Financial Aid

Accessing your Loras education

We believe so strongly in the value of a Loras College education that we are committed to supporting all eligible students with access to a Loras education. We take pride in partnering with students and their families to fully understand their unique financial needs. We strive to meet as much of a student’s financial need as we can by offering the very best financial aid package from the outset.

Financial Aid Resources
Tuition and Fees

At Loras College, financial access to education is one of our defining values. We are committed to helping all of our students make their degree affordable.  We partner with every student and family to understand their unique financial needs.

If you have questions about the tuition and fees listed below, please feel free to contact us at financial.planning@loras.edu or 800.245.6727 ext. 7136.

2019-2020
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Guide to applying for financial aid

1. Apply for admission to Loras College.
Financial assistance cannot be offered until a student has been accepted to Loras College.

2. Apply for financial assistance at Loras College before March 1.

3. Complete the Free Application for Federal Student Aid (FAFSA), available online at www.fafsa.ed.gov after the first of October, using income information from two years prior to the academic year for which the aid is intended (Prior-Prior Year), rather than the previous year. The Loras College Federal School Code is 001873.

4. Communicate your specific situation to our office. Financial need is determined by the federal government through the FAFSA. Tell us if your FAFSA results do not reflect your current circumstances.

5. Financial assistance letters are sent via U.S. mail. Student loans may be obtained through federal or private sources. Student loans are based on financial need or merit, and they must be repaid. All federal student loans require the student to complete the FAFSA (Free Application for Federal Student Aid).

Student loans

Student loans, through federal or private sources, are repaid and may be obtained based on need or merit consideration. All federal student loans require a Free Application for Federal Student Aid (FAFSA) to be filed.

Federal Direct Subsidized Loan
This loan allows students to borrow from the federal government at a low interest rate (varies annually) with repayment beginning in one of the following situations:
– six months after graduation
– withdrawal from the institution
– if enrollment drops below half-time status
The loan is need-based and is interest free to students while in school. Annual limits of $3,500 for a first-year student, $4,500 for a sophomore, and $5,500 for a junior or senior are imposed. Independent and graduate students have higher annual loan limits; all loans have an aggregate limit and require completion of the FAFSA. Students are not required to borrow a Federal Direct Loan.

Federal Direct Unsubsidized Loan
This loan follows the same guidelines as the Subsidized Direct Loan, except that it is not based on financial need, and the student is responsible for the interest while in school. A student’s financial aid may include either loan type or a combination of both. Completion of the FAFSA is required.

Note: Direct Loan Entrance Counseling
The federal government requires that students complete a student loan entrance counseling session prior to obtaining a Federal Direct Loan. To complete the counseling, visit the Federal Direct Loan website. The session prepares students for proper management of their student loan with true/false questions. The Office of Financial Planning receives confirmation that it has been completed.

Parent PLUS loans
Parent PLUS loans are available to parents of dependent students to help pay for education expenses. If you are interested in borrowing a Parent PLUS loan, visit the Federal Direct Loan website. Studentloans.gov

Private Loans

Private education loan programs are available to help families cover remaining college costs after financial aid has been applied. If your goal is to minimize student loans, exhaust all other options before deciding on the amount to finance through a private loan. These options include FAFSA, Loras College’s no-interest payment plan, family and student savings, summer work earnings, work study on campus and outside scholarships. Our admissions and financial aid office can help you make use of these strategies in creative ways to reduce your reliance on loans. Loras College will not certify a private education loan on your behalf until you have exhausted your federal and state aid options because these free and low interest options should be used first.

Federal law mandates that we disclose the maximum amounts of federal grant and loan assistance available to you. Maximum eligibility for federal financial aid is based on the results of the FAFSA and is outlined in each student’s award letter. The maximum available grants and loans are listed below:

Federal Pell Grant $6,095
Federal SEOG Grant $4,000 (Maximum award at Loras College is typically $500) to allow more students access to limited funding.
Federal TEACH Grant $4,000
Federal Direct Loan $5,500 Freshmen, $6,500 Sophomores, $7,500 Juniors/Seniors, $20,500 Graduate Students. Independent students can receive an additional $4,000 as Freshmen and Sophomores, and $5,000 as Juniors and Seniors.

