Tuition Information for the Academic Year 2018-19
January 22, 2018
Today, we would like to share information regarding tuition and fees for the 2018–2019 academic year and give context to Loyola’s commitment to educational excellence and affordability.
To provide needed investment in academic programs and strategic priorities, provide meaningful financial aid to the greatest number of students, and be able to offer faculty and staff a moderate salary increase in an era of increasing costs and medical insurance, the Board of Trustees has approved a 2.4 percent raise in undergraduate tuition for 2018–2019. This represents the smallest increase in tuition at Loyola in a number of years. Meal plans will increase by 2.5 percent to correlate with increased food and labor costs, and housing costs will increase from zero to 4.7 percent depending on the type of accommodation.
Graduate and professional tuition rates in law, graduate medicine and nursing, and the Master of Arts in Medical Sciences are increasing by 2.5 percent, with the exception of the RN to BSN program, which will not increase. Other graduate programs will have no increase for the second year. Loyola is not increasing the student activity fee or technology fee. Most other miscellaneous course fees are either increasing less than 2.5 percent or not increasing at all. These fees cover the direct costs of running certain labs and other course-related items. These rates will go into effect for the fall 2018 semester. Additional information can be found at LUC.edu/bursar and LUC.edu/reslife.
Upward pressure on tuition at leading colleges and universities, including Loyola, is driven by several factors. Financial aid to students is one of Loyola’s biggest annual expenses. During the 2016–2017 academic year we awarded $175 million in scholarships and grants; every year, these resources as well as external funding, stipends, and other forms of support make a Loyola education possible for students who could not otherwise afford to attend.
We have an obligation and desire to maintain the excellence of the Loyola experience. We continually invest in optimal learning, living, and research spaces to keep pace with our peers, compete effectively for top faculty and students, and to prepare graduates for today’s workplaces. From 2004–2015, we invested more than $1 billion in 18 major construction projects, including 13 academic buildings, a research complex, and student facilities across our three Chicagoland campuses. Universities employ large numbers of professionals who are paid competitively, and the costs of health insurance and other benefits continue to increase.
As a Jesuit institution, Loyola is deeply committed to providing excellent education to students from all socioeconomic backgrounds to create a truly diverse and vibrant intellectual environment. In line with our values and mission, Loyola continues to focus strategically on keeping college affordable. We have instituted a three-year strategic budgeting and cost-reduction process to better mitigate expense growth and anticipate enrollment trends and fluctuations in federal and state student aid. We have engaged our broader campus community in this work as well.
We are developing new strategies and partnerships to diversify revenue and develop sustainable programs. We are working to reduce expenses and energizing fundraising to increase scholarship funding. The University is fiscally healthy, and, as illustrated by our advocacy on DACA and tax reform, the leadership team, in partnership with students, faculty, staff, and the community, will continue to proactively address external issues that affect affordability in the short and long term.
Throughout higher education, tension over affordability is creating an environment where all of us face difficult decisions. Yet higher education—especially schools like Loyola with a large number of first-generation students—is the principal driver of social and economic mobility in this country. A Loyola education remains a good investment. The average person with a college degree will make 67 percent more annually than a person with high school degree; that is nearly $1 million more over the course of a career. Out of every 100 new jobs created since the Great Recession, 99 require a college or professional degree. We expect that trend to continue and that the needs for a highly educated workforce will be even greater in our fast-changing global economy.
Thank you for choosing Loyola University Chicago as your academic home. We are grateful to have you here. Loyola’s powerful legacy moves us to ensure that as many students as possible have access to a transformative education and that we continue to engage actively in a mission of service that shapes society for the better. Our principal focus as a team is to enhance Loyola’s distinctive educational and Jesuit Catholic mission and strengthen the financial stewardship that makes excellence possible.
Jo Ann Rooney, JD, LLM, EdD