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Where we live said well we live in 8 seconds in seconds?
How are you we are broadcasting live from Loyola University the Evergreen campus and beautiful Baltimore and we are here tonight to help you with some financial aid questions and make you feel a little at ease my name is Tom Patterson and I'm here with an we work in the financial aid office here First off. Thank you very much for your interest in Loyola whether we're talking to parents and or students here we appreciate your looking at our University.
We hope you have applied if you haven't applied. We hope you do so and hopefully the information that you receive tonight will help you in the financial aid process. So we got a few slides that we're going to show you right off the bat to just kind of give you some basic information and then we'll take questions. From there, OK, so our first slide is just our general information on there's a picture of our beautiful building that were housed in as well as undergrad admissions.
So if you're on campus. That's a key uhm point that you want to visit were located on the 2nd floor above undergraduate missions. And if you need to get in touch with us. There's all of our relevant information.
The application process for Loyola Um is basically comes down to 2 of for this is for need based aid comes down to 2 applications. One is the FAFSA, which all schools are going to require that's the Federale free application for federal student aid. You want to make sure that you fill out the twenty twenty one version of that application, there's still our students applying for the current year so again just make sure you're doing the twenty twenty one.
Version and you want to put Loyola's code in it, a code number on there, which is 002078.
Um also very important when you're filling out the FAFSA. You want to make sure whenever possible. There's a button there. You can hit its dirty that transmits your information on your federal tax returns directly to the Fasa. It makes things a lot easier for you and also on our side on the verification side. It really simplifies. The process for us as well. The second application is the CSS S profile a lot of the smaller.
Private universities use this form because we feel it gives us a better indication of the financial need for a family and also guides us with determining institutional eligibility.
Our next slide is just a screenshot of our our web page. So when you go to the financial aid web page. You want to head towards the application procedures. Uhm and also click the first year applicants and that will bring up on another page, which will have links to the CSS S profile and the Fasa. So you can connect to either of those forms. VR website or go directly to those sites user friendly as possible.
And we realized anytime you're dealing with the whole college application process and also the financial aid process. It's very intimidating but we try to simplify it as much as possible.
This is a slide that tells you about the loyal and non need based grants a couple of these are new grants for the class of 2024. So we're really excited about them. Basically, you know it outlines the different criteria. But the family grant would be for anybody who has 2 or more siblings or students at Little at the same time, and that would be a $3000 reward.
The Majlis Grant is for any student that has gone to a Jesuit high school automatic $3000 award and then the legacy grant for any full time student who has uhm you know, an alumni who was apparent a step parent grandparent Guardian or sibling who has graduated and that would be again. Another $3000 reward. You don't have to fill out the FAFSA or a profile for you know to see if you have qualifications for these they can be stacked up on Top of each other you can get.
Imagine the legacy Anna Family Grant. Uhm you know, or just if you're eligible for one, then you would be. You know automatically given that aid. That sounds wonderful based grants. We do offer grants of federal grants spell anesi OG. Those are usually determined by the results of the fast. So so those are the strictly adhered to by the results of the FAFSA form.
We also have Loyola grants an again that is based on the information that we were getting on to the facet and also that CSS S profile, which is looking at the family size. It's looking at your financial information. Combining all that and then determining 8 eligibility and that will help us determine what kind of a grant that you would be eligible for grants are based every year on the filing for financial aid so.
Every year we take a look at those that eligibility moving forward. So you could have different grants. If the financial or family. Information changes from year to year. What we generally tell families is that if your financial information family size number of kids in college. Those things remains the same. We're pretty much the same then you're probably looking at a very similar grant from year to year. But if you do see spikes in income decline in income? Unfortunately, we see things like job Las.
Uh or if students graduate from college or start with two and go to one or vice versa. You could see a change in the grant moving forward.
The other things that you would show eligibility for would be based on the results of the FAFSA are the federal direct Stafford Loan programs and these would be things that you would be offered at any school that you felt a fast for there are 2 versions of the UM the loans. There are subsidized which means interest does not accrue for the student while they're in school, so that means if they took 4 years out of these loans and then they got a graduation gift and paid it off right away.
And that would be basically free money so the interest starts accruing once they stop attending or between the set amounts that a student would be eligible for UM as a freshman no matter what school they go to is 3500. A sophomores 4500 and then juniors and seniors. Get 5500 and then the second type of Stafford Loan is the unsubsidized loan. This is not based on financial need so.
