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.
William D. Ford Direct Unsubsidized 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 William D. Ford Direct Unsubsidized Loans must complete the Free Application for Federal Student Aid (FAFSA) and submit the Federal Direct 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 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 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/hr/student-employment/graduate-assistantships.
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
Title 38 Policy
Loyola University Maryland complies with section 3679 (e) of title 38, United States Code, regarding students using Vocational Rehabilitation and Employment (Chapter 31) or Post-9/11 GI Bill® (Chapter 33) education benefits. These students are referred to in Loyola University Maryland policy as covered students.
Covered students are permitted to attend or participate in the course of education during the period beginning on the date on which the student provides a Certificate of Eligibility or Statement of Benefits obtained from the Department of Veterans Affairs (VA), or VAF 28-1905, and ending on the earlier of the following dates:
The date on which payment from VA is made to the institution.
90 days after the date the institution certified tuition and fees following the receipt of the Certificate of Eligibility.
Loyola University Maryland does not impose any penalty upon covered students because of the individual's inability to meet financial obligations to the institution due to delayed disbursement of funding from VA under Chapter 31 or 33. Specifically, there will be no assessment of late fees, denial of access to classes, libraries, or other institutional facilities, or requirement that a covered individual borrow additional funds for covered students during the period detailed above.
United States Code Section 3679 (e) is located on the U.S. House of Representatives' Office of Law Revision Counsel United States Code website at: https://uscode.house.gov/view.xhtml?req=(title:38%20section:3679%20edition:prelim)
GI Bill® is a registered trademark of the US. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official US. government Website at https://www.benefits.va.gov/gibill.
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