Financial Aid Programs 2008-09 Academic Year
Financial Aid Programs | Federal Programs | Army ROTC Scholarship | State Scholarships and Grants

 Loyola College Scholarships, Grants, and Loans

Presidential Scholarships

These scholarships provide financial assistance to students of superior academic ability and achievement. Scholarships are limited to entering freshmen who, in the judgment of the Scholarship Committee, are most deserving of assistance based upon academic merit. Criteria used in determining eligibility are: a secondary school grade point average 3.7 or higher, SAT Reading and Math score of 1350 or ACT score of 30, and rank in class (upper one-tenth). Financial need is not considered in awarding Presidential Scholarships. To be considered for a Presidential Scholarship a student must apply for admission to Loyola College by January 15th.

During the 2008-09 academic year the awards range from $7,500 to full tuition. All Presidential Scholarships are awarded for four years provided the student maintains the term and cumulative G.P.A. requirements and credit completion requirements stated in the original scholarship letter.

Marion Burk Knott Scholarships

Named in honor of his wife, the Marion Burk Knott Scholarships are made possible by a generous gift to the Archdiocese of Baltimore from Henry J. Knott, Baltimore businessman and philanthropist. These scholarships are four-year, full-tuition awards available on a competitive basis to Catholic students residing in the Archdiocese of Baltimore. Scholarships are limited to incoming freshmen who, in the judgment of the Scholarship Committee, are most deserving of assistance because of academic merit. Additional consideration is given to students demonstrating financial need. To be considered for a Marion Burk Knott Scholarship a student must apply for admission to Loyola College by January 15th.

Claver Scholarships

These scholarships provide financial assistance to African-American, Hispanic, Asian and Native American students of superior academic ability and achievement. Scholarships are limited to entering freshmen who, in the judgment of the Scholarship Committee, are most deserving of assistance because of academic merit. Criteria used in determining eligibility are: the secondary school grade point average, SAT (Reading and Math) or ACT  results, and rank in class. Financial need is not considered in awarding Claver Scholarships. To be considered for a Claver Scholarship a student must apply for admission to Loyola College by January 15th.

During the 2008-09 academic year the awards range from $7,500 to full-tuition. All Claver Scholarships are awarded for four years provided the student maintains the term and cumulative G.P.A. requirements and credit requirements stated in the original scholarship award letter.

Mount Saint Agnes/Sisters of Mercy Scholarship

The Mount Saint Agnes Alumnae Association funds an annual scholarship for high school seniors applying for the freshman class at Loyola College in Maryland.  One $5000 scholarship will be awarded to an applicant for the 2008-09 academic year.  High school seniors who are direct descendants or nieces or nephews of Mount Saint Agnes alumnae are eligible to apply as well as students who are 2008 graduates of a Mercy-affiliated high school.  Click here for the scholarship application.

Endowed/Privately Funded Scholarships

Scholarship funds have been established in honor of friends and families of the Loyola College Community. Awards from these funds are made to students selected by our Scholarship Committee according to the criteria specified by the scholarship donor. Generally, seniors are given priority in the selection process for these awards.  An application for these scholarships can be completed online by clicking here. 
Recipients are usually informed of any awards during the spring and summer prior to the academic year.

Private corporations, businesses, and civic and fraternal organizations also provide assistance to Loyola students. These scholarship opportunities are posted on the Financial Aid bulletin board next to the College Post Office in the Student Center.

Loyola Grants

Loyola Grants are awarded to students with exceptional financial need. These awards carry values of $200 to $35,000, depending on demonstrated financial need and availability of funds.

Claver Grants

Claver Grants are awarded to African-American, Hispanic, Asian, and Native American students with exceptional financial need. These awards carry values of $200 to $35,000, depending on demonstrated financial need and availability of funds.

Athletic Grants

Athletic Grants are awarded to students by the Director of Financial Aid upon the recommendation of the Director of Athletics. Full and partial scholarships are available. Men may qualify for basketball, cross country, golf, lacrosse, soccer, swimming, or tennis grants. Women may qualify for basketball, cross country, lacrosse, soccer, swimming, tennis, or volleyball grants. Financial need is not considered in awarding Athletic Grants.

