2020-2021 Graduate Academic Catalogue 
    
    Dec 01, 2020  
2020-2021 Graduate Academic Catalogue

Financial Aid


 

Federal Student Loan Programs

The U.S. Department of Education's federal student loan program is the William D. Ford Federal Direct Loan  Program.  Under this program, the U.S. Department of Education is your lender.

Federal Direct Unsubsidized Stafford Loan
https://www.loyola.edu/department/financial-aid/graduate/programs/loans

Federal Direct Graduate PLUS Loan
https://www.loyola.edu/department/financial-aid/graduate/programs/loans

Application Procedures

All new and renewal applicants for Federal Direct Unsubsidized Stafford Loans must complete the Free Application for Federal Student Aid (FAFSA) and submit the Federal Direct Stafford Student Loan Information Sheet. In some cases, additional documentation may be required. Students will be notified via their Loyola e-mail account if additional documentation is needed to complete their application.

All application materials for a Federal Direct Unsubsidized Stafford Loan must be completed and received by the Financial Aid Office four weeks prior to registration to ensure the loan proceeds are available for payment of University charges. Late applicants must pay all tuition and fee charges when registering for courses. Students will be reimbursed by the University upon receipt of the loan proceeds.

Student Loan Processing Deadline

The proceeds of student loans (federal and private) must be disbursed to Loyola University Maryland and credited to a student's account no later than May 1. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed at least two weeks prior to the May 1 processing deadline.

TEACH Grant Program

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides up to $4,000 per year in non-need-based grants for graduate and undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low income families. Students may receive up to $16,000 for undergraduate study and up to $8,000 for graduate study. Part-time students are eligible, but the maximum grant will be reduced.

In exchange for TEACH Grant assistance, recipients must agree to serve as a highly-qualified, full-time teacher in a high-need subject area for at least four years at a school serving low income students. Current legislation has identified the following as meeting the definition of a high-need subject area for the TEACH Grant Program: bilingual education and English language acquisition, foreign language, mathematics, reading specialist, science, and special education. Failure to complete the teaching obligation will cause the TEACH Grant to be permanently converted to a Direct Unsubsidized Stafford Loan with interest accrued from the date the grant funds were first disbursed. Once a grant is converted to a loan, it cannot be converted back to a grant.

To learn more about the TEACH Grant Program, visit https://studentaid.ed.gov/sa/types/grants-scholarships/teach

Graduate Assistantships

Graduate assistants provide research, instructional, and administrative support to Loyola's faculty and administration. Most spend between seven and 15 hours per week in their assistantship or fellowship role and devote the remainder of their time to their academic pursuits. This combination of service, study, research, and teaching (when applicable) constitutes a full-time commitment. Assistantships and fellowships are competitive positions that are highly sought after. They present a rewarding opportunity for students to participate in a vibrant academic community.

Loyola offers a number of assistantships to new and continuing graduate students in a wide range of professional areas. Each opportunity provides a stipend (paid biweekly) and a scholarship which is applied at the start of the assistantship contract. This combination of stipend and scholarship is typically split 50/50 to provide students with the greatest pretax benefit.

Only those graduate students who are in a degree-seeking program are eligible to apply for a graduate assistantship. Assistantships become available at the end of the current term as students holding positions complete their academic programs. Candidates interested in submitting an application for consideration are encouraged to contact the sponsoring department. For a full listing of positions, descriptions and availability, visit www.loyola.edu/department/graduateassistantships/positions.

State Programs

The Maryland Higher Education Commission (MHEC) has a variety of financial aid programs in the form of grants, scholarships and other awards to assist students in paying for a college degree. A complete list of programs and application requirements is available on the MHEC site,  https://mhec.maryland.gov/preparing/Pages/FinancialAid/index.aspx.

Financial Aid Policies

Policies governing the awarding and disbursement of aid are as follows:

Code of Conduct

Satisfactory Academic Progress