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 Department of Education 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, 2024 | 5.50% Fixed Interest Rate |
| First disbursed on or after July 1, 2022, and before July 1, 2023 | 4.99% Fixed Interest Rate |
| First disbursed on or after Oct. 1, 2020 | 1.057% 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, 2024 | 8.05% Fixed Interest Rate |
| First disbursed on or after July 1, 2022, and before July 1, 2023 | 7.54% Fixed Interest Rate |
| First disbursed on or after Oct. 1, 2020 | 4.228% Origination Fees |
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
FORMS
Get in Touch
Office of Financial Planning
financial.planning@loras.edu
563.588.7136