After you have worked through the options above, if you are ready to request a private loan, you may click either of the links below to begin shopping. Additionally – we have compiled a list of frequently asked questions that may help guide you in your next steps: Some Questions to Consider Before Selecting a Private Loan

Preferred Lender Disclosures
The link to FastChoice (see link below) will direct you to our preferred private loan lenders. We have created this list to help simplify your search for a private loan by looking at the prevalence of use within our student body, the associated fees and interest rate ranges of the loans, and the general serve our students seem to receive when they have a loan through these organizations. The lenders on this list are all separate companies and students and parents can apply for and borrow from any company, even if they are not on this list.

When you are ready to apply for a private loan and if you would like to use our preferred lender list, please begin by clicking one of the links below to get started. Additionally – we have compiled a list of frequently asked questions that may help guide you in your next steps: Some Questions to Consider Before Selecting a Private Loan

FASTChoice – Undergraduate Student loan comparison tool: this option is for students who are working on completing their first four year college degree, or who are completing the post-baccalaureate medical program.

Parent Loan comparison tool: this option is for parents of students who are completing their first four year college degree.

Graduate Student Loan Shopping: if you believe you will need a private loan to finance your Loras College graduate program

If you have any additional questions regarding private education loans, please contact the Office of Financial Planning at financial.planning@loras.edu or 563.588.7136.

Student employment

Are you looking for additional ways to ease tuition costs and reduce the amount that you might have to borrow for your education, connect with other students, staff and faculty on campus, and build your resume with valuable skills and references? Consider work study and student employment at Loras!

Opportunities are available to students in areas such as food service, the mailroom, the library or academic and professional departments. After your first year, you can even explore off-campus work study options that give you a chance to connect to the community and build your resume even further.

Federal Work Study funding is utilized for students who file the FAFSA and demonstrate financial need. Students must be enrolled and in good standing for at least half time status to be eligible for on-campus employment.

Frequently asked questions


Federal Aid and Verification
Q: I received notice that I am selected for verification, what does this mean?
A: The Federal Aid Processor selects around 30% of FAFSA filers for verification. This means you must submit the required documents to the school to check the accuracy of the FAFSA information.

Q: How can I expedite the verification process?
A: Utilizing the FAFSA-IRS Data Retrieval Tool when completing or correcting the FAFSA or request Tax Return Transcripts as soon as notified. Make sure to submit all requested documents as soon as possible to avoid delays in receiving your financial aid award letter.

Q: My financial aid award letter has been signed and returned. Why are my Direct Loans not showing on my account?
A: The Master Promissory Note and Entrance Counseling need to be completed for first time borrowers in order for these loans to be applied to your student account. Go to www.studentloans.gov to complete these online.

Q: Do I need to apply for a Direct PLUS Loan each year?
A: Yes! Parent(s) must complete a PLUS loan application annually at www.studentloans.gov. The PLUS Loan Master Promissory note is only completed at time of initial application.

Loras College Financial Aid Policies
Q: How do I pay my bill?
A: Students can log in to pay their bill through the Loras College Portal. Parents and authorized users can make a payment at https://commerce.cashnet.com/loraspay.
Monthly statements are published on or around the 1st of each month and the monthly payment is due by the 15th of that same month. Billing statements will be published online for all registered students on July 1 for the fall term, on December 1 for the spring term, and on May 1 for the summer term. Payment of all charges not covered by financial aid or loans is due by August 15 for the fall semester, December 15 for the spring semester, and June 15 for the summer term. Loras College also allows students the option of paying in four installments per semester. Open our Payment & Billing Procedures Brochure for additional information on paying your bill.

Loras College Award Packages
Q: How do I apply for Financial Aid?
A: Your application for admission serves as the application for most Loras scholarships and awards based on academic achievement, not financial need. For need based aid you should complete the Free Application for Federal Student Aid (FAFSA) as soon after the 1st of October of your senior year and prior to our March 1st priority deadline.

Q: How will I know what my financial aid award is for the upcoming school year?
A: Incoming students receive award letters in the mail but all returning students are able to view their current financial aid awards online. Returning students will receive an email when their financial aid award is ready to view on IQ.

Other
Q: What other loan options are there if I still need to cover my balance after all Federal Direct Student Loans have been applied?
A: There are a variety of private loan options available as well as the Federal Direct Parent PLUS loan, contact us for details.

Q: Do you have any of your financial aid forms online?
A: Yes, we do have some of our Financial Aid Forms online.

