With the upcoming tuition increase, many Loyola students will be depending on financial aid for help footing the bill.

Loyola’s Financial Aid Department offers a variety of loans as well as the information to help pay tuition.

“There are two types of financial aid,” Cathy Simoneaux, director of Financial Aid, said.

“The merit loan is offered to incoming students based on their academic strength. The other is a need-based loan which offers students money based on their need.”

There are also need-based loans for students who do not have the financial resources.

“Need-based loans are received according to parent and student income and assets,” she said.

Simoneaux also said that there is a less common loan called the nonneed-based loan which is based on credit. A co-signer is required for the loan to be approved.

She also said that many schools do not offer merit scholarships.

“I think it is a great opportunity for incoming students to be rewarded for their academic excellence,” she said.

When first registering at Loyola, each student is assigned to a staff financial aid adviser.

These staff members work with students to get the largest amount of financial aid they can. However, some students are assigned with an different advisor each year, which can make advising a difficult process.

According to the Financial Aid Web site, “Staff work with internal, federal, state and other organizations to coordinate the administration of all student financial aid awarded.”

Communications sophomore Tracey Kee said that accessing financial aid at Loyola is a pretty simple process.

“If you go looking for it and go to the Financial Aid Office, then you can find out what you need to know,” Kee said. “The staff gives you the information cut and dry. They find all the loans that are available to you and they tell you what you need to do to receive those loans.”

Students who have need-based loans annually fill out the FAFSA form, which renews their loans based on their year in school and current parental and student income and assets.

Loyola students can also access all of their student records, as well as complete a number of applications, on LORA, Loyola’s Online Records Access.

“I think that it is helpful to have everything accessible on LORA,” said Kee. “I have not noticed a huge difference but it is easier to access and accept your loan than before.”

Simoneaux said that she also believes that LORA makes everything easier.

Students can either come into the Financial Aid office to find information or they can access our Web site.

“Our staff has been working hard to get the Web site up and going to meet the needs of the students,” Simoneaux said.

“We are trying to give students and parents as much information as they may need to answer their questions and to further process their financial aid.”