Loyola believes that the cost of a high-quality education should not be a deterrent to prospective applicants. In recognition of the concern students and families have with finding adequate resources to meet these costs, our financial aid program is designed to make Loyola affordable to those students we admit. Approximately 65 percent of all undergraduates receive some form of aid from federal, state, institutional and private sources.
Loyola is willing to share the financial responsibilities of attending college with students and their parents, but we expect the primary or maximum effort to pay for college to come from students and their families. The system used to determine the family's ability to pay contains the following assumptions:
- To the extent they are able, parents have the primary responsibility to pay for their children's education.
- Students, as well as their parents, have a responsibility to help pay for their education.
- The family must be considered in its present financial condition.
- The family's financial situation must be evaluated in a consistent and equitable manner recognizing, however, that special circumstances can and do alter a family's ability to contribute.
- Most families will need to pay for educational expenses over an extended period of time.
In the administration of need-based financial aid programs, "demonstrated financial need" is considered to be the difference between the cost of attending a college or university and the total family contribution toward that cost as shown in the following simple formula:
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
Cost of Attendance
Colleges and universities construct student expense budgets which include standard allowances for tuition, fees, room, meal services, books and supplies, transportation, and personal/miscellaneous expenses. A student's cost of attendance is based on the enrollment status (full or part-time) and housing status (on-campus, off-campus, or with parents). The following chart lists Loyola's current student expense budgets based on full-time enrollment for the 2014-15 Academic Year:
|Cost / Expense
|Room and Board Allowance
|Commuter Living Expense Allowance
|Books and Supplies
As indicated above, the parents of a student are expected to make a maximum effort to assist the student with college expenses. Additionally, students have a responsibility to help pay for their own educational expenses. The information provided by families on the PROFILE Application form of the College Scholarship Service and the Free Application for Federal Student Aid (FAFSA) is used to assist the financial aid office in determining an expected family contribution according to standard federal formulas and institutional policies. In general, the family's income and assets are considered to produce a comprehensive index of family financial strength and capacity to absorb the costs of a college education.
If the full cost of attending Loyola is beyond reach, students are first expected to take advantage of assistance available through federal and state government programs, in addition to scholarships and grants available from private organizations. When these outside resources, combined with the student and parental contributions are still inadequate to meet the cost of attending Loyola, the University will assume its role as a partner in meeting college costs. It is assumed that families will make individual decisions about how to finance their share of educational costs using a combination of assets, current income and borrowing against future income.