Yes, if the families expected family contribution as well above the schools cost of attendance. Then they may only be eligible for non subsidized loans. They both of these loans have a fixed interest rate interest begins accruing on the unsubsidized loan. Once the money is disbursed an for both loans. The repayment begins after graduation. We also have work study as a part of financial aid. And that's a little bit different than the other forms of aid.
In that when you receive scholarships or grants or loans. It goes directly towards reducing the amount that you would owe on a bill on a tuition bill work study is considered financial aid. But students would actually be paid. They've got a job on campus. If they're eligible and they would actually have a job on campus and they would work usually between 10 and 15 hours per week and be paid and biweekly paychecks. It's federally funded that's why it's considered.
Financial aid so again that would be a part of the aid package and it would be determined based on that information that we're getting on those 2 applications.
This slide tells you about our filing deadlines and when you would expect to get the notification from our office so if your student is applying as an early action student we would ask that you have your fax line profile completed by December, 1st and then the regular decision applicants. By February, 1st if you meet that priority deadline for early action. You can expect a financial aid award to be mailed to you by February.
1st and then all other applicants, either late non priority early action or regular decision. Students will get their financial aid awards by April, 1st, um if of course, we'd like you to meet those deadlines. But we will continue to package students for financial aid on a rolling. This you know, and through the May 1st deadline. And if you have any questions along the way feel free to give us a call.
Clay Myers
06:09:45 PM
Hello everyone, and thank you for joining us. We will now open the floor for questions. If you have a general question for our financial aid team, please feel free to submit your question in our chat box. Please refrain from asking questions pertaining to your individual financial aid situation. - Clay Myers, Admission Counselor, Loyola University Maryland Office of Undergraduate Admission
And let us know or email Speaking of questions. We certainly appreciate if you want. If you want to ask questions. Now we'd be glad to try to answer any of them. We have before I start with that just for state of Maryland residents. We there are forms of aid that are through the state. You would need to file a faster before March 1st, which is obviously well after our deadlines, so if you are from if you are Maryland State resident.
I would encourage you to file the fast as soon as possible. There are forms of grants and scholarships that you might be eligible for.
Jake
06:10:21 PM
Can you apply for Fapsa through comonapp?
Can you apply for the FAFSA through the common app? No there's no you have to go directly to the FAFSA website, whichisfafsa.edu.gov, so that's a separate from the common app and then the CSS S profile is also done through the College Board administers the program for that platform and you would fill that out through the College Board's website, so encourage anyone if they're not sure. Some folks always ask us. I won't get anything so I've shouldn't fill it out.
We would encourage you to go ahead and fill out the FAFSA. It's free so the only thing you're losing is a little bit of time by completing it and you never know. You might very well qualify for something that you didn't even know was an option even for folks that do not qualify for any kind of need based aid. If you wish to take federal loans. Even if you wish to take parent federal loans. You have to complete the FAFSA if you don't complete that you can't take things like Parent plus loans.
Nicole
06:11:44 PM
How will outside scholarships affect financial aid?
Uh or other loans like that other federal loans. So I would encourage you to do that and again for any school that you're doing it. There's a code number and you would put that code number on the the actual application and ours is 002078.
How it outside of scholarships affect financial aid uhm that depends on it would really depend on the source we usually consider outside scholarships as a resource that meat that goes towards meeting need if we have met your need your institutional need it could affect a grant. It's being offered. It also might we might be able to add it right on Top so depending on the amount and if we were meeting your need or not so.
Ana
06:12:36 PM
Can you talk about merit aid eligibility
It could go it could go either way, we could we could add it in. We might adjust the APAC if we've already done so, if we've already sent you in a package so it really could depend on the circumstances. We try to take it. Each student case by case and you know try to maximize what we can with that students financial aid package. So it's really you know, we're looking at each student aid individually yes.
Can you talk about the merit aid eligibility so um here at Loyola the merit aid is administered through the admissions office they received your academic information high school and SAT scores in for a see T if you supply those so they determine any merit qualifications uhm. I think you may have to touch base with the admissions office directly and probably your particular counselor.
To talk about how come your information might fit into possibly America. Just such scholarship. Yeah, that's the The Merit Scholarships. They obviously are based on merit and so the admissions office is the office that has all of your academic information. But in our financial aid office. We don't we're really concentrating on the need based side of things. So we're trying to combine the folks that are merit based eligible and also need based.
