for those or you can just Google CSS S profile.
Our you know faster form and then fill those out as soon as possible.
Sophia
05:24:17 PM
How long should an appeal for forms of aid not including need-based aid?
We got a lot of questions coming in now, so this is great. Um one of the questions was are we going to be available at the upcoming college days. Yes, we will be we will not be in the office. But we're going to be at the.
Fairs the activity fares were they called so we can certainly answer some general questions.
At that time I would be glad to meet you also and there is also a question about how a student if they're looking for work study how they get to a Department where they're working. We don't assign. The jobs they are actually. We put a list out in August. I think Mary Beth alluded to this earlier and students can go around to the different departments that have openings and decide where they want to work depending on their schedule.
And the schedule that Department whatever is a better fit for them, so they're not assigned with all that being awarded work study means that you just have.
Bre
05:25:19 PM
Am I understanding that the Financial Aid Notification is "all" that is available to the student. Including the CSS and Work Study?
The opportunity to get a job does not telling you what that job is so it's sort of like finding a summer job. You would have to seek out the position and if you wait until a couple weeks into classes. You may not have as many work study positions available, so if you have any special skills like you are CPR certified or you know how to develop pictures for the photography lab or whatever you can certainly send out feelers over the summer.
Um and attach your resume if that's something we're really keen on getting a position in those departments regarding uh again, the way we notify for award.
Aid notifications we sent out an email and we did follow up with a paper copy of that email that would have gone out last week. I think it was.
Clay Myers
05:26:26 PM
Sophia, please email admission@loyola.edu regarding this inquiry.
So so if you haven't gotten it if you did get that email earlier back on the 7th. I think it was then you would have gotten a follow up email that you could again see the hard copy of that of that information that we email to the student earlier.
Isa
05:26:39 PM
Hi! I'm having trouble accessing my Financial Aid Self-Service Portal.
Clay Myers
05:27:09 PM
Isabel, please contact 410-617-5555 (Technology Services) in regular business hours.
Um how many merit scholarships for Year scholarship if you get a 4 year scholarship. The intent is that you're going to keep that for your scholarship for all 4 years if for some reason students don't meet the minimum criteria for retaining that scholarship. They could be put on probation and in fact, they could lose it if they are routinely missing the mark on the GPA and credits.
Ella
05:27:19 PM
Does the school offer counseling on the available loans to make up the difference between scholarship money and tuition/room&aboard.
It's not common most of our students received a scholarship for very good reason. There very smart students and so they work very hard and they keep those scholarships. However, things do come up. You know it could be medical issues could be different classroom issues. We certainly will take a look at that and we are intent is not to take a scholarship away. But in some rare cases, it does happen.
Rahma
05:27:36 PM
If the student lives in Maryland and the have turned in their FAFSA already but have been told to fill out the MCAP form, does this effect the financial aid offer? will it be adjusted after this form is turned in?
Sara
05:27:38 PM
Can the amount of grant scholarship change yearly even if you keep your GPA up?
We have a question about UM does the school offer counseling, um regarding how to you know make up the difference between the financial aid and the balance? Let's do we are open Monday through Friday 8:30 to 5:00 and you're welcome to stop by at anytime or we? Can certainly help you over the Phone. We can tell you about the different options that are available. You know that students generally.
Clay Myers
05:28:14 PM
Thank you for your patience, everyone. There are a number of questions in our queue.
Used to go about meeting that gap. There's as we mentioned before the plus loan or the payment plan student some students use a combination of lots of different ways to go about taking care of the balance. They do a combination of maybe paying some out of pocket and then utilizing the loan and or the payment plan so there's not one way or another. You can utilize different methods to come up with paying for that balance but.
You know you're always welcome to stop by the office or give us a call. If you have questions and we can help you as best we can.
Ryan
05:28:43 PM
I would like to understand the Insurance line on the cost calculator. If we have medical insurance coverage for our son, do we need to also pay the Loyola Insurance?
Have a question about can grant or scholarship change yearly.
