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Financial Aid > Graduate Students > Types of Available Aid

Types of Available Aid

In this section

LMU is committed to providing students access to quality student loans and participates in the Federal Direct Student Loan Program provided by the U.S. Department of Education. There are a variety of loans available to qualified graduate, professional, and law students.

Because loans must be repaid, it is important that students understand the terms and conditions associated with each loan program before deciding to borrow. Federal loans require students to complete Entrance Loan Counseling, and a Master Promissory Note (MPN) prior to receiving loan funds.

Remember to never borrow more than you need, and to carefully review all documents that you receive from your lender, especially the disclosure statement that you will receive after your loan payments disburse.

  • Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
     
    To apply for a Federal Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA) form. To be eligible, you must be a U.S. citizen or permanent resident, be enrolled at least half-time, be enrolled in an eligible program, and maintain satisfactory academic progress. 

    Eligibility Requirements

    You must be enrolled at least half-time in a graduate or professional program (for example, a program that leads to a Master’s Degree or to a law or medical degree) at a school that participates in the William D. Ford Federal Direct Loan (Direct Loan) Program, and must meet all of the other general eligibility requirements for the Federal Student Aid programs. In addition, you must not have an adverse credit history (a credit check will be done).

    Below are the minimum number of units that you must be enrolled in to be eligible for Federal loan disbursement.

     Program

    1/2 TIME
    Graduate Degree  3
    Doctoral (not in dissertation) 3
    Doctoral (in dissertation) 2
    Non-Degree Credentials  6
    Postbac Premedical Program 6
    Non-degree  not eligible 

     

    Annual Federal Loan Limits

    Based on the academic level and federal dependency status, students may borrow up to the amounts listed in the table below on an annual basis. 

    Non-Degree Credential and Post-Baccalaureate Pre-Medical students may be eligible to receive a Direct Subsidized loan based on dependency. 

    program of studyFederal Direct Loans
    Non-Degree Credential & Postbac Pre-medical up to $12,500 (subsidized/unsubsidized) 
    Graduate Degree $20,500 (unsubsidized)
    Doctoral  $20,500 (unsubsidized)
    Law  $20,500 (unsubsidized)

       

    Aggregate Federal Loan Limits

    Based on the academic level and federal dependency status, students may borrow up to the amounts listed in the table below for their entire academic careers.

    dependency and program of studyDirect subsidizedMaximum direct subsidized and unsubsidized
    Postbac and Non-Degree Credential $23,000 $31,000
    Postbac and Non-Degree Credential $23,000 $57,500
    Graduate students $0 $138,500
    Law students $0 $138,500


    Interest Rates and Loan Fees

    The Bipartisan Student Loan Certainty Act of 2013 sets the annual interest rate on Direct Unsubsidized Loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%. As a result, rates are expected to change annually. Students that borrow the Direct Unsubsidized Loan over multiple years will have a set of fixed-rate loans, each with a different interest rate.

    • The interest rate is fixed at 5.28% for the 2021-2022 academic year and for loans disbursed after July 1, 2021.
    • The origination fee is 1.057% (deducted from loan proceeds) for loans disbursed on or after October 1, 2020, but before October 1, 2022.
    • Origination fees change annually based on the U.S. 10-year Treasury bill.
    • Students accrue interest while in school but are not required to make payments until six months after graduating or dropping below half-time status.

     

    Next Steps after Accepting my Loan Offer

    After accepting your Federal Direct Loan(s) in PROWL, you must complete the following requirements through Federal Student Aid: 

    • Entrance Counseling-For first-time borrowers only
    • Master Promissory Note-Master Promissory Note (MPN) for Graduate/Professional Students (Please note that if you accept the Federal Direct Unsubsidized and Graduate PLUS Loan, you are required to complete an MPN for each loan) 

    * * You may find the MPN under the “Checklist” or “Complete Aid Process” sections of your Account Dashboard 

    We will report information about your loan to nationwide consumer reporting agencies (credit bureaus) and the National Student Loan Data System (NSLDS) on a regular basis.  This information will include the disbursement dates, amount, and repayment status of your loan (for example, whether you are current or delinquent in making payments).  If you default on a loan, we will report this to nationwide consumer reporting agencies.  Your loan will be identified as an education loan.  Schools may access information in NSLDS for specific purposes that we authorize.

