Applicants for financial aid are evaluated based on financial need and standards of academic progress. The formula used to determine a student’s eligibility for need-based financial aid is:
Cost of Attendance - Expected Family Contribution = Financial Need
The Cost of Attendance, or budget, is the total amount we estimate it will cost a student to attend Loyola for one year. It includes direct charges, those costs that are billed by Loyola such as tuition, housing, and meal plans and estimates other expenses, such as books, supplies, and personal expenses. These costs are also referred to as indirect charges.
There are three standard student expense budgets: on-campus, off campus, and living at home with parents.
The Expected Family Contribution (EFC) is determined based on information provided on the Free Application for Federal Student Aid (FAFSA). The application collects income and asset information from both the student and parent(s)/stepparent. Other information that affects your EFC is household size, number of children in college, and age of your parent(s).
Once your financial need is determined, the Office of Financial Aid will attempt to meet as much of your need as possible using federal, state, and institutional funding awarded in the form of grants, loans, and/or student employment.