California Annual Loan Summary Notification

Beginning in the 2018-2019 academic year, state law requires that colleges and universities in the State of California send a notification to each student each year that includes all information currently available to the university about the student’s federal, institutional, and private educational loans, as well as estimated payment information.

You are in the best position to know what you owe. Consider the notification as a reminder to review your education loans and borrow only what you need for the upcoming year. Below are frequently asked questions, as well as other information on loan repayment and budgeting resources.

  • Why did I receive an email from the Financial Aid Office?

    Students who had any federal, institutional, or private student loan(s) while in attendance at LMU received the California Annual Loan Summary Notification.

  • Why did my student receive this email and not a parent or family member?

    Students with federal, institutional, or private loan(s) listed in their name and social security number are responsible for loan repayment. FERPA regulations also require all student loan information to be communicated directly to the student, regardless of individual family loan repayment arrangements.

  • When is LMU required to send this information?

    Students are required to have a notification beginning in the 2018-2019 academic year. Subsequent notification will be delivered via email to the student annually.

  • I think the estimated payment information on my loan(s) is wrong. What should I do?

    LMU bases its information on our loan records, and may not provide complete or exact information. Please note this notification provides you with an estimate of your loans and there is no need to contact us if the amounts above are not exact.

  • How did you calculate the interest rate and repayment timeline?

    The estimated monthly payment is based on a standard, 10-year repayment term — 120 payments —and an average interest rate of 4.95% for undergraduate students, and 5.62% for graduate and professional students. The average interest rate is calculated using 5 years of federal, private, and LMU Institutional loan interest rate data. Student loan interest rates vary based on the type of loan and when you borrowed. Be sure to check with your loan servicer for specific monthly payment and interest rate information.

  • When can I make payments on my loan(s)?

    Payments before formal repayment can be made at any point with no penalty. These payments may reduce principal and/or interest accrued on your loan(s). Under these circumstances, students may see a “pre-payment” or “refund” terminology on their loan servicer’s account. For more information, please contact your loan servicer.

    Loan repayment must begin six months after you are no longer enrolled, enrolled less than half-time, intend to graduate, or graduated from Loyola Marymount University or Loyola Law School.

  • Who is my loan servicer?

    Loan servicers are companies contracted by the U.S. Department of Education. All federal student loans have a loan servicer. Students may find who their loan servicer is by logging in to StudentLoans.gov. Once logged in, under “My Home Page” on the bottom right-hand side, your loan servicer’s name and contact information is displayed.

  • Where can I find more information?

    The links provided below will help you access your most current loan information and other repayment and budgeting resources.

     

    Federal Student Aid

    View this website for additional information on all forms of federal student aid while in school and loan repayment options post-graduation.

     

    StudentLoans.gov

    Sign in with your FSA ID to see your federal loan servicer and repayment plan options.

     

    National Student Loan Data System (NSLDS)

    Sign in with your FSA ID to see your entire federal loan history and federal loan interest rate(s).

     

    Private Loans

    Contact your private loan servicer(s) for monthly payment, interest rate information, and repayment plan options.

     

    Heartland/ECSI

    Sign in here to view information about Perkins Loans certified at LMU. Additional resources on login materials and managing your loan is available from LMU’s Institutional Loan Office.