Grants
Determining Financial Need
Eligibility for need-based assistance is determined by evaluating a student's financial need and the availability of funds. Need is not determined simply by family income. Need depends on a number of factors, such as the size of the family, the number of family members in college and the assets of students and parents.
The financial information necessary for calculating your financial need must be submitted on the FAFSA. Please pay special attention to the section on page 19, "How to Apply." The U.S. Department of Education processes the FAFSA, analyzes the information, and calculates the expected family contribution using federally approved formulas.
Loyola University Chicago will receive this information electronically as long as you list Loyola University Chicago as one of the institutions on the FAFSA. Loyola's federal school code, to be used when filing the FAFSA, is 001710. You will receive a Student Aid Report (SAR), which will provide the results of the application processing, including the expected family contribution (EFC).
Your financial need at Loyola University Chicago is determined by the following formula:
| Cost of attendance - Expected family contribution = Financial need |
Your application information will be reviewed individually, and financial aid awards will be customized to your situation. If there are special circumstances within your family, or if a financial change occurs that you would like us to consider, complete and submit a Special Circumstance Appeal form. To receive your appeal decision by May 1, you need to submit the appeal and all documentation by April 1.
Need-Based Financial Assistance Programs
Several kinds of need-based programs are available to help you attend Loyola University Chicago, including: grants, which are not subject to repayment; self-help programs, which may take the form of a part-time employment program; or a low-interest loan with repayment deferred until after graduation.
Grant Assistance
Loyola University Chicago Grants
Loyola assists students by providing grant assistance awarded on the basis of financial need. To be considered for Loyola University Chicago need-based assistance, the FAFSA should be mailed to the federal processor. See "When to File the FAFSA" for the benefits of filing by Loyola's March 1 priority application date.
Federal Pell Grant
The Federal Pell Grant program is funded and administered by the U.S. Department of Education. To qualify for a Federal Pell Grant, students must demonstrate significant financial need. The maximum award for the 2008-2009 academic year was $4,731.
The U.S. Department of Education will determine your eligibility for the Federal Pell Grant. Your Student Aid Report (SAR) will indicate your eligibility for the grant.
Illinois Student Assistance Commission
Monetary Award Program (MAP) Grant
MAP grants are awarded to Illinois residents attending instate colleges and universities. Illinois residents apply for the MAP grant by submitting a FAFSA. The maximum award for the 2008-2009 academic year was $4,968, and is restricted to tuition and mandatory fees.
If you submitted a FAFSA in 2007-2008, you must submit a 2008-2009 FAFSA, so it is received by the federal processor by August 15, 2008, to be eligible for full-year consideration for MAP. If you did not submit a FAFSA in 2007-2008, you must apply by September 30, 2008. However, in recent years, processing has closed prior to the deadlines. It is to your advantage to apply as early as possible. Please note: The August 15 deadline for continuing students and the September 30 deadline for first-time applicants are program deadlines for MAP only and do not apply to Loyola need-based assistance.
TEACH Grant
The new Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides up to $4,000 per year in grants for graduate and undergraduate students to students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. For more information, go to TEACH Grant.