Rowan
05:28:57 PM
If I were to defer a year before attending my freshman year, would I lose any awarded scholarships? (Such as the dean’s scholarship)
And is it up to the GPA again grants are generally need based so that's going to be based on the information provided on those neat based applications scholarships are awarded to the incoming students. So whatever that scholarship is should remain for those 4 years. It doesn't increase once a student is here. However, we do have a limited number of privately funded or endowed scholarships.
Sophia
05:29:39 PM
Is the cost of attending the same every semester whether or not you take 4 credits or 6 credits?
That we reserve for our upperclassmen, usually seniors get first shot Adam Juniors and then sometimes sophomores. They are based normally on academic achievement. They also a lot of them do have a need.
Faster to him and there could be a number of different other qualifications. Some look at the specific major service opportunities those kinds of things so at.
Hannah
05:30:00 PM
What is the process for acceptance of the Yellow Ribbon program?
It is a student progress is into sophomore junior senior year, the likelihood of being awarded one of those dust go up. They are generally a couple of 1000. But certainly every little bit helps and there's this general scholarship application form that we have students fill out that are interested in being considered for the scholarship that's on our website as well.
We have somebody on a looks like on our bill. Calculator uh on the website and there, asking about the insurance line on the cost Calculator that will appear as an item on the bill. But if you have medical insurance through apparent. Then it can be waived you would have to submit proof of that insurance and then that would come off of the bill. But if there's no other type of insurance that the student has.
Then they would be required to take um the insurance that um Loyola provides.
Sajiv
05:30:57 PM
I filed the fafsa in October, but I only found out about the css profile recently and I submitted it 2 weeks after the deadline. How will my aid be calculated
Um let's see here we've got a question about if you if a student to defer freshman year, generally when it comes to scholarships if a student is offered a scholarship as an incoming freshman and for some reason does not come to Loyola as long as they don't go to another University that scholarship should be available. So say student wanted to start in the fall. For whatever reason, they could not if they did not attend another University that scholarship.
The spring portion of that should be available to them in the spring and then for the sophomore junior and senior year.
Ruth
05:31:36 PM
If the first year students of 2024, are high academic scholars, can the school add more money already to the Financial Aid. For example: full ride scholariships.
Um there's a question about the cost of attendance is it the same every semester. Whether or not you're taking for credits or 6 generally if you're a full time student, which is 12 credits you will be charged as a full time student so that is a flat rate based on full time status. If you take less than 12 credits you'll be charged a per credit rate.
Mary
05:32:08 PM
Sorry to be a bother but did you see my question about the upcoming Accepted Student Day?
Generally, uh you know this might happen with upperclassmen that it may only need several credits to before they graduate, but most students take minimum of 12 credits summer 15 and 19 and you would get anything above the 12 you would get that full time rate whether it's 12 or 19.
Clay Myers
05:32:26 PM
Mary, yes, financial aid will be present at the accepted student open houses.
The Yellow Ribbon program for those who qualify for that again. That is a program that is administered through Loyola and also the VA. There is paperwork that is required for that. We have a representative in our office. Her name is Diane Roach. She is our yellow ribbon representative and if you do have any specific questions about how that paperwork and timeline with that.
Now that's all handled I would recommend reaching out to her. You could call the main line and we can get you in touch with with Diane.
Bre
05:33:09 PM
Does the 529 plan impact the amount of grant monies received
If you missed filling out one of the applications, either the fact that we're the profile. We will again continue to look at those files on a rolling basis. You can certainly contact us via email. And just see whether or not. We received both forms after they're both filed and we can give you an estimate of when you should expect a financial aid package.
Anthony
05:33:45 PM
How do we dispute the financial aid award if my parents financial situation has changed?
Sajiv
05:33:52 PM
After receiving the presidential scholarship, how should one continue applying for scholarships based on grades, test scores, and essays if the cost of attendance is still too high for them?
We have a question about 529 plans. Those are the saving plans that many of you have been stashing away money for years. For now, the time has come how does? How do those plans affect grant eligibility it? Can factor into the really? When we're looking at the asset side of profile and also fast so.