Important Forms

Refund Policy for Students Dropping a Class or Withdrawing from Loras College:
A student who has preregistered for or is attending classes but decides not to attend Loras College must inform the Retention Coordinator, room 542 Alumni Campus Center, in writing of the change in plans. Students are liable for ALL charges until official notice is received. If a student leaves the College for any reason, the student account becomes due immediately. If a student has an outstanding balance on the student account, the account is coded as delinquent. Accounts in delinquent status are subject to a 1% (12% annually) delinquency charge on the outstanding balance each month until the account is paid in full.

According to the federal refund policy, the student’s official withdrawal date determines the formula used to calculate the percentage of earned aid/charges. Institutional charges are adjusted through the 4th week of classes. Withdrawals after the 4th week of class do not receive a refund. Financial aid is adjusted until the student has passed the 60% point in the semester. After this date, no adjustment will be made for students who withdraw from all classes.

Institutional charges include tuition, room, board, technology, and course fees, if any. Further information is available upon request from the Office of Financial Planning, 100 Keane Hall.

  • Dropping a class: After the 20th day of class, financial aid will not be adjusted when a student drops a class. Classes dropped prior to this date will be adjusted on the same percentage basis as is used for students who withdraw from all classes.
  • Room and Board adjustments: Students who move in, but withdraw from school on or before the first day of class, will be charged 5% of the cost of room and board. Students who are still enrolled but are allowed to move off campus or drop a meal plan will have charges adjusted on the same percentage basis as is used for students withdrawing from school. If a student terminates a housing contract after taking residence, the student is responsible for buying out the remainder of the contract at 50% of remaining costs. This does not apply to first year students. Students leasing houses or apartments will be bound by the terms of their lease so the refund schedule is not applicable.

Iowa Code of Conduct for Educational Loans Summary
Iowa Code Section 261F.2 and Title 34 of the Code of Federal Regulations, Section 601.21, require the development, administration, and enforcement of a code of conduct governing educational loan activities. Our officers, employees, trustees and agents, including the alumni association, booster club, and other organizations associated with Loras College, agree to the provisions of this Code of Conduct and will refrain from:

  • Refusing to certify or delaying the certification of an education loan based on a borrower’s choice of lender.
  • Assigning a first-time borrower to a particular private education loan lender through the student’s financial aid award or another means.
  • Packaging a private education loan in a student’s financial aid award, except when the student is ineligible for other financial aid, has exhausted his or her federal student aid eligibility, has not filed a Free Application for Federal Student Aid, or refuses to apply for a federal student loan.
  • Accepting impermissible gifts, goods, or services from a lender, lender servicer, or guarantor.  The institution may accept default prevention, financial literacy, or student aid-related educational services or materials, or other items of a nominal value.
  • Accepting philanthropic contributions from a lender, lender servicer, or guarantor that are related to the educational loans provided by the entity that is making the contribution.
  • Serving on or otherwise participating as a member of an advisory council for a lender, lender affiliate, or lender servicer.
  • Accepting from a lender or its affiliate any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide education loan-related services to or on behalf of the lender.
  • Accepting fees or other benefits in exchange for endorsing a lender or the lender’s loan products.
  • Requesting or accepting an offer of funds for private education loans from a lender, in exchange for our promise to provide the lender with placement on a preferred lender list, or a certain number of volume of private education loans.

This institution is committed to providing the information and resources necessary to help every student achieve educational success.  To accomplish this goal the financial aid staff will consider each student’s individual needs.

A comprehensive Code of Conduct detailing permissible and impermissible activities has been provided to all of our officers, employees, and agents.  You may review the detailed Code of Conduct on our website at myweb.loras.edu/Loras/PDF/CodeOfConduct.pdf.

Straight Talk from a Duhawk

Living on campus has given me an abundance of opportunities beyond the classroom through internships, organizations, and experiences that I wouldn’t get at a larger school. I’m a much more well-read and well-rounded individual because of the benefits from a liberal arts education. Small class sizes have helped me thrive academically at Loras, while the dedication of my professors has helped me develop academically and professionally to prepare for life after graduation.

Stephanie LaGrant (’16) (Delhi, Iowa)

Straight Talk from a Duhawk

"Living on campus has
given me an abundance
of opportunities."

Meet Stephanie (’16)

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