    Receipt of Loan Funds

    When all loan requirements are complete, funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account in two even disbursements. The first disbursement in the fall semester and the second disbursement in the spring semester.  

    Repayment

    Repayment on this loan will begin after your grace period, 6 months after you graduate or cease to be enrolled at least half-time. You have 10 years to pay the loan back. Various repayment options are available and the loan period can be extended, if needed via consolidation. There is no prepayment penalty, so you can pay the loan earlier if you wish.

  • The U.S. Department of Education administers a loan program for students called the Federal Direct Graduate PLUS Loan. Graduate, professional, and law students in an eligible master’s degree or doctoral program can borrow a Direct PLUS Loan to help pay education expenses if enrolled at least half-time. The student must be creditworthy.

    Eligibility Requirements

    You must be enrolled at least half-time in a graduate or professional program (for example, a program that leads to a Master’s Degree or law or medical degree) at a school that participates in the William D. Ford Federal Direct Loan (Direct Loan) Program, and must meet all of the other general eligibility requirements for the Federal Student Aid programs. Also, you must not have an adverse credit history (a credit check will be done).

    Below are the minimum number of units that you must be enrolled in to be eligible for Federal loan disbursement.

     Program

    1/2 TIME
    Graduate 3
    Doctoral (not in dissertation) 3
    Doctoral (in dissertation) 2
    Postbac  not eligible
    Non-degree  not eligible 

     

    Adverse Credit History

    Credit history is a major factor in being approved for this loan. To qualify for a PLUS loan, you cannot have an adverse credit history. Credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. Your credit history may be considered adverse if you are experiencing any of the following credit conditions:

      • Bankruptcy discharge within the past five years.
      • Voluntary surrender of personal property to avoid repossession within the last five years.
      • Repossession of collateral within the last five years.
      • Foreclosure proceedings started.
      • Foreclosure within the last five years.
      • Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed instead of foreclosure).
      • Accounts currently 90 days or more delinquent.
      • Unpaid collection accounts.
      • Charge-offs/write-offs of federal student loans.
      • Wage garnishment within the last five years.
      • Defaulting on a loan, even if the claim has been paid.
      • Lease or contract terminated by default.
      • County/state/federal tax lien within the past five years.
    • To review your credit history, we strongly recommend that you obtain credit reports by contacting:

    The Fair Credit Reporting Act (FCRA) requires each of these agencies to provide you, at your request, with a free copy of your credit report once every twelve (12) months. Please visit annualcreditreport.com or Federal Trade Commission - Consumer Information for further guidance.

    Borrowing Limits, Interest Rate, and Loan Fees

    The annual limit on a Federal Direct Graduate PLUS Loan is equal to your Estimated Cost of Attendance minus any other financial aid you receive. For example, if your cost of attendance is $10,000, and you receive $6,000 in other financial aid, you can borrow up to $4,000.

    • The annual maximum is the COA minus any other financial aid received.
    • The interest rate is fixed at 6.28% for the 2021-2022 academic year and for loans disbursed after July 1, 2021.
    • The origination fee is 4.228% (deducted from loan proceeds) for loans disbursed on or after October 1, 2020, but before October 1, 2022.
    • Origination fees change annually based on the U.S. 10-year Treasury bill.
    • Students accrue interest while in school but are not required to make payments until six months after graduating or dropping below half-time status.

    How to Apply

    * To electronically sign your form, you will need an FSA ID. If you do not have an   FSA ID, you may create one here: Create an FSA ID.

    • Step 2: Federal loan eligibility is automatically placed on your financial aid award up to the Cost of Attendance.
    • Step 3: Take action on the Federal Direct Loan amount you wish to receive by logging in to PROWL.
    • Step 4: Go to studentaid.gov Sign in using your FSA ID. In your Account Dashboard, select “Complete Loan Agreement (Master Promissory Note)” or MPN. In the MPN screen select “PLUS MPN for Graduate/Professional Students”.

