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2008 - 2009 Financial Aid Response Form

Please read the entire form, complete and click on the submit button to inform the Office of Scholarships and Financial Aid.

First Name *
Middle Initial
Last Name *
Social Security # *
Email Address
I understand that when I sign and return this form, I will be accepting the financial aid award offered by Loyola University New Orleans. I would like to reject the following parts of my financial aid:

I understand that this financial aid offer is subject to the conditions listed in this packet and online at https://lorasec.loyno.edu/. I understand that I am responsible for submitting all requested documentation to the Office of Scholarships and Financial Aid in a timely manner. I understand that my award is not final until all documents have been received and reviewed by a financial aid counselor.
I understand that I must make satisfactory academic progress towards completing my degree in order to receive financial aid in subsequent academic years. Loyola University New Orleans’ satisfactory academic progress policy is posted at www.law.loyno.edu/admissions/financialaid.htm.
I understand that I must reapply for financial aid every year by completing the FAFSA at www.fafsa.ed.gov.
If my financial aid award includes loans, I understand that loans are serious legal obligations that must be repaid according to the terms of my promissory note.
If my award includes a Federal Stafford Loan, I have completed the certification below.
I understand that I must disclose any assistance I will receive from other programs, such as private scholarships, grants, veteran’s benefits, tuition remissions and employer tuition payments, etc. Use the . space below to report the source and annual amount of the aid from other programs:

I authorize Loyola University to use scholarship, grant and student loan funds to pay my obligations that are charged to my Loyola tuition account. Such charges can include tuition, fees, residence hall charges, meals, books, parking fees, fines and minor debts (less that $200) to Loyola from prior terms.
Certification:
I declare under penalty of perjury under the laws of the United States that the information I have given and the certifications I have made are true and correct. I understand that anyone who knowingly makes false statement in connection with applying for financial assistance is subject to penalties as prescribed under the United States Criminal Code.
Applicant Signature *
Date


The Federal Stafford Loan Program
Federal Stafford Loans are government sponsored low-interest loans available to students through a private lender such as a bank, credit union or savings and loan association. For loans disbursed prior to July 1, 2006, the interest rate is an annual variable rate. For all UNSUBSIDIZED Stafford Loans with first disbursements on or after July 1, 2006, the interest rate is fixed at 6.80 percent. The interest rate for SUBSIDIZED Stafford Loan is tied to whether a student is pursuing an undergraduate degree OR is enrolled in a graduate or professional program. For GRADUATE and PROFESSIONAL STUDENTS: The interest rate is fixed at 6.80 percent for any loan with a first disbursement on or after July 1, 2006.

The federal government pays the interest accruing on a Subsidized Federal Stafford Loan while the student is enrolled at least half time. Under the subsidized program, repayment begins six months after your last enrollment on at least a half-time basis. Under the unsubsidized program, interest accrual begins at disbursement and may be capitalized (added to the principal). Repayment of principal and interest begins six months after your last enrollment on at least a half-time basis.

Your financial aid award letter may include an assumed Stafford Loan. You do not have to accept this part of your aid award. However, you will not receive additional scholarship or grant aid because you choose to reject the loan.

Students Can Choose to Utilize Any Lender
While we have established a streamlined electronic loan process with a number of reputable lenders; you are free to utilize any lender that participates in the Federal Stafford Loan Program and Federal Grad Plus Loan Program. We have worked with a number of lenders to develop an electronic, streamlined process to simplify the application and disbursement process.

We want all our students to be informed consumers. We would encourage all first-time borrowers to review the participating lender at their website before choosing your lender.

Tips for Choosing a Lender (from the U.S. Department of Education)
You should compare the following aspects of lender services when deciding which lender to choose:

  • Ability of lender to service all you loans.
  • Interest rates and terms: Although these are very similar for the federal loan programs, some lenders do offer better terms or discounts.
  • Loan application processes: Can you apply online? Is instant loan approval offered?
  • Repayment plans: some are simple, others complex.
  • Benefits for borrowers who pay on time or make loan payments electronically.
  • Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?

Participating Lenders

Loan Processing Options (Please check one)

I will not be borrowing any funds under the Federal Stafford Loan Program for the 2008-2009 academic year.
I would like to borrow Federal Stafford Loan funds utilizing the streamlined application process. Please process my loan application with the (name of lender):
I will utilize another lender for my Stafford Loan. I understand I must submit a Federal Stafford Loan Master Promissory Note along with my lender’s complete mailing address to the Office of Scholarships and Financial Aid.

Entrance Counseling
Students who are borrowing for the first time under the Federal Stafford Loan Program at Loyola University must complete an Entrance Counseling session before funds can be disbursed to their accounts. Students can also fulfill this requirement online at www.mappingyourfuture.org/GRADUATE.

Updated August 14, 2008