The Value of a Loras Education

We partner with every student and family to understand your unique financial needs and strive to offer you the best financial aid package from the outset. A Loras education delivers a strong return on investment.

Loras offers competitive tuition and is committed to making education accessible and affordable. Loras provides a range of financial aid options, including scholarships, grants, work-study, and need-based assistance to help offset tuition costs.

Looking for graduate financial aid?

Types of Aid

The financial aid office combines these four types of aid in proportions that meet the student’s demonstrated financial need. The goal is to create an affordable solution without overburdening you with future debt. Grants and scholarships reduce debt, while loans and work study provide critical access to funding that may be needed in addition to your own contributions from savings, income, and family support.

Money awarded based on criteria like academics, activities, talents, or other traits.

Money that does not need to be repaid, usually based on financial need.

Money borrowed by you or your parents that must be repaid with interest.

Part-time employment while in school allows you to earn money to pay for college expenses.

Scholarships

Scholarships generally don’t need to be repaid. They may come from colleges, private companies, nonprofits, religious groups, etc.

Scholarships are available for all first-year, transfer, and international students. They are determined annually and will be published for the 2023-24 academic year in October 2023.

Work Study

Help ease tuition costs and reduce the amount you may need to borrow for your education. And connect with other students, staff, and faculty while building your resume.

Opportunities are available in areas such as the mailroom, food service, library, and 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.

To qualify, 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.

Grants

Grants can come from the federal and state governments, colleges, or private organizations. Examples are the Pell Grant and grants awarded through the state of Iowa.

The Loras Endowed Grant is based on merit and financial need. This grant is typically renewed each year based on FAFSA results. student financial need and the total of all other Loras College scholarships and grants awarded.

Federal Pell Grant

Eligibility for Federal Pell Grants is determined by the FAFSA. The federal government determines the maximum Pell amount. In 2023, the maximum award amount was $7,395.

Supplemental Educational Opportunity Grants

Federal Supplemental Educational Opportunity Grant (SEOG) funds are awarded to all Pell Grant recipients. The award level is dependent upon individual needs and the level of federal funding. Loras students eligible for SEOG funds may receive up to $750. The priority deadline for this award is March 1.

Iowa Tuition Grant

These grants assist Iowa residents with demonstrated financial need who choose to attend an Iowa private college. Eligibility to receive funds is determined by the completion of the FAFSA by July 1. An Iowa Tuition Grant can be received for a maximum of eight semesters of full-time study. Iowa legislation determines the maximum award. In 2022, the maximum award was $7,500.

In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa College Student Aid Commission has the authority to reduce the award administratively.

While the Iowa Tuition Grant is the largest state grant funded program, there are a number of other Iowa grants available. Learn more about the state grant opportunities in Iowa and how to apply at iowacollegeaid.gov.

Out-of-State Grant

Undergraduate students that reside outside the state of Iowa are eligible for up to $5,000 in an out-of-state grant. Students must complete the FAFSA and have an expected family contribution of $15,000 or less. Students may renew this grant annually if their grade point average remains at 2.0 or above and they continue to meet the initial eligibility criteria.

Federal Direct Loans

Finance your Loras degree with federal student aid and. To qualify, file the FAFSA annually and enroll in at least half-time enrollment (6 credits per term). Federal loans will then be offered as part of your financial aid package. Loras’ school code for the FAFSA is 001873.

These loans allows students to borrow from the federal government at a low interest rate (varies annually) with repayment beginning in one of the following ways:

  • Six months after graduation
  • Withdrawal from the institution
  • Enrollment drops below half-time status

Subsidized Loan

The loan is need-based and is interest free to students while in school. Annual limits of $3,500 for a first-year student (0-27 credits), $4,500 for a sophomore (28-55 credits), and $5,500 for a junior or senior (56+ credits) 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.

