Scholarships and Financial Aid

When you apply for admission, you’re automatically considered for merit scholarships ranging from $14,000 to $31,000 per year. These scholarships are competitively awarded based on outstanding academic achievement, regardless of financial need. You’ll know if you received an initial merit scholarship in your acceptance letter.

After you’re admitted, you may be invited to apply for additional special scholarships ranging from $2,500 to full tuition. Review the full list here. If you are eligible to apply for any special scholarships, we will let you know via email and will post the application(s) on your student portal.

You can apply for scholarships offered by organizations outside of Loyola. Many students receive scholarships from organizations that they or their family are associated with. You can learn more about external scholarships here.

Submitting the Free Application for Federal Student Aid (FAFSA) will mean you’re considered for government aid in the form of grants (which do not have to be repaid) and/or loans. The earliest you can begin the FAFSA is October 1st in the year prior (i.e. October 1, 2024 for the 2025-2026 academic year). Some awards are first-come, first-served, so we encourage you to submit as early as possible.

The form is free and available online at studentaid.gov. The FAFSA will ask for a school code. Loyola's code is 001710.

View the step-by-step guide to the FAFSA process here.

Our Net Price Calculator provides an approximation of what a new, undergraduate student can expect to pay to attend Loyola. You will need your family’s most recent tax return and your academic information for the best approximation.

The U.S. Department of Education will calculate your financial need, known as your Student Aid Index or SAI. Loyola will use that to determine your financial aid award. We will then send you an award letter listing student aid you may be eligible to receive. For new, incoming first-year students, this will be a paper letter in the mail as well as an email notification. 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 will include merit scholarships you may have already received along with a list of any federal loans, grants, and work study available to you. 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. 
 
Below are estimated COA figures for 2024-2025. The figures cover nine months, for undergraduate students enrolled full-time in both fall and spring. These figures are estimates and may change depending on program.

On-Campus Housing: $17,488 
Off-Campus Housing: $16,088 
Commuting from Home: $6,180 
Books and Supplies: $1,600 
Travel Expenses: $230 – $2,160 
Personal Expenses: $1,700 
 
Your estimated COA will be in your financial aid award in LOCUS. For more information about COA, please contact the Financial Aid Office.

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, login to LOCUS to see The Bottom Line (Estimate) under the Financial Aid tile. This 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 your Financial Account tile for actual figures. 
 
Loyola offers monthly installment plans as well as information on loan options to assist with the remaining balance.