Ah the dreaded Free Application for Federal Student Aid (FAFSA) is due. I have to say I hate filling that thing out. Due to my lack of income, dependents, assets and money, it is not even that complicated. I mostly put 0 in every box. However, I get so stressed that I did something wrong and put too many zeros somewhere, grossly misrepresenting my personal worth. As a result, I fear one of the two horrible events could happen: the IRS will show up at my apartment, demanding thousands of dollars OR Loyola will just say you didn’t pay tuition this year and you are expelled. The fact that I think these are possibilities, really speaks to my ignorance of the intersection of finance and the government.
Overall, I am just really nervous about making a mistake that will have severe consequences. So this year I went to fill it out and there was a box to check for “Scholarship and Fellowships.” As I thought this applied to me, I put in my scholarship information. By the time I got to the end, somehow my adjusted income was very inaccurate. Panicked, I deleted everything and went to make an appointment with someone in Financial Aid.
Loyola’s Office of Student Financial Assistance is up at the Lake Shore Campus. Apparently the government allows each school to have only one financial aid department and location for all of its programs, including graduate schools, to simplify the process of giving schools money. While this makes sense and the process more convenient for the government, it makes it somewhat inconvenient for me. Fortunately, Loyola sends a Financial Aid Representative every Tuesday and Thursday to the Water Tower campus to serve as a resource for graduate students.
Coincidentally, the next day was a Tuesday and I was able to go in for a walk-in appointment. I met with the Financial Aid Counselor and she was really helpful. She sat with me as I filled out my FAFSA and explained the “Scholarships and Fellowships” option. Apparently, we are only supposed to click this box if the scholarships and/or fellowships we receive exceed the total cost of attendance (including tuition and living expenses). Essentially at that point, the money given is seen as income. This did not apply to me and I was able to correctly calculate my adjusted income.
Also I found out that after we complete our FAFSA it gets sent to the school. Loyola looks over the information provided and checks for inconsistencies. If something looks a little bit off, the school will work with us to fix it. If everything seems good, the school gives its approval and submits the final draft. This extra layer of screening has removed some anxiety for me.
Despite my worries, it turned out the Financial Aid Counselor did not really have to do much for me. Mostly she reassured me and sat next to me as I filled out the FAFSA, but that’s what I needed. It was nice to have somewhere to go to ask my questions and relieve some of my financial stress.
The FAFSA is due March 1. Information for entering students can be found here and for returning students here.
There is a Financial Aid Counselor available at Water Tower Campus (WTC) on the 8th floor of Lewis Towers Tuesdays and Thursdays for drop-in between the hours of 8:30am and 5:00pm., to help Law students with any financial aid questions or concerns.
Questions for Amie? Email law-admissions [at] luc [dot] edu with the subject “Ask Amie” and she will make sure to answer them.