Clay Myers
06:13:59 PM
Merit-based scholarships are considered for each applicant automatically upon submission of application. Merit amounts range from $12K-33K/year.
Jake
06:14:07 PM
when did you say that you would like to receive the Fapsa (If you are from Maryland)?
And that's when we developed your aid package that could be a combination of scholarships and or Grant and possibly other forms of aid.
When did you say that you would like to receive the FAFSA if you are from Maryland if you're from Maryland, it has to be by March 1st of 2020 again. That's well after all, of our dates. That's the state of Maryland, a deadline, not not a loyal a deadline. So we would highly encourage you to file the FAFSA very early, so you get in a package from us and then at a later date. If Maryland decides that they are going to award you funds. You would have had that filed already and then we can incorporate that into the a package we would.
Kaine
06:14:51 PM
what types of job are in the campus for students?
Already sent you certainly don't wait until Maryland State, I'd be you know get on. Get on Top of it early, so you'll hear from us and have a better gauge of what any package would look like.
What types of jobs are in the on the campus for students so there are 2 types of students that work on campus. There's federal work study students, which the majority of the positions that are available are through the federal work study program pretty much most of the offices on campus will have a federal work study students and that could range from you know just clerical things to working in a photography lab, too.
Clay Myers
06:15:56 PM
https://www.loyola.edu/department/hr/student-employment/work-study-positions
Grace
06:16:03 PM
Do you have to fill out the CSS Application to receive aid?
You know, giving tours with the admissions office. We do have a federal work study. Um link on our website that you can take a look at the different departments that generally higher students at this point. It's really going to show that there's no positions open just at this time during the semester, but it would give you an opportunity to see what type of jobs. There are and what duties and things like that, and obviously minimum wage is the standard but if you have special special skills then.
It could you know go above the minimum wage?
Yeah, just to briefly go back to the merit aid we the students do not have to fill out a special application to be considered for merit based aid and the scholarships that loyal offers again, which are determined based on grades test scores those kinds of things range in from about 12,000. Up to 33,000 for this year, so there. There's a lot of opportunity, there for Scholarship Awards.
So, just the mere fact of applying to Loyola and if you are accepted. Then those scholarships might be available to you so that's the kind of thing where again that's step one. The applying finding out what kind of Merit Scholarship Scholarship. You have and then Step 2, is again. We're talking about this evening is the need based side of things in for anyone who might have come in late the FAFSA and the profile are the 2 applications that we require.
And there's a question about do I have to fill out the CSS S profile to receive aid. If you want to uh you know comprehensive package to you know consider everything that you may be eligible for you want to fill out, both apps on profiles. There are some students that only fill out a FAFSA and that will limit you to just the federal programs, which is you know the Stafford loans, UM, possibly a Pell Grant for low income families.
Aaron
06:17:50 PM
If you went to a Catholic high school but not specifically a Jesuit school could you be considered for the Loyola grant?
The bulk of a financial aid package could be or would be a loyal grant, which we need to have the CSS S profile completed for that right and again. I we realized that this all can be very intimidating, especially if you're doing, it for the first time it just seems like there's so much information you're probably being bombarded from.
Every every angle all different schools and high school counselors and college counselors and every which way I think the couple of things to keep in mind, just to keep your sanity is the things you want to do at this point are. Find out what the colleges want colleges. Universities want and need from you and when they need it so again for Loyola. We need to fast in the profile to determine need based aid.
And for early action folks we need that by that December, 1st deadline. After that, we kind of handle the rest so that's kind of your job right now is to make sure you get the college and universities what they want and when they when they want it.
I went to a Catholic High School overnight specified judgment school could you be considered for away legrant? Absolutely. Yes, the the?
Mary
06:19:08 PM
is there a website that lists the Maryland grants or scholarships available?
Clay Myers
06:19:27 PM
Mary, yes! Please see this webpage: https://www.loyola.edu/department/financial-aid/undergraduate/programs/scholarships
Jesuit award is just the Majlis Grant so that is a non need based grant. The regular Loyola grants are need based so it doesn't matter what high school. You're going. We're going to consider you if you file for a filling out. Those 2 applications. The Majlis Grant. You do have to attend and graduate from a judgment call it, I mean, High School.
Molly
06:19:35 PM
Do you fill out the FASFA for each school that you are applying to, or just once and listing many schools?
