1 answer
Neha
Student
Hanover Park, Illinois
1
Question
Updated
414 views
How does financial aid work?
Financial aid's a broad term that covers scholarships, loans, etc. I was wondering for example, Loyola gives you a 32k scholarship. Would that be all the money you recieve? Or later in the early spring, they look at whatever FASFA sends over?
#Fall25
Login to comment
1 answer
Michelle M.
Actress
3276
Answers
Updated
Michelle’s Answer
Hello, Neha !
This is a question that definitely needs to be addressed by the on campus Financial Aid office at the college you plan to attend, do you mean Loyola University in Chicago ?
To begin with, you would first apply for Federal Student Financial Aid, also known as the FAFSA Application. In your state of Illinois, when you send in your FAFSA application, you'd be applying for (based on the things you select) grants, Work Study, scholarships and student loans. This application would be used to consider you for your college's scholarships but double check this officially with your college's financial aid office to be sure. Not everyone is selected for every scholarship that they apply for and they're not automatic, so it is always good to apply for the scholarships offered outside of your college, too. Scholarships and grants go through a selection process.
If you are asking about Loyola University in Chicago, the average financial aid offer for freshmen is $23,357, which includes grants and scholarships that do not need to be repaid. Student loans are available and some students do take them out. The high percentage of students that receive financial aid for this college suggests that the university supports students in minimizing debt. If you want loans that you'd have to pay back at the end of your academic enrollment, you can check the Loan option on the application. If you do not want that debt, do not select the Loan option on the application. It will be a good idea to select Work Study and the others.
Work Study is an opportunity to obtain a job on campus and you can most likely get one in your Major department. This will give you great experience, count a lot on your resume, and bring you towards a strong connection with your department professors, staff and the students. Speak with the financial aid officer at your intended college about this. You really won't know exactly how much you personally would be receiving as it is a formula that needs to be calculated and you'll know when you receive a response from your financial aid application. All questions need to be asked at and answered by your specific financial aid office on campus.
Financial aid at Loyola University Chicago is disbursed in multiple installments throughout the academic year rather than as a single lump sum. For undergraduate students, aid typically disburses 1–2 business days after the last day to add or drop a class without penalty. Following disbursements occur every business day, provided it is not a recognized university holiday. The initial disbursement date can be viewed in the student’s Financial Aid Award within the LOCUS system once you are accepted for financial aid. Again, double check this with your financial aid office.
For a general preview of financial aid and how it works at Loyola University in Chicago, see the link below as there are videos on You Tube at their channel. These presentations may be helpful to you, but ultimately, you will have to obtain the information from the Financial Aid office.
I hope this helps and I wish you all the best !
FINANCIAL AID IINFORMATION FOR LOYOLA UNIVERSITY IN CHICAGO [VIDEOS] https://www.youtube.com/results?search_query=How+financial+aid+works+at+Loyola+University+in+Chicago
This is a question that definitely needs to be addressed by the on campus Financial Aid office at the college you plan to attend, do you mean Loyola University in Chicago ?
To begin with, you would first apply for Federal Student Financial Aid, also known as the FAFSA Application. In your state of Illinois, when you send in your FAFSA application, you'd be applying for (based on the things you select) grants, Work Study, scholarships and student loans. This application would be used to consider you for your college's scholarships but double check this officially with your college's financial aid office to be sure. Not everyone is selected for every scholarship that they apply for and they're not automatic, so it is always good to apply for the scholarships offered outside of your college, too. Scholarships and grants go through a selection process.
If you are asking about Loyola University in Chicago, the average financial aid offer for freshmen is $23,357, which includes grants and scholarships that do not need to be repaid. Student loans are available and some students do take them out. The high percentage of students that receive financial aid for this college suggests that the university supports students in minimizing debt. If you want loans that you'd have to pay back at the end of your academic enrollment, you can check the Loan option on the application. If you do not want that debt, do not select the Loan option on the application. It will be a good idea to select Work Study and the others.
Work Study is an opportunity to obtain a job on campus and you can most likely get one in your Major department. This will give you great experience, count a lot on your resume, and bring you towards a strong connection with your department professors, staff and the students. Speak with the financial aid officer at your intended college about this. You really won't know exactly how much you personally would be receiving as it is a formula that needs to be calculated and you'll know when you receive a response from your financial aid application. All questions need to be asked at and answered by your specific financial aid office on campus.
Financial aid at Loyola University Chicago is disbursed in multiple installments throughout the academic year rather than as a single lump sum. For undergraduate students, aid typically disburses 1–2 business days after the last day to add or drop a class without penalty. Following disbursements occur every business day, provided it is not a recognized university holiday. The initial disbursement date can be viewed in the student’s Financial Aid Award within the LOCUS system once you are accepted for financial aid. Again, double check this with your financial aid office.
For a general preview of financial aid and how it works at Loyola University in Chicago, see the link below as there are videos on You Tube at their channel. These presentations may be helpful to you, but ultimately, you will have to obtain the information from the Financial Aid office.
I hope this helps and I wish you all the best !
Michelle recommends the following next steps: