1. Understanding Your
Aid
Loyola University Chicago
School of Law

2. Overview
• What is Financial Aid?
• Completing the FAFSA
• Federal Loans
• Scholarships
• Expected Costs
• Budgeting & Planning
• Q &A

3. What Is Financial Aid?
• Financial Aid is any form of
financial assistance including:
Federal Direct Unsubsidized loan
Federal Direct Grad PLUS loan
Scholarships & Grants

4. Completing the FAFSA
• 2013-2014 FAFSA at fafsa.gov
• Register for a PIN #
• Utilize the 2012 IRS 1040 and
W-2’s
• Provide only the law student’s
information
• LUC School Code 001710

5. Federal Loans
• Federal Direct Loan • Federal Grad PLUS
• Unsubsidized • 7.9% Fixed
• 6.8 % Fixed Interest Rate
Interest Rate • 6 Month Grace
• 6 Month Grace Period
Period • Minimal
• 5 Repayment Qualification
Options Requirements
• 5 Repayment
Options

6. Scholarships & Grants
• More than 80% of Incoming 1Ls
• Merit Scholarships
• LUC Law Grants
• Outside Scholarships

7. Direct Loan Program
• Complete MPN on studentloans.gov
• Complete Loan Entrance
Counseling
• Funds Arrive Prior to Start of Class

8. Expected Costs
2012-2013 Cost of Attendance Budget
Full-time JD Part-time JD
Tuition $39,850 $29,990
Fees $718 $718
CTA Pass $216 $216
Books $1,500 $1,300
Room & Board $13,950 $13,950
Health Insurance $1,700 $1,700
Transportation $584 $584
Personal
$3,000 $3,000
Expenses
TOTAL $61,518 $51,458

9. Budgeting & Planning
• Annualcreditreport.com
• Assessing Your Resources
• Determine Total Cost of Education
• Responsible Cost of Living Expenses
• Additional Costs for Summer Courses, Study
Abroad, Unpaid Internship?
• Expected Salary After Graduation
• Paying Off Your Debt
• finaid.org/calculators

10. Q &A