Loyola Student Loan Program

This institutional loan program allows students who demonstrate institutional financial need and who are enrolled for at least 12 credits per term to borrow up to $2,500 for the first year of undergraduate study, $1,500 for the second year and $500 per year for the third and fourth years. The interest rate is fixed at 5.0%.  Interest does not accrue to the borrower, nor does repayment begin on Loyola Student Loans until six months after termination of Loyola College enrollment. Interest accrued during in-school and the grace period is paid by Loyola College. The repayment is up to 10 years depending on the total amount borrowed.  Loyola Student Loans do not carry an origination fee.  First time borrowers must complete a Loyola Student Loan master promissory note to borrow funds through this program.         

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Federal Programs

Federal Pell Grant Program

The largest federal need-based student aid program providing grant assistance ranging from $890 to $4,731 to undergraduate students who are enrolled in a degree or certificate program and have not received their first bachelor's degree. Eligibility is based on demonstrated financial need, cost of education, and enrollment status. The amount of the student's award is determined using the Federal Institutional Student Information Record (ISIR) , Expected Family Contribution (EFC) and the Payment Schedule provided by the U.S. Department of Education.

Federal Academic Competitiveness Grants (ACG)

A new Federal need-based grant that was created to encourage students to take more challenging courses in high school.  The Academic Competitiveness Grants are available to students in their first or second year of college.  Up to $750 is awarded to eligible first-year students, and up to $1,300 for second-year students.  Eligible students must be U.S. Citizens who are Pell Grant recipients and are enrolled as full-time students.  In addition, recipients must have completed a rigorous high school program.  Students receiving a second year of an ACG Grant must also have a cumulative grade-point average of 3.00. 

Federal National Science and Mathematics Access to Retain Talent (SMART) Grant

A new Federal need-based grant that was created to encourage students to pursue majors in high demand in the global economy.  National SMART Grants are available to students in their third or fourth years of college.  Up to $4,000 will be awarded each year to eligible students.  To qualify, students must be U. S. Citizens who are Pell Grant recipients and are enrolled as full-time students.  In addition, recipients must be pursuing a major in mathematics, science (including computer science), technology, or engineering and must have a cumulative GPA of 3.00 at the conclusion of each semester. 

Federal Campus-Based Programs

The Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study (FWS), and Federal Perkins Loan Programs are referred to as "campus-based" programs. Under these programs, institutions apply annually to the Department of Education for funds and receive these funds directly. The financial aid administrator at each school determines which applicants are eligible and how much aid each applicant will receive.

While the Department of Education does set broad guidelines regarding the distribution of these funds, the individual schools set specific requirements, deadlines, and eligibility criteria.

Federal Supplemental Educational Opportunity Grant (SEOG)

Provides grant assistance to students with exceptional financial need. In awarding Supplemental Grants, priority is given to Pell Grant recipients with the highest demonstrated financial need. Loyola College limits awards through this program to a maximum of $2,500 per year.

Federal Perkins Loan Program

This program allows students who demonstrate institutional financial need and who are enrolled for at least 12 credits per term to borrow up to $1,000 each year of undergraduate study.  The interest rate is fixed at 5.0%. Interest does not accrue to the borrower, not does repayment begin on Perkins Loans until nine months after termination of college enrollment on at least a half-time basis. Interest accrued during in-school and the grace period is paid by the federal government. The repayment period is up to ten years depending on the total amount borrowed. Perkins Loans do not carry an origination fee. First-time borrowers must complete a Perkins Loan master promissory note to borrow funds through this program.  

Federal Work-Study Program (FWS)

Provides an opportunity for on-campus employment to students with demonstrated financial need. Various academic and administrative departments employ Federal Work-Study students in clerical, operational, and other office support functions. Working hours are generally limited to 10 to 15 hours per week. Students are paid at hourly rates ranging from $6.55 to $8.50. Federal funds cover 75 percent of a student's total wage, with the additional 25 percent being provided by Loyola College.

