The Perkins Loan is a need-based award. Students are not charged interest nor are they required to begin repayment until 9 months after ceasing to be enrolled on an at least half-time basis. Students are not charged interest nor are they required to begin repayment until 6 months after ceasing to be enrolled on an at least half-time basis. Although students are not required to repay this loan until 6 months after ceasing to be enrolled on an at least half-time bases, interest is charged on the loan. Private Educational Loans Loyola participates in a number of loan programs offered by private lenders.
Most loans have an annual limit of the total cost of education less other aid received.
Loan terms and qualifying criteria vary from lender to lender. Because private loans are backed by private companies instead of the federal government, they are more expensive to borrow and should only be considered after all other resources have been exhausted. Applicants are encouraged to review their own credit report prior to applying for private loans. In addition, students are encourage to review their personal expenditures and do some financial planning prior to entering law school.