All students who demonstrate financial aid eligibility based on financial need are expected to meet their first level of need by borrowing through federal and institutional subsidized student loan programs. Students who do not demonstrate need based on either the Federal Methodology or Institutional Methodology need analysis formulas may consider borrowing funds through the unsubsidized versions of the federal and institutional loan programs. Interest begins to accrue immediately after the first disbursement on unsubsidized student loans. This loan program is unsubsidized and not need-based. Interest does not accrue to the borrower, nor does repayment begin on subsidized Direct Stafford Loans until six months after termination of college enrollment on at least a half-time basis.
Interest accrued during in-school and the grace period is paid by the federal government.
The standard repayment period is up to ten years. Students must complete a separate Direct Stafford Loan master promissory note to borrow funds through this program. Based on Loyola College's federal funding level for this program. Perkins Loans are not available for the third or fourth years of undergraduate study. Interest does not accrue to the borrower, nor does repayment begin on Perkins Loans until nine months after termination of college enrollment on at least a half-time basis.