    Receipt of Loan Funds

    When all loan requirements are complete, funds arrive via Electronic Fund Transfer (EFT) and are applied directly to your LMU student account in two even disbursements. The first disbursement in the fall semester and the second disbursement in the spring semester.  

    We will report information about your loan to nationwide consumer reporting agencies (credit bureaus) and the National Student Loan Data System (NSLDS) on a regular basis.  This information will include the disbursement dates, amount, and repayment status of your loan (for example, whether you are current or delinquent in making payments).  If you default on a loan, we will report this to nationwide consumer reporting agencies.  Your loan will be identified as an education loan.  Schools may access information in NSLDS for specific purposes that we authorize.

    Repayment

    You have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or to begin repayment six months after you graduate or cease to be enrolled on at least a half-time basis.

    Options Following A Grad PLUS Loan Denial

    If you are denied a graduate PLUS loan you can attempt to secure funding through one of the options detailed below, even though you have received a PLUS denial. 

    Step 1: Seek a Credit Appeal

    The Department of Education allows borrowers whose credit was denied the opportunity to document either of the following situations.

    • Information showing that credit reporting used in the credit denial is incorrect and/or has been corrected.
    • Extenuating circumstances exist relating to the adverse credit history of the primary PLUS borrower.

    Borrowers make a credit appeal through one of these means.

    • Log in to studentaid.gov and select "Document Extenuating Circumstances" on the left navigation bar. Follow the directions and a representative from the Department of Education’s Applicant Services will contact the borrower with further instructions.
    • Contact Applicant Services at 1-800-557-7394 between 8:00 a.m. to 8:00 p.m., Monday through Friday.

    Step 2: Utilize an Endorser

    An endorser is someone who will pass the credit check and who agrees, similar to a co-signer, to repay the PLUS Loan if the student borrower is unable to do so. Almost anyone can serve as an endorser.

    If you choose to obtain an endorser, the endorser should complete the endorser addendum at studentaid.gov. The endorser will need the Loan Identification Number to connect the endorsement to the denied Grad PLUS Loan. The Loan Identification Number is located on studentloans.gov after you log into your account. Completing the endorsement online also requires a Federal Student Aid ID (FSA ID) that utilizes a username and password.

    • The Loan/Award Identification Number can also be obtained by contacting the LMU Financial Aid office.
    • If the endorser does not already have an FSA ID, they may create one at fsaid.ed.gov.

     

  • All loan borrowers are encouraged to complete the Free Application for Federal Student Aid (FAFSA). Although a student may be approved by their lender to borrow an alternative loan, LMU Financial Aid will not certify or disburse any loan funds until they complete Alternative Loan Counseling. LMU Financial Aid does not prefer, recommend, promote, endorse, or suggest any lenders. LMU Financial Aid will process loans from any eligible lender that a student selects.

    Alternative Loans

    Alternative loans* are credit-based loans offered by a variety of third-party lenders. These loans are borrowed by the student and require the student to have a satisfactory credit history or a creditworthy co-borrower.

    Students may borrow up to their LMU cost of attendance, minus any other financial aid they receive. Loan fees, interest rates, and repayment terms vary by lender, so please review all application information very carefully.

    Applying for a Loan

    Alternative Loan Application Process

    1.  Apply for Loan

    • Go to our Alternative Loan Portal to compare and select the best loan for your situation.
    • Complete the Self-certification form provided by the lender.

    2.  Get a Cosigner

    • Do you need a cosigner?
    • Discuss Loan details with your cosigner.
    • Complete the application together.

    3.  Alternative Loan counseling

    4.  Certification and Disbursement

    • Financial Aid notifies the lender of the approved loan amount in 3-5 business days.
    • Once certified, the loan will disburse in 10-15 business days.

  • Each graduate program awards its own departmental scholarships based on financial need and merit. Some programs may require that you complete the Free Application for Federal Student Aid (FAFSA) in addition to the department's Graduate Scholarship Application in order to be considered. 