Federal Direct Stafford Loan Program (Subsidized)

Allows students who demonstrate federal financial need and who are enrolled for at least six credits each term to borrow up to $3,500 for the first year of undergraduate study, $4,500 for the second year, and $5,500 per year for subsequent undergraduate study. The interest rate is fixed at 6.0%. Interest does not accrue nor does repayment begin on subsidized Direct Loans until termination of college enrollment on at least a half-time basis. Interest accrued during in-school and the grace period is paid by the federal government. The standard repayment period is up to ten years. Subsidized Direct Loans carry a 2.0% federal origination fee and an up-front interest rebate equal to 1.5% of the loan amount. Net proceeds will equal approximately 99.5% of the loan amount. New borrowers must complete a Federal Direct Loan electronic master promissory note and complete an online Entrance Counseling Session to borrow funds through this program.

Federal Direct Stafford Loan Program (Unsubsidized)

Allows all students regardless of federal financial need and who are enrolled for at least six credits per term to borrow up to $3,500 for the first year of undergraduate study, $4,500 for the second year, and $5,500 per year for subsequent undergraduate study less the amount of any subsidized Direct Loan received by the student. New borrowers must complete a Federal Direct Loan electronic master promissory note and complete an online Entrance Counseling Session to borrow funds through this program. The interest rate  is fixed at 6.8% and the origination fee are the same as specified above under the description of the subsidized Direct Stafford Loan Program, however, interest accrual begins immediately during in-school and deferment periods. Interest accruing during these periods may be paid or capitalized.

Independent students may borrow up to an additional $4,000 per year for the first and second years of undergraduate study and up to an additional $5,000 per year for subsequent undergraduate study through the unsubsidized Direct Loan Program. Dependent students may borrow up to the same additional amounts through this program but only if the student's parent is denied eligibility to borrow funds through the Federal Direct PLUS Loan Program.

Federal Direct Parent Loans for Undergraduate Students (PLUS)

This program allows parents of undergraduate students who do not have an adverse credit history to borrow up to the full cost of attendance minus other financial aid. The maximum amount that a parent may borrow is displayed in the "Other Resources" section of the paper Financial Aid Notification and in the "Financial Aid Status by Year" section of WebAdvisor. The interest rate is fixed at 7.9%. Interest accrual begins on the date of the first loan disbursement. The first payment is due within 60 days after the final loan disbursement. Plus Loans carry a 4.0% federal origination fee and an up front interest rebate equal to 1.5% of the loan amount.  Net proceeds will equal approximately 97.5% of the loan amount.  Parents who wish to borrow through the Direct PLUS program must complete the Loyola College Federal Direct PLUS Loan Request Form and sign an electronic master promissory note.  Parents may complete the PLUS Loan application process online at Loyola's Financial Aid Office web site, www.loyola.edu/ugfinaid, under Federal Direct Parent PLUS Loan Program.

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Army ROTC Scholarship

The U.S. Army is interested in selecting the best candidates for scholarships and ultimately commissioning as the future officer leadership of the U.S. Army. ROTC scholarships cover full tuition and fees in addition to $1,010 each year for books and supplies. Recipients also receive a tax-free subsistence allowance each month that the recipient attends classes (up to ten months each year): $300 freshman year, $350 sophomore year, $450 junior year, and $500 senior year.  Students who are awarded an ROTC Scholarship in their senior year of high school also receive additional grant assistance funded by Loyola College. This grant is renewed each year a cadet retains eligibility for the ROTC Scholarship.

In addition to the ROTC national scholarship competition (applied for during a student's senior year of high school), students may apply for a three or four year scholarship during their freshman year. Sophomores may apply for a two or three year scholarship and juniors may apply for a two year scholarship.  Students must be enrolled in a Military Science class in order to compete for a campus-based scholarship.  Campus-based scholarships cover the same expenses as the national scholarships. However, students who are awarded the campus-based scholarship do not qualify for additional grant assistance funded by Loyola College.

The Army ROTC Program provided an academically integrated curriculum intended to train college students as officers for the United States Army.  Through Military Science, a student gains pertinent leadership and management skills while earning a college degree. ROTC cadets may pursue any course of study except Theology.

