Board of Trustees Approves 2024-2025 Operating Budget Including Tuition and Fees
Dear Parents and Students,
The Board of Trustees of Loyola University Chicago has approved the University’s 2024-2025 operating budget. The budget sets the undergraduate tuition for the upcoming academic year at $52,230, a 3.9% ($1,960) increase. Tuition for graduate and professional programs will increase 3.5% on average.
The student activity fee will increase by 3.9% and all-access meal plans will increase by 2.7%. There will be no increase to the student technology fee. Traditional on-campus housing rates will increase by 3.5% with apartment-style housing increases varying depending on accommodations. The complete schedule of tuition, fees, and room and board rates for the coming academic year can be found at: www.luc.edu/bursar/tuitionfees.
Our ongoing pledge to financially support our students is reflected in additional financial aid across the University—support which has grown by $46 million in just the last three years. The budget anticipates that the University will fund over $302 million in financial assistance to students, a $17 million (6%) increase from the current year.
As always, Loyola remains committed to providing an exceptional educational experience for our students by ensuring that our resources are deployed to support the academic experience inside and outside the classroom. While we continue to invest in retaining exceptional faculty and staff, we are also prudent about filling any vacant positions to be sure they are essential to our students’ experience. As in the past, we will continue to monitor our operating expenses in an ongoing effort to remove non-essential non-student-facing expenses. The upcoming budget plans new investments in technology, faculty compensation, and student development, while also maintaining discipline in managing our support service expenses, leveraging the value of our real estate holdings, and paying interest and principal on decreasing debt. Additionally, we will continue to be sure resources are available to support student academic advising, wellness, and mental health.
While we recognize that any tuition increase puts additional strain on the resources of parents and students, we continue to hold to our commitment of not increasing tuition in any given year more than 1.5% of the average increase from the past 10 years. This promise is intended to make it easier for families to plan by precluding any large tuition increase in a particular year.
On behalf of our president, Mark C. Reed, EdD, and the University Board of Trustees, thank you for your confidence in us to deliver the very best transformative education at Loyola University Chicago. I’m certain your continued investment now will provide life-long returns after graduation.
I am happy to personally address any questions you may have. My direct email address is: email@example.com.
Sr. Vice President and Chief Financial Officer