    Please review your program's scholarship application below for application requirements and instructions. Contact your program director if you have any questions. 

    Departmental Grant and Scholarship Application

    You may apply for any institutional grants/scholarships offered by Graduate Admission, without filling out the FAFSA, unless the FAFSA is required by your program of study. If you are unsure how many units you will enroll in when completing the FAFSA, select at least half-time status when prompted. Complete your department's grant/scholarship application and return as instructed on the application.

    2021-2022 Academic Year:

     

    Catholic Teacher Ministry Scholarship

    Students who work full-time as Catholic school teachers, administrators, or parish administrators are eligible to apply. Students must submit their department's Graduate Scholarship Application with proof of employment attached (eg., last pay stub or letter from supervisor on official letterhead) in order to be considered.

    • Award Amount: $1,000 per 3-unit class (for up to 2 courses per semester in Fall and Spring, and 1 course in Summer terms)
    • Eligibility: Applicants must teach full-time in Catholic Elementary or Secondary Education or work full-time in Catholic Ministry.

    Developing Countries Scholarships

    Catholic clergy or members of Catholic religious orders from developing countries may apply for full tuition assistance in order to obtain one (1) masters or doctoral degree in any field of study at LMU. Interested applicants should submit a copy of their R-1 Visa to the Graduate Admission office, along with a one (1) page statement of intent.

    • Award Amount: up to 100% of tuition

    Religious Scholarships

    The applicant must be a member of the Catholic Clergy or Catholic religious orders. Must be a U.S. Citizen. Applicants should provide evidence of membership in a Catholic religious order or proof of Clergy along with their scholarship application to their department. 

    • Award Amount: 25% of tuition

    Please contact the Graduate Admission at 310.338.2721, or graduatescholarship@lmu.edu, for more information on the scholarships listed above.

  •                                                                                                                                                                                        STUDENT LOGIN

    Scholarship Universe Students

    The Financial Aid Office is excited to introduce Scholarship Universe, a new easy to use personalized process that makes finding and applying for external scholarships easier.

    What is Scholarship Universe?

    Scholarship Universe is a matching system that maximizes scholarship opportunities for students. Scholarship Universe allows students to create an academic profile that enables them to be connected with various outside scholarship opportunities that match their criteria.

    How does Scholarship Universe Work?

    • Students answer questions that get them matched to scholarship opportunities they are eligible for.
    • Students easily apply online to multiple scholarship opportunities through a personalized portal.
    • Students can track their application status online via the portal.
    • Students are alerted whenever they are matched to a new scholarship opportunity.
    • Students receive automated reminders about pending tasks and next steps.

    How do I use Scholarship Universe?

    • Click the “Login” button at the top of this page.
    • Enter your LMU ID and password to log in.
    • Answer as many questions as you can in order to build your profile and match you to eligible scholarships.
    • Click on the “Scholarships” tab and start applying!

    Be sure to update your profile frequently. Information such as GPA, number of units taken, class standing, major, minor, etc. will affect scholarship eligibility.

    Please email us if you have any questions.

  • If you were awarded a Cal Grant A or B as an undergraduate, you may be eligible to renew your Cal Grant up to 1 additional year while enrolled in a teaching credential program.

    Requirements

    • Received at least one payment in the Cal Grant A or B program as an undergraduate.
    • Have received a bachelor's degree, or completed all required coursework for their bachelor's degree.
    • Are accepted and enrolled in a professional teacher preparation program at a California Commission on Teacher Credentialing approved institution within 15 months of the end of the term for which the recipient last received a Cal Grant payment.
    • Have not received or submitted an application for an initial Teaching Credential, such as a Preliminary or Clear Credential.
    • Maintain financial need for a Cal Grant renewal.
    • Enrollment in 12-18 units in coursework required by the State for the credential is required to receive a full Call Grant award. The Cal Grant award will be prorated for three-quarter time (9-11) and half-time (6-8) enrollment. Students enrolled less than half-time are not eligible.

