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, 2023 for the 2024-2025 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. FAFSA Submission Summary (FSS)

Shortly after submitting your FAFSA, you will receive a FSS. 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.

FSS 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 Student Aid Index (SAI) . The FAFSA information will be used to calculate your financial need. Loyola will use your SAI 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

The timing of the FAFSA and award process for 2024-2025 has been significally delayed. Below is what our typlical process and timelines have been. Additional communication will be sent regarding the collection of FAFSA information and award packaging for 2024-2025.

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, living arrangement, and academic program. The figures below are intended to cover 9 months if you are enrolled full-time for both fall and spring. Some SSOM students follow a different academic calendar.

Here are estimated full-time COA figures for 2024-2025:

• On-campus housing
  • Undergraduate: $17,488
  • Graduate: $17,488
  • Grad Business: $17,488
  • Law: $17,488
  • Arrupe: $17,488
• Off-campus housing
  • Undergraduate: $16,088
  • Graduate: $19,956
  • Grad Business: $19,956
  • Law: $19,956
  • SSOM: $18,240(M1) $16,416(M2), $21,888(M3 and M4)
• Commuting from home
  • Undergraduate: $6,180
  • Graduate: $6,180
  • Grad Business: $6,180
  • Law: $6,180
  • Arrupe: $6,180
  • SSOM: $6,180
• Books and supplies
  • Undergraduate: $1,600
  • Graduate: $1,700
  • Grad Business: $1,698
  • Law: $1,700
  • Arrupe: $1,200
  • SSOM: $2,610(M1), $2,074(M2), $1,816(M3), $1,854(M4)
• Travel expenses
  • Undergraduate: $230–$2,160
  • Graduate: $3,500
  • Grad Business: $3,498
  • Law: $3,500
  • Arrupe: $2,160
  • SSOM: $2,496 - $3,476
• Personal expenses
  • Undergraduate: $1,700
  • Graduate: $3,600
  • Grad Business: $3,600
  • Law: $3,600
  • Arrupe: $1,700
  • SSOM: $3,502

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.

Dependency Appeal

Generally, students who answer "yes" to at least one of the dependency questions (5-8) 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.

Loyola offers monthly installment plans as well as information on loan options to assist with the remaining balance.

The Bottom Line is an estimate. Once generated, please view your eBill within the Financial Account tile for actual figures.