Financial Aid Policies
After March 1, our office will begin sending out a package of detailed information and instructions regarding financial aid to admitted applicants. Do not wait to hear from the admission office before completing the required Free Application for Federal Financial Aid Form described below; complete the form as soon as possible after applying for admission. Applying for financial aid will neither help nor hinder your chances for admission. Decisions concerning admission are made independently of whether a candidate has applied for financial aid.
Financial need is determined on the basis of University and Federal Department of Education (where appropriate) guidelines, using information provided by each applicant through the Free Application for Federal Student Aid (FAFSA). This is the required federal need analysis form. The overwhelming portion of need-based aid is in the form of loans. All applicants for need-based financial aid are expected to borrow first through the Federal Direct Loan program. The Law School then seeks to meet remaining financial need through some combination of Federal Direct Loans, Federal Work-Study funding, and/or scholarship and/or grant, where possible. Please note that Federal Pell Grants are not available to law students.
Students and families should recognize that loans will be a significant part of every student's financial aid package. Many students are reluctant to undertake what at first appear to be overwhelming loan burdens. It is important to understand that federal loans can be consolidated, and more reasonable repayment arrangements can be made. Incurring debt is a serious matter and the consequences should be considered before entering law school. Students are encouraged to talk with the Law School administration and faculty about the value of a Loyola legal education and likely income after graduation, and with the staff of the Law Financial Assistance Office about the variety of repayment options. Students are also urged to gather together as many family resources as possible and to live as frugally as possible during law school in order to minimize the amount they must borrow.