Veterans Educational Benefits
Loyola University Chicago strives to support veterans, active-duty members of the U.S. military, and their family members through federal Veteran’s Affairs (VA) Educational Benefit Programs that provide them resources for their academic success. Loyola University Chicago is a participant in the Yellow Ribbon program.
We encourage all persons that are potentially eligible for these benefits to apply. You must be a degree-seeking student (matriculated into an approved degree or certificate program) in order to receive these education benefits.
Loyola is committed to providing prospective students with an understanding of the financial investment of their education. The Financial Aid Shopping Sheet is a tool created by the U.S. Department of Education used by schools who comply with VA’s Principles of Excellence to help students make informed decisions by comparing costs and financial aid packages at various higher education institutions. This standardized form clarifies financial aid awards for students using Veterans Affairs Educational Benefits and who have filed a Free Application for Federal Student Aid (FAFSA).
What is the Financial Aid Shopping Sheet?
The Shopping Sheet displays institutional grants and scholarships from Loyola University Chicago, while also displaying any federal (ex: Pell) or state (ex: MAP) grants and Federal Direct Student Loans you are eligible to receive.
Although you may be eligible to receive the full amount of federal loans, we recommend that you only take out loans if absolutely necessary. Many student veterans are able to complete their degree without borrowing loans. If the need arises, we encourage that you only borrow the amount needed in order to reduce long term debt. If you decide to borrow at Loyola University Chicago, more information can be found here.
The “Net Costs” section reflects the estimated cost of attendance minus any grants or scholarships. It does not account for personal choices that may alter the amount nor is it the amount owed after VA benefits have been applied.
There are statistics about LUC on the right side of the shopping sheet, what do they mean?
The metrics related to graduation and loan default rate reflect the average statistics for full time, undergraduate students at Loyola University Chicago. Each individual student is unique therefore your experience may be different.
At Loyola University Chicago 70 percent of all full-time, undergraduate students graduate within six years. According to the National Student Loan Clearinghouse Research Center, nationally only 54.1 percent of full-time, undergraduate students graduate within six years.
The loan default rate reflects the percentage of federal loan borrowers who entered repayment in 2010 and defaulted on their loans within the first three years of repayment. A multitude of variables can lead to default (job market trends, health problems, etc.) however this latest reporting period for Loyola University Chicago reflected a default rate of only 5.9 percent, well below the national average of 14.7 percent. This is an indication that Loyola alumni who graduated in 2010 are more successful in managing their loan repayment than alumni from many other institutions that entered repayment at the same time.
If you have any questions regarding you military education benefits contact the Financial Aid Office at (773) 508-7704 or email firstname.lastname@example.org.
You may be eligible for educational benefits, follow the links below for more details. The Financial Aid Office coordinates your Federal Veteran’s Affairs Educational Benefit programs including:
- The Montgomery GI Bill – Active Duty (Chapter 30) - for those who enlisted after 7/1/1985(Chapter 1606 and 1607) - part of the GI Bill effective 7/1/1985
- The Montgomery GI Bill – Selective Reserve (Chapter 1606)
- The Montgomery GI Bill – Reservist Educational Assistance Program (Chapter 1607)
- The Vocational Rehabilitation Program (Chapter 31) for disabled veterans approved by the Veteran’s Affairs for study at Loyola
- The Survivors’ and Dependents’ Educational Assistance Program (Chapter 35) - for the spouse and children of deceased or disabled veterans
- The Post-9/11 GI Bill (Chapter 33) - for those who served at least 30 consecutive days on active duty after September 10, 2001
- The Post-9/11 GI Bill Yellow-Ribbon program for qualified Post-911 applicants
Note: Loyola University Chicago does not participate in the Illinois Veterans Grant Program (IVG), Illinois National Guard Grant Program (ING), or the Illinois MIA/POW Scholarship Program. These programs are only available at Illinois public institutions.
How Do I Use My Benefits at Loyola?
To use your benefits at Loyola you will need to complete a VA form 22-1990, Application for Education Benefits at the Veteran’s Affairs website. Once the VA has processed and approved your application, you will receive a Certificate of Eligibility (VA Form 22-0557) from their office in response to your request. Please submit copies of your DD-214 and Certificate of Eligibility to the Financial Aid Office. Both forms are used to certify your enrollment with the Department of Veteran Affairs.
Loyola University's Annual Maximum Yellow Ribbon
Graduate Business: $12,000
Law School: $15,000
Financial Aid Office
Loyola University Chicago
1032 W. Sheridan Road
Chicago, Illinois 60660