Um it, it is viewed as an asset in most cases, it's not going to make a tremendous difference. But we really have to take a look at the numbers to be able to tell you if as planned, dwindles down if there's any impact or or not moving forward.
Ruth
05:34:40 PM
If the first year students of 2024, are high academic scholars, can the school add more money already to the Financial Aid. For example: full ride scholarships.
Sara
05:34:42 PM
What happens if I get an additional outside scholarship? Does my package then get reasessed?
If we have a family that has a situation that is changed since filing. The 2018 taxes or something just come up. You know as far as uh you know, changing circumstances with the household and they would like to notify us of that or appeal. They can certainly contact our office. An we can speak to them about their situation and see whether any additional steps need to be taken, but the first contact would be.
Uhm you know, let it give us a call or email and you can outline what the change in circumstances are.
Livy
05:35:24 PM
Are there scholarships for students coming from a Catholic high school?
Um again with outside scholarships, we try to add those scholarships into an 8 package as favorably as possible. Most times we can add it onto the existing aid offer their art, sometimes in some instances, if it's a very large outside scholarship that it could impact things such as granted it's rare when it would affect a scholarship and less it's exceeding our costs of tuition there are.
Rare circumstances when that would happen, but generally generally when you're getting in and outside scholarship. It's not for a whole lot. A lot of money, you know couple 100, maybe a couple $1000, here in there and that's generally not going to impact what we've already offered.
Anthony
05:36:17 PM
How do we dispute the financial aid award if my parents situation has changed?
Um if you received a merit scholarship uhm the admissions office has all the academic records, so they determine with the merit aid offered would be if you have questions about your test scores or how you fit into the applicant pool or anything like that. You should contact the admissions office and your counselor and they can address any questions about the merit aid that you received but they do spend a lot of time going over the academic information. If there's test scores your high school.
Record and you know, I do have a very thoughtful process and offer the best merit scholarship that they can based on the information they have in our applicant pool.
I have a question about scholarships for students coming from Catholic High School if it's a Jesuit Catholic High School. We do, we have the majlis toward which we went over earlier if it's if it's regular just non Jesuit Catholic High School. We don't necessarily have a scholarship for those students.
Rowan
05:37:10 PM
If I were to defer a year before attending my freshman year, would I lose any awarded scholarships?
Sophia
05:37:19 PM
What do you consider a ‘large’ outside scholarship?
The again with the change any kind of change in financial situation family situation. Certainly contact our office and we will take a look at AT things to see if there's any adjustment that we can make.
Seamus
05:37:42 PM
How do 529 plans apply?
Um also, if you defer a year. We talked about how as long as you don't attend. Another school generally you would receive your merit scholarship when you come back. If you go to another school and transferring credits then that would cancel out the merit aid. You would have to defer and not go to any other schools in order to receive that merit aid that you were offered.
What would we consider a large outside scholarship? I would say you know five $10,000 on up? Is is large again it doesn't mean that it always means that.
Doug
05:38:15 PM
Is 19 the maximum # of credits under your flat tuition? If a student takes 20, then is the extra credit charged on top of the flat tuition
The current it would be changed, but once you start getting into those higher numbers. It could so again we would really have to take a look at it all, be based on?
Isa
05:38:36 PM
Does the tuition ($49,700) include 12 credits only?
After what the current assistance looks like is it just a merit based as there is or need based involved. We have to really look at it, so if there is a whomever asked that question certainly reach out to us and we dictate individually take a look at the students aid award.
Uh we have question about the maximum number of credits to get that full time.
Tuition charge a man if anything over 19. Um would would there be an additional charge and do you know Tom I think? Maybe if it's it's after it's over 2121 credits it's very rare?
Students going to go up that high for one semester right exactly.
529 plans again on how they're applied the reported on the.
Financial forms but in actuality, we in the financial office really don't deal with financial at the 529 plans that would be directly whether billing office, they have a?
A system setup with which ever state that you might be from where the money would be sent directly into the college and we're really not involved with that at all in our office.
Anthony
05:39:42 PM
How do we dispute the financial award if my parents financial situation has changed?
