It's time to start making a plan for your education
There is no single "right" way to fund an education, so as you begin exploring your options, it is very important to understand the basic financial aid process. Check out the steps below to help get you started on your way.
1. Explore additional scholarships
Merit-based scholarships are awarded at the time of admission without consideration of financial need. There are other awards available though, so look at our additional scholarship resources and the other scholarship opportunities that require separate applications.
2. Submit your FAFSA
The earliest you can begin to complete your Free Application for Federal Student Aid (FAFSA) is October 1st in the year prior to when you'll receive aid (i.e. October 1, 2022 for the 2023-2024 academic year). To be considered for all resources available, we encourage you to submit your FAFSA as early as possible as some need-based aid is limited in funding. The form is free and available online at studentaid.gov.
The FAFSA will ask for a school code. Loyola's code is 001710.
*Please note that the state of Illinois' MAP deadline changes year-to-year and has been as early as February in years past.
3. Student Aid Report
Shortly after submitting your FAFSA, you will receive a Student Aid Report. This is your opportunity to review and correct the information the federal government will use to determine your financial aid award. Please review it carefully.
Student Aid Reports are available online to those who submit an email address in their application. The report could say that you've been selected for verification. If that's the case, you will be asked for additional information. Continue reading for more about what you'll need to do.
4. Determining your need
Once you submit your FAFSA, the U.S. Department of Education will determine your Expected Family Contribution (EFC). They will consider a number of factors such as the size of your family, the number of family members in college, income for students and parents, and assets for students and parents. This information will be used to calculate your financial need. Loyola will use your EFC and financial need to determine your financial aid award.
Some students will be selected by FAFSA for a process called verification, which checks the accuracy of certain FAFSA answers. If you are selected for verification, you will be sent an estimated award letter and notification that additional information is needed. An item will be added to your to-do list within the Tasks tile indicating that you should contact our third-party parner Inceptia to set-up an account and submit verification documentation.
5. Award letter
After completing your FAFSA, Loyola will receive it in December or within 1-2 weeks of your filing date. We will then send you an award letter listing student aid you may be eligible to receive. For new, incoming freshman, this will be a paper letter in the mail. All other students will receive an email notification. This process typically begins in early January for the upcoming academic year and runs through May. The award letter may include federal loans, grants, scholarships, and work study. It will also include estimated direct and indirect expenses to help your family calculate the total cost of your education at Loyola.
This combination of direct and indirect expenses is referred to as your Cost of Attendance (COA) and determines the total amount of aid you can receive/borrow. Direct expenses include tuition and fees and estimated room and board if you are living on campus. Indirect expenses may vary based on enrollment and living arrangement and are intended to cover 9 months if you are enrolled for both fall and spring.
Here are estimated full-time COA figures for 2023-2024:
- On-campus housing
- Undergraduate: $16,894
- Graduate: $16,894
- Grad Business: $16,893
- Law: $16,894
- Arrupe: $16,894
- Off-campus housing
- Undergraduate: $15,558
- Graduate: $19,300
- Grad Business: $19,299
- Law: $19,300
- SSOM: $17,640(M1, M3, M4), $15,876(M2)
- Commuting from home
- Undergraduate: $4,006
- Graduate: $5,700
- Grad Business: $5,700
- Law: $5,700
- Arrupe: $4,006
- SSOM: $3,712(M1, M3, M4), $3,342(M2)
- Books and supplies
- Undergraduate: $1,200
- Graduate: $1,700
- Grad Business: $1,698
- Law: $1,700
- Arrupe: $1,200
- SSOM: $1,876(M1), $1,574(M2), $1,316(M3), $1,854(M4)
- Travel expenses
- Undergraduate: $230–$2,160
- Graduate: $3,500
- Grad Business: $3,498
- Law: $3,500
- Arrupe: $2,160
- SSOM: $1,248-$1,750
- Personal expenses
- Undergraduate: $1,600
- Graduate: $3,500
- Grad Business: $3,498
- Law: $3,500
- Arrupe: $1,600
- SSOM: $3,402(M1, M3, M4), $3,062(M2)
If you are in a special program and do not see your expenses outlined above, please reach out to us. Current students can review their estimated COA as part of their financial aid award in LOCUS. For more information about items that can be included either automatically or by request, please review our Budget Adjustment Appeal form or contact the Financial Aid Office.
6. Filing an appeal
There are several situations that may warrant an appeal be submitted for special consideration. Please see the Financial Aid Forms page for a complete list of appeal forms. Each contains information about the policies and procedures for that type of appeal.
Special Circumstance Appeal
If your family has experienced a change of circumstances such as loss of employment, excessive paid medical expenses, or death of a parent, you may complete a Special Circumstance Appeal to request a reevaluation of your financial aid eligibility. The form allows you to describe the financial changes in detail and the impact it has on your ability to meet your educational expenses. Any award adjustment will be contingent upon your eligibility and the availability of funds. Please review the form for more information.
Generally, students who answer "yes" to at least one of the dependency questions (46–58) on the FAFSA are not required to provide parent information. If you are unable to answer "yes" to these options and you have a documented circumstance that prevents you from providing parent information, please review the Dependency Appeal form and contact the Financial Aid Office for more information.
7. Secure additional financing
Loyola's financial aid awards may not cover the entire cost of attendance. It's your responsibility to secure additional financing for expenses that are not covered by scholarships, grants, or federal student loans.
Once you have reviewed your award letter, you may login to LOCUS, and find The Bottom Line (Estimate) under the Financial Aid tile. This is a tool for students and parents that lets you see an estimate of the remaining balance for the academic year.
The Bottom Line is an estimate. Once generated, please view your eBill within the Financial Account tile for actual figures.