Unsubsidized Loan

This loan has the same interest rate as a subsidized loan, but differs in that it will accrue interest while the student is in school, however, the student is not required to make those interest payments. A student’s financial aid may include either loan type or a combination of both. Completion of the FAFSA is required.

Subsidized & Unsubsidized Loans
First disbursed on or after July 1, 2023, and before July 1, 20245.50% Fixed Interest Rate
First disbursed on or after July 1, 2022, and before July 1, 20234.99% Fixed Interest Rate
First disbursed on or after Oct. 1, 20201.057% Origination Fees

Parent PLUS Loan

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

Parent PLUS Loans
First disbursed on or after July 1, 2023, and before July 1, 20248.05% Fixed Interest Rate
First disbursed on or after July 1, 2022, and before July 1, 20237.54% Fixed Interest Rate
First disbursed on or after Oct. 1, 20204.228% Origination Fees

Loan Eligibility & Steps

Entrance Counseling & Master Promissory Note

To complete these two required steps, go to studentaid.gov and hover over the Loans and Grants tab—navigate to Get a Loan – select Master Promissory Note (MPN) and Entrance Counseling.

When prompted, select “I’m an undergraduate student” and log in with your FSA ID to start.

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.


Private Loans

Private student loans can provide financing options when federal loans and other resources don’t fully cover your education costs. These non-federal loans are offered by private lenders like banks and credit unions.

Private loan rates vary between lenders based on your credit and market conditions. Rates are generally higher than federal options. Each lender also sets their own terms and requirements. Qualifying for a private student loan often requires good credit, stable income, and/or a creditworthy cosigner. Approval is not guaranteed. Private loans also lack certain protections and flexible repayment options of federal loans.

Look for companies specializing in student loans and only borrow what is needed so you don’t take on excessive debt. Private student loans can fill in gaps when federal aid is insufficient, but consider them carefully and compare all options. Make sure you understand the rates, fees, and terms before committing.


Iowa Code of Conduct for Educational Loans

Iowa Code Section 261F.2 and Title 34 of the Code of Federal Regulations, Section 601.21, require developing, administering, and enforcing a code of conduct governing educational loan activities.

Verification

This federally mandated process confirms the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA). Approximately one in three students is selected by the Department of Education to complete the verification process.

Verification can include the student, their parent(s), or spouse, if applicable, you are required to provide certain documents to the College for review. If the documentation you provided to Loras does not match what was reported on the FAFSA, the financial planning office must update elements of your FAFSA which can result in changes to your financial aid need-based awarding and eligibility.

Frequently Asked Questions

Q: How do I pay my bill?

A: Students can log in to pay your bill through the Loras College Portal. Parents and authorized users can also make a payment through this portal.

  • Statements are published on the first of each month, beginning in July. All students with an outstanding balance on August 1, are placed in a no-cost four-installment payment plan (Aug, Sept, Oct, Nov) for fall, and (Dec, Jan, Feb, Mar) for spring.

Billing statements will be published online for all registered students:

  • July 1 for fall term
  • December 1 for spring term
  • May 1 for summer term.

Payment of all charges not covered by financial aid or loans is due:

  • August 15 for fall term
  • December 15 for spring term
  • June 15 for summer term

Loras College also allows students the option of paying in four installments per semester.

 

Q: I was 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: Why are my federal loans not showing on my account?

A: The Master Promissory Note and Entrance Counseling needs to be completed for first-time borrowers in order for these loans to be applied to your student account. Complete these online.

Q: Do I need to apply for a Direct Parent PLUS Loan each year?

A: Yes! If you are seeking additional funds through a Parent PLUS Loan, you must apply annually via the PLUS loan application. The PLUS Loan Master Promissory note is only completed at time of initial application.

Q: How do I apply for financial aid?

A: As early as your senior year of high school. To get started, complete the Free Application for Federal Student Aid early your senior year and prior to our March 1 priority deadline.

Q: Where can I find refund information about dropping or withdrawing from the college?

A: See our Refund Policy for students dropping a class or withdrawing.