The tuition cost would cover a full time enrollment, which is 12 credits to 20 or 21 credits so that is the flat rate for.
Any full time student so again that's 12 credits and above basically until about 20 or 21 credits.
And we're getting some questions that I'm sure some of you might have turned in late so we're getting some repeat questions. But will continue to answer them just in case you didn't hear for anyone out there that had a change in.
Financial circumstances family circumstances that you feel has not been addressed. You certainly could reach out to our office and we will get more information from you and maybe ask some clarification on the exact situation.
Braedan
05:40:42 PM
I think I am confused- do we need to tell you which outside scholarship we received if money is going to directly to us?
Alexis
05:41:06 PM
Does the financial aid notification sent out have all the aid programs you can accept?
Again, we the if you haven't applied I would go ahead and apply for aid. Festa an profile are the 2 forms that we do require and it's not too late to do that. So I would encourage you to go for it. If you haven't already and again if you haven't received an email and or financial aid notification in the Mail and you think you filled out the FAFSA in the CSS S profile, please reach out to us.
And you know, we can certainly check on the progress or if anything is missing. A man and will let you know what the determination of when you would get a financial aid package with a.
Matou
05:41:41 PM
Can we schedule an appointment with a financial aid officer to discuss about our respective package including the best ways to pay for the loans and the estimated balance due? If yes, how can we take an appointment?
Uh back to the outside scholarships if you are receiving an outside scholarship. Generally speaking, these again or scholarships that are coming from different local it could be from the center daughters High School. You know, local job Knights of Columbus. Those kinds of things and I would say 99% of those scholarship of those donors are going to write the check to the college.
Uh that the student is going to be attending.
John
05:42:08 PM
When will financial aid packages be distributed for students who have been accepted? And how can I access the FinAid portal ?
Isa
05:42:13 PM
I'm having trouble accessing my financial aid self-service portal.
Benefit for them, so that that's what they're going to do so. That means that it's going to have to be factored into the Ward it's very rare if they're going to send the money directly to you. Obviously, if they do, we don't know anything about it if they?
Clay Myers
05:42:43 PM
For technical questions regarding the financial aid portal, please contact Technology Services at Loyola at 410-617-5555.
But most him again are going to be coming directly to us and normally what happens is you would get a letter from that organization, saying that the student was awarded such and such scholarship and they're going to send the payment at a later date will get that information and then apply it to the current aid that was awarded and in those rare situations as I mentioned it's possible that it could alter some 8 already awarded but again, I would say we do everything possible.
Do not touch things. Obviously, like the grandmother were trying to get that Bill and what you owe down not not increase it.
Ruth
05:43:11 PM
If the first year students of 2024, are high academic scholars, can the school add more money already to the Financial Aid package For example: full ride scholarships.
And again the the financial aid. If you got the email directly to the portal and or the paper financial aid notification that is going to list all of the aid that you are eligible to receive based on the information that we have. We will assume that you're accepting any scholarship or gift aids or grant or scholarship and the only thing that you would need to let us know whether you're accepting or declining is the loans the subsidized and unsubsidized loans.
And federal work study, which could be done through the portal.
Question about additional merit scholarships again that would be something that.
Nevonah
05:43:50 PM
What if an employer contributes to tuition?
Awards and scholarships are determined based on the academic information that our admissions office has received you can certainly reach out to them, they can tell you how that decision was made and if there's any other options for you so that would be the course of action for that on the need based side if again as we've said the any financial family changes. Those kinds of things would be more directed on our side.
Of of the of the equation now.
Ryan
05:44:28 PM
What is the Comprehensive Fee on the Bill Calculator? ($700 oer semester)
Uh we have a question about scholarship and um whether or not. We offer any type of full ride scholarships. And Unfortunately based on budget constraints, we cannot offer a full ride scholarship. But if you do have questions. You know about the amount you were offered and how you fit in the applicant pool. Please reach out to your admissions counselor and they can help you with any of those questions.
Uh we have a question about what if employer.
Helps with tuition there are a few.