Is there a website that lists the Maryland grants or scholarships available uhm? Yes, you would want to go to Maryland State Scholarship am heck isn't do you know? The website up here? It's MD caps? Yeah, they will you can Google, it go to it? They're going to give you a log in and then they'll set up an account with you so they correspond with you via via email normally.
Uh do you have to fill out for each school you're applying to no you just fill out one faster?
Emmy
06:20:14 PM
Does the annual tuition change every year ?
Uh per student if you're a family with 2 students that are that are going to school if it wins. You need to fill out a FAFSA for each student, but generally you fill out one. FAFSA and then there's a there's a spot on the fast that asks you to list. The universities that you're interested in and you can list up to 8 of them and so once you complete the facet and submit it. Those 8 colleges will get the results of the fast. So so again just just one faster per student.
And we often have a question well, I have um 10 or 12 schools that I'm applying to How do I? What do I need to do at that point so once you submit that fast so with the first eight schools on it. Those schools will get the information. Then you can go back and do a correction on the Pfaff said take off a couple of those schools. An ad in your new ones, and then resubmit it. So you know once it's submitted and you get a confirmation of that you can go ahead back in an?
You know change the schools or delete schools are at schools right uhm. I have a question about tuition. The annual tuition. Any changes generally we see an increase in tuition. It's normally a about 2. Maybe 3% per year so that is something to keep in mind, but at the same time? What we do is we're using what's called a cost of attendance figure and it's fact when we're determining 8.
Noelle
06:21:50 PM
If you apply test optional, does that affect any merit you would award?
So we're looking at the tuition the room. The board and that helps us determine need so if the costs are going up. The need it if you're if you're demonstrating need that should kind of slide along with that again. If you're if you're eligible for need based aid so there is a slight increase from year to year at least traditionally there has been I can't predict what's to come, but I would imagine that there probably would be.
But they try to keep it as small as possible.
Uh my question is if you apply test optional does that affect any merit that aid that you may be awarded a man that's really probably more of an admissions question. I think emissions have always said if if you think the essay Tees ranked Sarah good representation of you as a student then certainly put them forward. But if it does not represent you as a student then go test optional so.
If you have anymore specific more specific information about that. You might want to contact your admissions counselor.
Clay Myers
06:22:52 PM
Students who apply test-optional are eligible for merit-based scholarship. This decision would just be based, then, on high school GPA.
Anthony
06:22:57 PM
If I qualify for scholarship funds through the CPaMS scholars program how will that affect merit and/or need based aid?
Yeah, the admissions counselor is a great resource for all the merit based questions again. What we are really doing is on the need based aid side of things, so we're looking at the financial family circumstances and all of that and that's what we're capturing on those applications for need based aid the fast say in the profile, yes.
Clay Myers
06:23:38 PM
More info on Loyola's test-optional policy: https://www.loyola.edu/admission/undergraduate/application-process/test-optional-policy
Is our scholarship that we that are offered through the science is trying to read the question there my eyes are going is it affect merit or need well it is. It's depending on when it's awarded we would like to try to get those out with our original aid offers and so we can build a package around them. We will always add. CPM scholarship in as favorably as possible so if we hear from the Department those are.
Jake
06:24:11 PM
I talked with a college rep and was a little confused, can/would Loyola give a full scholarship to a strong student?
Let me back up those those scholarships are recommended to us by the Science Department Sciences Department on campus. So they tell us out of the applicants who they would wish to offer scholarship to and then we build those in as favorably as possible into the a package. Traditionally, we hear about those usually in the early part of the year. Hopefully will hear about him a little sooner so it would definitely before you have to make a decision.
Uh, which is made so if anyone doesn't know when your college decisions. Are you decide where you're going by May 1st. So so all of this will be.
Don't put to bed by then.
Nicole
06:24:49 PM
Is there a potential for more financial aid after freshman year?
Next question is uhm Ken or would Lula give a full scholarship to a strong student. Unfortunately, we're not able to offer a full tuition scholarship. The maximum amount that I believe for this upcoming year is 33,000 for a merit scholarship uhm and again. That's based on you know, filling out the emissions application on your high school credentials and then if you wanted, you know additional information to check out your.
Gabby
06:25:19 PM
Are you need blind?
Admissions counselor as a resource. Yes, questions, we have a question asking the potential for additional financial aid. After your freshman year. Yes, there is a potential we have a limited number of endowed scholarships that we award generally we award. Those 2 rising seniors and juniors and occasionally sophomores, they're limited numbers So what we're looking at.