    How to Apply

    Students must complete a FAFSA and Cal Grant G44 renewal form to apply. 

  • The TEACH Grant Program provides grant eligibility of up to $4,000 a year to undergraduate and graduate degree-seeking students who are completing or plan to complete, course work needed to begin a career in teaching,  and who agree to serve for at least four years as a full-time, highly qualified teacher in a high-need field, in a school serving low-income students. 

    To be considered for a Federal TEACH Grant, students must initiate the process of completing an Agreement to Serve (ATS) and TEACH Grant Counseling. Recipients of a TEACH Grant must agree to the following:

    • Serve as a full-time highly qualified teacher at a school serving low-income students in a high-need field.
    • Serve for at least four academic years within eight years of completing the program of study for which you received a TEACH Grant.

    If you receive a TEACH Grant but do not complete the required four years of teaching service within eight years after you complete (or otherwise cease to be enrolled in) the program for which you received the grant, all TEACH Grant funds you received will be converted to a Direct Unsubsidized Loan that you must repay with interest.

    Application requirements

    Undergraduate students: Must have formally declared a minor in the School of Education in Elementary, Secondary, Bilingual or Special Education. Students are allowed to declare a minor after achieving junior standing, therefore, LMU does not award the TEACH Grant to freshman or sophomore level students. Students interested in a career in teaching should visit the School of Education, Center for Undergraduate Teaching Preparation.

    Graduate students: Your educational program must be designed to prepare you to teach as a highly qualified teacher in a high-need field and lead to a master’s degree. 

    Please Note: If you do not complete your service obligation, all TEACH Grant funds you received will be converted to a Direct Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education, with interest charged from the date the TEACH Grant was disbursed (paid to you or on your behalf). 

  • APPLY NOW

    The Golden State Teacher Grant encourages students to consider earning a teaching credential in special education and commit to teaching at a priority school, in California for four years, within five years after completing a special education teacher preparation program. The program, initiated in Spring 2020, is a joint effort between individual schools and the California Student Aid Commission (CSAC) that will award one-time Golden State Teacher Grant funds to eligible students enrolled in an approved special education teacher preparation program on or after January 1, 2020. Applicants must agree to all terms and conditions of the GSTG program or be required to repay the grant. 

    Golden State Teacher Grant Program Brochure

    Eligible candidates must comply with provisions of the Teaching Agreement contract:

    • Maintain Satisfactory Academic Progress (SAP) while enrolled in a teacher preparation program
    • After program completion, GSTG recipients must teach:
      • Four years
      • In a High need field of Special Education
      • Priority schools: https://www.ctc.ca.gov/commission/notices/gs-teacher-list teacher list
        • Priority schools can be either those with high percentages of emergency credential
        • permitholders or high percentages of low-income students
      • Within five years after completion of the teacher credentialing program

    How do I know if I’m eligible for a Golden State Teacher Grant?

    All applicants must meet the following eligibility criteria:

    • Be enrolled on or after January 1, 2020, in a teacher preparation program within a California institution of higher education approved by the CTC.
    • Meet the selection criteria identified by their institutions.

    What is a Teaching Agreement?

    The Teaching Agreement explains the student’s obligations under the provisions of the grant. Non-compliance with the Teaching Agreement will result in partial or full grant repayment.

    • Maintain good academic standing while enrolled in the CTC-approved teacher preparation program.
    • Upon completion of the teacher preparation program, satisfy the state basic skills proficiency test requirements.
    • Commit to teaching in a “high-need field” at a “priority school” for four (4) years, within five (5) years after graduation from your teacher preparation program.

    For more information contact the
    Golden State teacher Grant Program at:
    goldenstateteachers@csac.ca.gov
    https://www.csac.ca.gov/golden-state-teacher-grant-program
    phone: 1.888.224.7268

  • Graduate Assistantships are available to Graduate Students. Assistants are not eligible to receive overtime pay. Applications and Assistantship descriptions can be found here.

    Teaching and Lab Assistantships

    Students interested in an assistantship position should contact their school or department as limited positions are available each year.

