Undergraduate Bulletin - Loyola Marymount University

Cal Grant A is a grant awarded by the State of California
to California residents and may be used to pay tuition at
approved institutions within California. Normally, the grant
is awarded to freshmen students; however, many transfer
students and upperclassmen who apply also receive this
grant. The grant is normally renewable each year once it has
been obtained. Information on how to apply for this grant
may be obtained from either the high school counselor’s
office, www.csac.edu.gov, or the Financial Aid Office.
Cal Grant B, which is funded through the State of California,
is another way students who are California residents may
finance their education at Loyola Marymount University.
This program in many cases allows for payment of tuition,
books and supplies, and other educational expenses.
Information on how to apply for the Cal Grant B is available
at high schools, www.csac.edu.gov, and at the Financial
Aid Office.
Student Employment
The Student Employment Service provides employment
assistance to the students of Loyola Marymount University
including part-time jobs ranging from 10 to 20 hours a week,
part-time/full-time seasonal work during the Christmas and
summer vacations, temporary jobs on an hourly basis,
and tutoring positions within the student’s major field of
study. These services are for all students regardless of their
financial need. They are primarily off-campus positions.
The Federal Work Study program is another source of
employment for students who qualify based on financial
need. This program is funded jointly by the Federal
Government and the University. It is designed to create jobs
for students at the University, such as library researchers,
teaching assistants, laboratory technicians, intramural
referees, team managers, etc. Under the Work Study
Program, most students will be awarded funds to average
12-15 hours per week during the term. Students are hired
for part-time positions for the entire academic year, and
they may earn up to the amount listed on their current
financial aid award letter.
The Student Worker program is another employment
program designed to give resident students an opportunity
to earn an education by working on campus. The Student
Worker Organization is an autonomous group that is
primarily student-directed and -operated. Jobs include
maintenance, recycling, and clerical and miscellaneous
tasks for departments on campus. To apply, students should
contact the Student Worker office at (310) 338-5013.
Loans
FINANCIAL AID / 39
Many types of financing options are open to students and
parents.
The following loans require the student to apply for financial
aid (see the Applying for Financial Aid section) to determine
eligibility:
Perkins Loan is a low-interest loan available to students
who qualify for the Federal Pell Grant. Students may borrow
a sum normally not to exceed $4,000 per year. After
students leave school, they have a 9-month grace period
before interest begins to accrue. The loan must be repaid
on a quarterly basis at a rate of usually not less than $120
per quarter. If a student defaults and the school is unable to
collect, the Federal Government may take action to recover
the loan. Under certain conditions there are loan deferment
and/or cancellation provisions for borrowers. The Office of
Financial Aid provides information about such provisions.
The Stafford Student Loan is a low-interest federal loan
made by a bank, credit union, or savings and loan. Firstyear
students can borrow $2,625; second-year $3,500;
and third-, fourth-, and fifth-year students can borrow
up to $5,500. Students who qualify will not be charged
interest on their loans while they are enrolled at least 1/2
time (6 semester hours) in an eligible program. Students
who do not qualify to have their interest paid by the federal
program may still borrow an unsubsidized Stafford loan.
They will pay the interest on their loan during the periods
of enrollment.
The Parent Loan for Undergraduate Students (PLUS) is
a low-interest federal loan made by lending institutions to
parents who have good credit. Parents may borrow up to
the total cost of their dependent student’s education, minus
any other financial aid. The PLUS interest rate is variable
up to 9%. A loan origination fee and an insurance premium
is charged. Parents must begin repayment within 60 days
of final disbursement. Contact the Financial Aid Office for
the current interest rate.
Fritz B. Burns Loan Fund
The Fritz B. Burns Student Loan is a 1% interest loan
offered to out-of-state students who are U.S. citizens or
permanent residents and will enroll full-time each semester.
Loan amounts range from $2,000 to $10,000.
For loans over $5,000, students are required to have a
parent as a co-borrower. This parent must be credit worthy
to qualify. If a student receives other assistance from
LMU, the federal and/or state government, or an outside
agency, the amount borrowed through this program may
be reduced.