Clay Myers
05:45:06 PM
Ryan, the comprehensive fee covers various student services (student activities, Health Center, Counselor Center, etc.)
Alexis
05:45:21 PM
Are the scholarships shown on the financial aid notification only apply to the 2020-2021 school year?
A tuition benefits that are offered out there again. If it's money being paid directly to the college. Some of them are if we have some local colleges and example down the street. We have Johns Hopkins University there. Some of their employees are eligible for tuition benefit that can affect in a package if because it's a substantial amount of funds.
Hopkins would be sending in that example.
If the employer is just.
Making a payment to you were kind of out of the loop on that one. Technically, it is a resource that should be considered when determining aid. But we're only really involved that the money is coming directly to Loyola.
Rahma
05:45:48 PM
if the student is an anticipated student to receive the IB (International Baccalaureate) diploma, does the financial aid offer change after the diploma is received and also can the student use the IB credits to earn Loyola course credits?
Jordan
05:46:01 PM
We have a scholarship opportunity that only covers tuition. if additional aid is granted from the school, could it be applied to room and board so as not to reduce the first scholarship?
Um are all the scholarships that are shown on the financial aid notification only for the first year, no if you're offered a Merit Scholarship. We that would be a 4 year award. As long as you maintain the outlined retention requirements and again this time stipulated. We want you to have that award for 4 years, so if you have any.
Clay Myers
05:46:25 PM
https://www.loyola.edu/department/academic-advising/students/first-year/ap-ib-college-courses more info on AP/IB courses
Academic you know issues, um at anytime you know just let us know. And there's always a you know, an appeal process, and if there's issues with meeting the GPA or the full time enrollment. We want you to be able to keep that scholarship. So we worked really hard, with you to make sure that your helped along the way.
I have someone asking um scholarship opportunity they have a scholarship opportunity that covers tuition.
Hannah
05:46:55 PM
Is the Presidential Scholarship a merit-based scholarship, or is there a different merit-based scholarship?
Clay Myers
05:47:16 PM
Hannah, yes - this is just based on academic merit (GPA, test scores (if submitted)).
If additional aid is granted from the school could be applied to room and board, it could as long as the scholarship doesn't restrict it to just tuition. If a scholarship is saying. This is to be used for tuition, and or mandatory fees. Then it could impact. A That's already been awarded if it's kind of an open ended.
The scholarship that is going towards the cost of attendance. Then things like room and board certainly could be considered in there and so we wouldn't have to adjust aid. But we really have to take a look at it to make sure.
Ruth
05:47:37 PM
Can the school add more money already to the Financial Aid Package. For example full ride scholarships?
Rahma
05:48:01 PM
after submitting the MDCAPS will we be contacted with an updated financial offer or would it be more of a Maryland-based scholarship?
Yeah with the private outside scholarships there so um many different types and you know some of them against stipulate what they want to be used for so we look at each scholarship in each student some financial aid on an individual basis and again we want you all to benefit from this additional aid so we try to fit it into your financially packages beneficial as possible.
Presidential is merit based so are the Dean scholarship and also the Loyola Scholarship, there all merit based or just different levels.
Reya
05:48:32 PM
Can you talk about what options students and parents have in terms of loans to make up the difference between an award and the cost of attendance?
Mary
05:48:36 PM
Does a 529 plan balance have any effect on Merit scholarships?
Again, if you have questions about whether or not you have any additional financial aid eligibility or questions about change of circumstances. Please contact the office and we can go over what the circumstances are and if there is you know get more information, possibly in writing and then direct you on which matter that could be addressed.
Matou
05:48:58 PM
06:41:41 PM
Can we schedule an appointment with a financial aid officer to discuss about our respective package including the best ways to pay for the loans and the estimated balance due? If yes, how can we take an appointment?
Um options uh for parents and students to help make up the difference? What's not being covered by financial aid. The Parent plus loan? Is a loan that apparent could take out in their name and they can take it up to the amount of up to the cost of Education minus any other a that they might have so if you're looking for that big chunk of money to help offset what's not being covered A plus loan is an option also.