  • Over 3,500 students are employed at LMU and work on and off-campus in a variety of jobs. In most cases, students must apply for financial aid by completing the Free Application for Federal Financial Aid (FAFSA) in order to receive an award to allow them to work on campus. This work award is considered a form of financial aid. The following information is a summary of the different work awards and their requirements.

    Federal Work-Study (FWS) 

    Federal Work-Study (FWS) is a federally funded program that provides employment opportunities to students with the highest financial need. The amount you may earn will be listed on your award summary. The maximum FWS award is currently $3,200 per academic year. A FWS award does not guarantee a job on campus. 

    Work experience is not required to secure a FWS position. The money earned is yours to use for out-of-pocket expenses, such as travel, books, and personal care items. LMU students typically work 12-14 hours per week. Work-study funds do not reduce your bill with the university.

    Note to Graduate students: As graduate students are not eligible for most subsidized federal financial aid, they are therefore not required to complete federal verification if selected.  However, if a graduate student is selected for federal verification and requests federal work-study, the student must submit the required documents to complete verification.  

    LMU Work

    LMU Work is an LMU funded award that allows recipients to work on-campus during the academic year and earn the amount of their award. To be considered students must have completed the FAFSA and not qualify for Federal Work-Study. Awards are offered for up to $2,000 per year, as funding permits.

    Transfer Work

    Transfer Work is an LMU funded award for students. The work is directly funded by the employer’s department budget and allows recipients to work on-campus during the academic year and earn the amount of their award. If you were not awarded Federal Work-Study or Loyola Work, you may contact a prospective LMU employer directly to determine if their department budget has funding to hire you. If hired, the employer will notify you directly by email. 

    Benefits of Working on Campus

    • Working on campus allows you to earn money to assist with educational expenses.
    • Working reduces the need for student loans.
    • Working on campus provides flexible hours, as employers understand that school comes first and will work around your class and study schedules.
    • Many jobs are office positions that will provide you with work experience which you can include on your resume. 

    Responsibilities of Working on Campus

    • Notify the Financial Aid Office of enrollment changes that may affect your eligibility for a work award.
    • Maintain satisfactory academic progress.
    • Keep track of your hours so that you do not earn more than your work award. Your employer will be responsible for 100% of any wages earned in excess of your work award.
    • Notify your supervisor of changes to your work award.
    • Report ready to work at the scheduled time.
    • Dress appropriately for the workplace.
    • Complete duties and not conduct personal business while at work.
    • Work with a cooperative and positive attitude.
    • Notify the supervisor as soon as possible of any changes in the work schedule and of projects and exams which may interfere with the work schedule.
    • Submit the completed time-card/time-sheet and/or complete and submit electronic time-sheet to supervisor on time.
    • Adhere to any confidentiality/security agreements set forth by the employer.
    • Notify each supervisor if employed in more than one position on campus.
    • Notify supervisor of any job-related accident.

    What happens once I have earned my Work-Study allocation?

    Students are responsible for ensuring that they do not earn over their work-study allocation. A collaborative effort should be made by both the student and the employer to track earnings. Students and employers can monitor their remaining work eligibility on their MyTime account. Click on the “banks” tab below to review how much you have been offered and how much remains for use. Students may not work beyond their work-study allocation. When a student finds they are getting close to earning their total work-study allocation, they should contact their supervisor to ensure they are aware. However, once the full work-study allocation is earned, the student must stop working unless arrangements can be made directly through the supervisor.

    How do I find a job to earn my work award?

    Recipients can look for positions through Student Employment Services. Their website can also give you more information about working at LMU as a student.  

    Tax and FAFSA Implications

    Earnings from work are considered taxable income. You will need to determine whether you are required to file a federal or state tax return based on your total earnings from all sources in 2013. For more information regarding federal taxes, visit www.irs.gov/individuals/students. For California state tax information, visit https://www.ftb.ca.gov/file/personal/do-you-need-to-file.html or the Web site for your state of residency. For more information on working at LMU visit Career Development Services.