Emmy
06:25:41 PM
What is the code for Loyola for the profile ?
Is uhm a GPA for one thing and it wouldn't be your high school at this point would be your your academic performance here at Loyola. We're generally looking for a 3.0 or higher. Some of the scholarships can be very, very specific in the criteria. They're looking for So what we're trying to do is match up the endowed criteria with a student that would match into that.
Clay Myers
06:26:37 PM
Gabrielle, Loyola is need-blind for about 90-95% of our applicant pool.
Nicely so the answer is yes, the chances for that additional aid get high as you go as you gain seniority so again seniors have first crack at that in the best opportunity for that again. We have to file for ATV each year. So it is possible if there is something that has happened in the family's financial situation. It is possible that you might qualify for additional aid say if there is a decrease in income or or some other.
Clay Myers
06:26:59 PM
For waitlisted students, we will take into account financial need.
Olivia
06:27:06 PM
I missed some information on the 2nd or 3rd slide, can you slowly show each slide again?
Uh event that's happened that we always do look so you have to file the faster and profile each year and will re determine it? What we're doing is really taking a snapshot of your financial situation and has that changes your aid could change so it could go up. It could go down and also just to piggyback on Toms conversation as a rising junior senior there are endowed scholarships that you may be eligible for generally the scholarship committee is looking for students to have at least a 3.0 and depending on what donor specify.
It could be major related aurum. Careerpath related but there's a online scholarship application that the students would be encouraged to fill out, um towards the end of their sophomore year to be considered for those endowed scholarships.
Noelle
06:27:50 PM
Is work-study just during the academic year or summer also? What about during school breaks?
Yeah, I've got a request to just to kind of go through the slides again. So what will do is will just put them up. So you can take a look at any they might spur. Some questions on my specific question about our college code number for the CSS S profile it's 5370.
Clay Myers
06:28:11 PM
FAFSA Code -
Clay Myers
06:28:23 PM
002078
Again, um the federal code is 002078. That's specific to Loyola. This presentation or recording will be available in missions will create links so if you want to go back and listen or review. The slides again. You're welcome to do that. At that time. The other question about work study the question is our work studies working.
Clay Myers
06:28:31 PM
CSS Code - 5370
Anthony
06:28:36 PM
If you receive Merit and/or Need Based aid do you have to accept those funds separate from your Admissions acceptance due May 1st? Or are you automatically accepting those funds with your admissions acceptance?
Just during the school year and the answer is yes, just while the screw the the school is open during normal business hours. I'm actually I take that back there are some positions on campus that work later and student life or the rec center. Those kind of things, but they pretty much adhere to the regular calendar year so summer work study is not available. It's fall spring semester. And while the students are here and when the college is closed the students are not responsible to.
Report to work we have a question about if you receive merit and or need based aid do you have to accept those funds separate from your admissions acceptance due May 1st basically if you deposit send a deposit in Talula by May 1st will assume that you're accepting most forms of aid like the any grant or scholarship. Uhm what you will need to accept or decline would be the loans.
Emmy
06:29:38 PM
are the merit awards for the 4 years or just for 1st year
And you will have access to what's called self service. It's an online UM portal where you will be able to physically accept or decline. Those 2, UM programs. The federal work study and the loans. Um if you accept the loans. There will be follow-up process of doing the master promissory note and entrance counseling over the summer, but that's not anything. I need to worry about right now, but again we automatically assume you're accepting any of the grants or scholarships if you're depositing.
At Loyola question about Merit Awards are they 4 year awards. I'm just putting the loans up here just in case anyone needs to get that information regarding Merit Awards. They're 4 year awards. However, students must maintain minimum requirements for those I have to remain a full time student through each semester, so they're usually 8 Semesters scholarship so.
Jake
06:30:32 PM
Is the code for the FAPSA for Loyola, online?
I'm just an example if you got $20,000 scholarship, 10 of that will go for the fall semester intend for the spring and that will repeat it for the sophomore junior and senior year If however. The your grades are there based on the academic performance. But once the student is enrolled here. They're going to review the academic performance here at Loyola so the GPA I believe is going is a 2.7.
Noelle
06:31:32 PM
A card I received in the mail today from Loyola says the average need-based financial aid package is $32,100. What would the number be on the low and high ends?