Clay Myers
05:49:15 PM
Ndeye, yes - please email financialaid@loyola.edu
There are alternative private student loans out there. Same kind of thing, except that would be the students being the students name generally they're going to require a cosigner, which is going to be apparent in most circumstances. Other options are payment plans. So those are the three that we can help you with if you contact our office and would certainly be happy to do that.
Um if you would like to stop by the office or make an appointment you're certainly welcome to contact us or if you just on campus. You're welcome to stop up. We have an open door policy. It's not necessary to have a scheduled appointment.
Laura
05:49:56 PM
Would the financial aid office consider the CSS only if applicant is completely ineligible for FAFSA?
We have counselors available to meet with students on or families when they're on campus. So um feel free to stop up and say hello.
Back to find 529 plans, they should have no impact on merit scholarships.
The short answer.
John
05:50:17 PM
Please excuse if this is a repeat questions; what % does tuition go up each year? Trying to figure out the overall 4 year cost.
Um with financial aid office considered a CSS S only if the applicant is not eligible for the fast.
Um if you're not eligible for FAFSA if you maybe you're not AUS citizen or an eligible noncitizen then you would have to take a look at our website and go over the information regarding see whether or not international student applicant would would.
Katie
05:50:58 PM
Can you get more merit aid based on first semester senior year grades?
Would suit your situation or whether the daca. UM student application process may apply and then follow those steps. But if you're not eligible to do the fast side then. Unfortunately, federal aid would not be available to you. But there's a possibility of loyal assistance. So certainly take a look at our website.
Clay Myers
05:51:21 PM
Katherine, please email admission@loyola.edu for this inquiry.
OK and no problem regarding repeat questions. I just wanted to make sure that the folks out there that maybe didn't hear the original answers are getting them so sorry if some of these we sound like repeating ourselves. Sometimes question about the percentage of tuition increase it's generally 2 to 3%.
Here.
Zac
05:51:37 PM
my concern is that my merit scholarship is a constant amount each year but tuition costs could increase, thereby increasing my required contribution in my junior or senior year. Are there any measures in place to prevent that from happening?
Um.
Let's see can you get more merit aid based on 1st semester senior year grades that would?
Um.
That would be a question again that you'd want to run by the admissions office if there's any drastic change they could address that with you.
There's a question about the merit aid scholarship remaining constant and then the tuition are the cost of attendance, increasing um that's correct the merit scholarship does not increase when tuition may or increase if you do apply for financial aid. We do take into account. The cost of attendance, increasing so the calculated need would or could increase based on the results of the fashion profile so we would always.
Suggest you fill out the financial aid form to see whether or not, that would help alleviate.
The amount that you would go for the bill.
Ella
05:52:43 PM
Would the legacy grant available for aunts and cousins who have attended?
OK, we've got a few minutes left, um again. I hope we haven't confused you more. Hopefully we put you at ease that's the intent here, you see the information. We have here to reach us and feel free to do so anytime again. We know how stressful this can be.
We've got.
Another few questions another few minutes here.
There's a question about the Legacy Grain, who is unable to receive the legacy grant. What type of relatives would have to.
Um be related to the student, yeah, it's not Unfortunately answer and Cousins are not.
In that group uh it is parents step parent grandparent Guardian or sibling.
Kay couple more minutes again this chat will be available.
Tomorrow on the admissions portal so if you miss anything or you just want to watch it again or.
Clay Myers
05:53:56 PM
Thanks again for your patience everyone, as I have been approving questions on a one-off basis. We have experienced a high volume of questions this evening, and hopefully this has been helpful!
Or you know you want to just see what the answer. The question is certainly feel free to do that, or you know you're welcome to contact the office.
John
05:54:10 PM
To clarify, is the Plus Loan & Payment Plan offered directly through Loyola?
Matou
05:54:12 PM
Does the grant awarded cover studying abroad ?
And if you're coming on Saturday, please come up and introduce yourself to us and that's a good place also to answer some follow up questions again. It's going to be more kind of general information like like we're doing here, but I'm assuming if you are tuned in here that you're very interested in your son or daughter attending Loyola. We'd certainly love for that to happen. So my also assumption is that you probably will visit us, which we hope you do and when you do so.
