Some questions

Paying for College
1

I applied to Loyola Chicago and got invited for their Ignatian Scholarship, which is a full-tuition scholarship. I also already received a Damen scholarship valued at 20000 a year, but I’m still very confused about the financial aid process. For some statistics to put my situation in context, my EFC is 0 and my family lives below the poverty line. My ACT composite is 34 and my GPA is between 3.6-3.8 UW (I’m not really sure). Can scholarships given by the school be used to pay room and board etc? So for example, if I receive need-based financial aid as well as the Ignatian Scholarship, can I use the need-based aid to cover room and board? I already know I forfeit my Damen Scholarship if I get the Ignatian. Will I even be eligible to receive need-based aid?

Thanks for any help

2

Yes if the scholarships are not restrictive. Also, you may have to pay taxes on those scholarships spent on R & B.

3

It depends on the school if they will offer you need based aid in addition to merit.

But at the very least if your EFC is 0 you should get the full Pell grant (which can be used for room and board) of about $5800 and you can take a federal student loan of $5500 a year and the school might have federal work study jobs to help with personal expenses.

Plan on working in the summer to save up some money for books, supplies and any other costs not covered by aid.

4

You would need to ask your college about need based aid. As noted, with a $0 EFC, you would get the full Pell grant…and a $5500 Direct Loan. Any institutional need based money would be at the discretion of the college.

Good luck. I hope you get enough money to attend!

5

First, the Ignatian may REPLACE the Damen, so you’d only get one.

You can use Pell (and perhaps state need-based aid and/or SEOG) for room and board. You can use a direct loan for room and board too.