Moving forward for to maintain those there's merit scholarships and also again that have to be full time. If a student drops below either of those criteria what will happen is that they could go on probation at which doesn't mean they're going to lose the scholarship, but it means that we're keeping an eye on you, or on the student and they they need to work on getting back up to either the number of credits and or the GPA.
Uh we do have to maintain the the scholarship eligibility. So if a student keeps continuing to 2 tank grade. Wise we might be forced to usually talk to him or they can appeal. But there are rare instances where student could lose the scholarship and once you lose it, you lose it for good, but specially the freshman year we realized that a lot of students have a difficult time, sometimes acclimating to college life and we are.
Clay Myers
06:32:18 PM
Jackob, yes - please see this link: https://www.loyola.edu/department/financial-aid/undergraduate/process/first-year
Work with students as much as possible so it's normally not an issue and just add one thing if it is a four year Ward. So 8 semesters, um if the student chooses to study abroad. There junior year. The only exception that they wouldn't be able to take their scholarship on a study abroad program is if it's a non Loyola Scholar program so loyal offers you know 15 or 20 different.
Loyola sponsored programs for study abroad. There are a half a dozen or less. Uhm non little of programs that are through other colleges or outside organizations, which you would not be able to take your scholarship for those study abroad programs so if it comes down to junior year and they're looking into where they might want to go that would be key thing to keep in mind that Loyola sponsored aid would not be able to go to those non lawyer programs.
Nicole
06:33:13 PM
Is there a way to obtain in-state tuition if I am a NJ resident?
The question about someone received today in the Mail a card from from us. I'm saying that the average need based financial aid package is 32. One and what would the number be on the low and high ends. That's a tough one. When you're dealing with financial aid need based side you can have a family that qualifies for absolutely no aid based on financial information and in that case at the very least, the student would be eligible for.
Unsubsidized federal loans, which we have the slide up here right now, so for the freshman year that would be 5500 and unsubsidized loan plus if they were out for any kind of a merit aid that would be part of that a package as well. On the other extreme for very high. Indeed, families a student can receive very high grant federal grants institutional.
Gabby
06:34:38 PM
If you study abroad, does financial aid follow?
Scholarships loans uh that can there's there's not a particular number that we Max out at but it it can be a very large number so you can go to either extreme of that and a lot of families fit right in the middle. So it really depends on the information that we're getting on the fast and that CSS S profile to be able to kind of give you any kind of a real answer, but I guess the answer is.
But it's 32 is the average but we see a package is going. Either way from that all the way down to nothing, all the way up to to a very large a package.
Clay Myers
06:35:07 PM
More information on Loyola's study abroad school: https://www.loyola.edu/department/international-programs/locations/programs
On the next question is about uhm instituition loyal as a private institution. So we don't have a different differentiation in price between whether you're a Maryland resident or an out of state resident every student would have the same tuition that they would be billed so there wouldn't be uhm. You know any differentiation, depending on where you're coming from.
Jake
06:35:26 PM
Can you get a full ride at Loyola?
Study abroad a question, um regarding does your aid. Follow you, if you go to a study abroad program. If you choose to study abroad, which is normally normally in your junior year. A large percentage of our junior class studies abroad, either for the semester and or for the year if you're studying through a loyal a program then all of your merit and need based aid would go with you with the exception of work study. Obviously, if you're not here, you can't work.
And we usually if a student is only going abroad for one semester semester there. Here they would forfeit the eligibility for work study for that one semester. If you're going through a non loyal a program that's basically being administered through another school, then your federal aid could go with you. But any kind of institutional aid would not I would say the vast majority of students go through Loyola programs so their aid stays intact.
The next question is uhm would it be possible for somebody to get a full ride at Lola and that's a difficult question to ask I mean to answer. Um basically we're looking for need based aid. Uhm we don't make me to 100% of students need were not able to do that. Not very many. Colleges can so the short answer would be probably not, but you know if the student has a
Gabby
06:37:04 PM
Is Loyola need blind?
Combination of maybe merit money as well as need based aid. Uhm you know, we try to get as close as we can to meeting the need the calculated need based on the facts on the profile.
Clay Myers
06:37:42 PM
Gabrielle, Loyola is need-blind for 90-95% of the applicant pool. When making decisions from the wait list, we will take into account financial need.
Emmy
06:37:45 PM
Do my parents 401k savings affect my aid ?
Yeah, again. It we're taking all this into consideration of all the information. We're getting on these applications and all the merit information and try to determine the best? A package possible. We're putting a lot of aid out there. We realized that schools, like Loyola costs. A great deal. I'm sure it keeps you up at night. Understandably and so in order to try to alleviate those those.