Please come up to our office and we'd be glad to answer any questions that you have at that time.
Amia
05:54:42 PM
I’m sure this is a repeated question, but when would we get the exact cost to attend and I tried the calculator and it wasn’t working.
Um there's a question about that just came in about um financial aid uh covering study abroad.
Clay Myers
05:54:48 PM
https://www.loyola.edu/department/financial-aid/undergraduate/charges/cost-breakdown
Lily
05:55:02 PM
just joining in:Is the Loyola Grant for the 4 years
Loyola institutionally can go abroad with a student as long as it's a loyal a program or a loyalist sponsored program, which is the majority of the programs that are listed on our website. There are information sessions. For every study abroad program so it's really important that the student goes to that an ask that question the only thing that cannot travel with a student going abroad again to a loyal program or a little less sponsored program is federal work study.
Clay Myers
05:55:24 PM
Liliana, yes!
The student would forfeit work study for that entire year. Even if there are only some abroad for the semester. They would not have work study for that entire year but would be reconsidered for it the following year.
I am back to plus loans and payment plans a question came in do we are you doing that through Loyola.
Clay Myers
05:55:40 PM
A recording of the event will be posted on https://admission.loyola.edu/portal/online-events upon conclusion of the event.
The plus one of their federal loans. So you're actually going to the federal site at the same place where you go to fill out the faster than the government site in you be clicking on a parent, plus loan and it's a 2 step process should fill out a request form and then if approved, then there is promissory notes that need to be completed. Once you apply for that loan. Then the Department of Education notifies us and that's when we get involved. The payment plan we use a company TMS.
Aidan
05:56:26 PM
thanks
Chris
05:56:27 PM
Thank you, Mr. Myers.
Owen
05:56:27 PM
Thank you.
Ryan
05:56:30 PM
Awesome, Thank you.
Ryan
05:56:31 PM
Thanks Clay
Matou
05:56:32 PM
Thank you
Zac
05:56:33 PM
This was very helpful - appreciate your time tonight.
Tommy
05:56:39 PM
Very helpful 60 mins thank you!
Anthony
05:56:40 PM
Thank you for a great info session
Katie
05:56:43 PM
You have been so helpful! Thanks
Uh is that might have you might have used that with high school as well? Where you set up the plan, you can do so with the assistance of our billing Department, which is referred to a student administrative services, they can certainly help you with that, so we use them. But they're not in house. They're not in house loan or paying the plan and will take one last question. It was whether or not the loyal grants for 4 years. The grant is a need based scholarship on need based grants so it is based on the results of the fashion profile.
Lily
05:56:44 PM
:<)
Hannah
05:56:45 PM
Thank you!
Anthony
05:56:46 PM
Thank you.
Ryan
05:56:52 PM
See you Saturday - Thanks again.
If your information doesn't change, too much from year to year family income and number in college. Then you can expect a similar award. But if you're the family incomes fluctuates either up or down that can change.
So uhm you know if something arises you can certainly you know contact the office but again, the grant would fluctuate if there's you know changes in family circumstances.
Alright I think that's it for now.
Again, hopefully we didn't confusion more hopefully we answered some of your questions put you at ease.
Clay Myers
05:57:23 PM
All, as you navigate the college selection process, please let us know if we can be of assistance. We are happy to help!
Aidan
05:57:29 PM
Great info! thank you
Nicole
05:57:30 PM
Looking forward to Saturday, thank you for your time and info.
George
05:57:31 PM
Thank you!
Mary
05:57:34 PM
Thank you all for your help.
John
05:57:36 PM
Thank you for your time and information.
Kevin
05:57:37 PM
Thank you for the information...
Kam
05:57:38 PM
Thank you!!
Hopefully I'll be able to sleep a little better tonight again if anything pops up, you're certainly welcome to reach out to us. We're happy to have you stop by or give us a call or email. You know if you want to go over everything anything for one last time where that's what we're here for.
Yes.