For additional information please call or write the Loyola College Department of Military Science at the address below:

Department of Military Science
Loyola College in Maryland
4501 North Charles Street
Baltimore, MD 21210-2699
410-617-2276/5179
Click here to access the Loyola College ROTC web site.

State Scholarships and Grants

The State of Maryland General Assembly has enacted legislation creating several programs of grants and scholarships for students who need financial help to obtain a college education.

More specific information on financial assistance available from the State of Maryland may be obtained by contacting:

Maryland Higher Education Commission
Office of Student Financial Assistance
839 Bestgate Road, Suite 400
Annapolis, MD 21401-3013
www.mhec.state.md.us
410-260-4500 or 800-974-0203

Maryland Educational Assistance Grants

Any Maryland high school senior or undergraduate student is eligible to apply for an Educational Assistance Grant. Awards are made by the State Scholarship Administration based upon the student's demonstrated financial need. Grant values range from $400 to $3,000 per year. The award may be applied to the costs of tuition, mandatory fees, room, and board.

Grant recipients must: be legal residents of Maryland, demonstrate financial need, and be accepted for admission as a full-time student (minimum 12 credits per semester) in one of the eligible, degree-granting institutions in the State of Maryland.

Maryland Guaranteed Access Grants

Any Maryland high school senior whose annual total family income is below 130 percent of the Federal poverty level is eligible to apply for a Guaranteed Access Grant. Awards are made by the total family income and high school grade point average. The grant value for attendance at Maryland independent colleges and universities is equivalent to the cost of tuition, fees, room, and board at the University of Maryland, College Park.

Grant recipients must: be legal residents of Maryland, begin college within one year of completing high school, have successfully completed a college preparatory program and achieved an unweighted grade point average of at least 2.5 on a 4.0 scale, and be accepted for admission as a full-time student (minimum of 12 credits per semester) in one of the eligible degree-granting institutions in the State of Maryland.

To be considered for a Guaranteed Access Grant, students must submit a Guaranteed Access Grant application to the Maryland State Scholarship Administration and file the Free Application for Federal Student Aid (FAFSA) by March 1.

Maryland Senatorial Scholarships

State senators are allocated an annual scholarship budget which may be awarded to residents of their senatorial district. The amount of the award is determined by the Senator, who considers the results of the student's SAT and financial need. The maximum award is $2,000 per year per student. Scholarship candidates who have already completed at least one academic year of college in good standing do not have to take the SAT. Application is made in the same manner as for Educational Assistance Grants. Students should apply by March 1 for the year the award is to begin. Each senator has the option of requiring a personal interview.

Maryland House of Delegates Scholarships

Members of the House of Delegates are allocated an annual scholarship budget which may be awarded to residents of their legislative district. The amount of the award is determined by the delegate who may select students on any basis. The maximum award may not exceed the value of tuition and fees charged by the University of Maryland, College Park. Application is made directly to your state delegate.

Maryland Distinguished Scholar Program

Any Maryland high school junior who has maintained a 3.700 average on a 4.000 scale during the freshman, sophomore, and junior years of high school is eligible to compete for the Distinguished Scholar Award.

The value of the award is $3,000 per year, renewable annually provided the student maintains a "B" (3.000) average and full-time enrollment at any Maryland post-secondary educational institution. The grants may be used for tuition and fees, books and supplies, room and board, etc. The awards are not based on financial need, and students are eligible for any other State grant program they qualify for on the basis of need. Students should contact their high school guidance office for specific application procedures.

Other State Scholarships/Grants

Depending on state legislation and regulations, students may be considered for scholarships and grants from their home state to be used at colleges or universities in the State of Maryland. Students should contact their appropriate state agency for information concerning application procedures.

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All federal, state, and institutional student financial aid recipients must be U.S. citizens, U.S. nationals, or eligible non citizens with a valid Social Security number.  An eligible non citizen is a U.S. permanent resident who has an I-151, I-551, or I551C (Permanent Resident Card).

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