Cause uh we're trying to do our best to put a lot of aid out there to to lessen the impact that you'll have moving forward and so that's our goal. We certainly try to read as much as possible and again. It's a combination of the merit and the need based aid that helps us do that, so applying for need based aid is essential. If you want to be considered for anything such as grants and loans also.
Do you know my parents 401K savings affect my um my aid uhm the short answer is the big amount that your parents have in retirement. Uhm you know the 200,000 or 500,000 or whatever. Does not that big lump sum does not affect the overall financial aid package? What would affect it is the amount that they have taken out of their paycheck.
It shows on your W2 inbox 12 uhm that could affect aid. 'cause that's reducing uhm. You know your overall take home pay and it's tax free so if somebody puts in $1000 into the retirement each year or whatever or do you put 24,000 in that kind of thing does get taken into account but again the big lump that they have saved and have been saving for years does not get taken into account.
I think it's important to point out that the single biggest driver when determining need based aid is income. So it's really looking at the information on the 2020 eighteen returns next year as the biggest factor in determining that doesn't mean savings and assets don't matter. But normally it's the income that we're looking at now. If you do if you are a family that has very high assets.
Clay Myers
06:40:08 PM
Are there any additional questions? We can always be reached at admission@loyola.edu for admission-related questions, or financialaid@loyola.edu for financial aid questions.
Those kinds of things, then it certainly can impact, especially when we're looking at the profile results because the fast. It doesn't really look at your asset information, too much. It's it's really the profile, so again income is probably the biggest factor assets number of children in college can make a big difference. If you start with two in college and then go down to one that could decrease in a package and then vice versa. If you start with one child in college and go to 2.
Clay Myers
06:40:32 PM
This recording will also be posted on our website, too.
Your eligibility for need might might increase are there any additional questions that we can answer for anybody.
Um in case you came in late again. We have the slide up here. The will go back to the original one or not. The original but just just to again show you again. The application procedures. FAFSA and the profile or what Loyola is going to ask if you if you want to be considered for need based aid and the dates. We want those are for.
Early action December, 1st and then regular decision February, 1st and what we're doing is aiming to get everybody who met those deadlines. We're going to get you an aid package out by February, 1st for the early action folks and then the other regular decisions will be notified by April, 1st and then we'll go on a rolling basis. From there, so if anybody applied late. We're not going to cut anybody off if you miss the deadline but.
Emmy
06:41:51 PM
Is there more aid provided to those who apply early action ?
We will just be notified later so the timeline basically works now as you're applying for schools now at the same time, you'd want to be filling out the financial aid applications right around the Holidays. You hope to hear from us regarding acceptance and then by February, 1st will get you the a package in the Mail. For those early action folks and then regular decision at the beginning of April and May 1st again is the deadline where.
You're going to have to make a decision on where you going and hopefully it will be here at Leo.
Ana
06:42:31 PM
Is the merit aid on top of need based aid? Or is it applied toward your need?
Uh one more question came in is there any more aid applied to those who apply early action rather than another regular decision and the answer is no uhm we would consider early action students an regular decision. Students UM for the same type of aid and there would be no benefit if you apply early action over regular decision.
Another question here uh is merit aid. Uh added on Top of need or is it considered any gets merit is really considered a resource towards meeting need so we are if for instance, that the The Merit based was a substantial award an it meant the need then most very likely you would not be offered any other kind of need based aid but.
That's not not infinite there. There are possibilities, there in there are there, but I would say that uh?
What we're doing is we're looking at both the mayor and the need I'm sorry both the merit and the need based to try to meet that families need if it makes sense. I think I just confused myself, but.
So we're looking at all the information so again I would I would highly recommend that you file. These applications if you are at all interested in seriously interested in attending Loyola, which we hope you are.
Clay Myers
06:43:59 PM
Thank you for joining us, everyone! I hope you have a great evening, and we look forward to reading your application soon.
And if you think of any questions that UM pop up. You know tomorrow or anytime. Feel free to give us a call or send us an email, UM again. My name is Mary Beth Newburgh and this is my colleague Tom and we went you're welcome if you're on campus to stop in between. My regular business hours, and we'd be happy to adjust any questions. You may have yes and thank you for joining us and and good luck and we hope to see you.
Thank you goodnight goodnight.