In order to attract the caliber of students who value the tradition of quality Jesuit education that Loyola University Maryland offers, we award academic scholarships unrelated to financial need. The awards are based on superior academic ability and potential to contribute to the academic climate of the campus community.

Entering first-year applicants are automatically considered for Loyola's academic scholarships. Students are selected on a competitive basis considering high school grade performance, course selection, rank-in-class and strength of high school. SAT/ACT scores are also considered if provided by the applicant. The intensity of the competition each year depends on the size and quality of the first-year class applicant pool. Scholarships are awarded for four years and the value of the award does not increase as tuition increases. The number of scholarship awards offered to entering first year students is based on our institutional budget and anticipated yield rate. Therefore, many more scholarship offers will be made than our budget allows, recognizing that a percentage of students will decline our offer and attend other colleges and universities. Our goal is to make the best scholarship offer possible considering Loyola's level of selectivity and budget constraints. We are unable to "match" other institutions' academic scholarship awards.

Loyola University Maryland administers a limited number of endowed scholarships and privately-funded scholarships reserved for members of the junior and senior classes. Therefore, currently enrolled students who have achieved an outstanding academic record (minimum GPA of 3.00) at the end of their sophomore and junior years and who meet other donor-specified selection criteria will be considered for scholarships from these funds.

Endowed scholarships and privately-funded scholarships administered by Loyola may be used to fund (in full or part) institutional academic scholarships and may be substituted for institutional need-based grant assistance.

Demonstrated financial need is determined by subtracting the contribution Loyola expects parents and the student to make toward educational expenses (the family contribution) from the amount we estimate that it will cost the student to attend Loyola (the student expense budget). The student expense budget minus the family contribution equals financial need. There are three standard student expense budgets: on-campus, off campus, and living at home with parents. The student expense budget includes actual charges for tuition, fees and room, and standard allowances for meal services, books and supplies, transportation and personal expenses.

The formula used to determine a family's ability to pay college expenses are based on a number of factors, including current assets and prior year's income for both parents and the student. The formulas do not assume the expected family contribution will be available entirely from current income or assets. Nor is it assumed that all families will finance a college education in the same way. Rather, the formulas attempt to use a "snapshot" of current assets and prior year's income to measure the total financial strength of the family over time. It is further 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.

All federal and state student financial aid recipients must be U.S. citizens, U.S. nationals, or eligible noncitizens with a valid Social Security number. An eligible noncitizen is a U.S. permanent resident who has an I-151, I-551, or I551C (Permanent Resident Card).

There are two methods of determining a family's expected contribution toward educational costs. The Federal Methodology is used to determine a student's eligibility for federal aid, including Pell Grants, Direct Stafford Loans, and most forms of state grant assistance. The federal family contribution is determined using the data provided on the Free Application for Federal Student Aid (FAFSA). Because the Federal Methodology ignores some forms of income and eliminates some types of assets from consideration, Loyola uses an Institutional Methodology to determine a student's need for institutionally-controlled and funded forms of financial aid. The institutional family contribution is determined using the data provided on the CSS Profile Application.

Federal financial aid regulations stipulate that a student's total financial aid package may not exceed the federally-determined need analysis result when federal forms of financial aid are included in the aid package. Therefore, Loyola will use the Federal Methodology need analysis results in cases where the Institutional Methodology yields a lower expected family contribution than the Federal Methodology.

We believe the institutional need analysis formula more accurately and more equitably measures a family's financial strength by using sound economic principles, practices and assumptions. The treatment of the main institutional need analysis variables is explained below:

Family Size

This is the number of family members living in the same household. Relatives living outside the home, even when supported by the family, are not included. Siblings attending graduate school or siblings who are 27 or older are considered independent and will not be included in family size.

Family Members Enrolled in College

For families with two or more children attending four-year private or public colleges, the parent contribution is assessed at 60 percent for each child if two children are enrolled and 45 percent for each child if three children are enrolled. If a sibling attends a two-year community college, the parent contribution is increased proportionally. There is no adjustment in the parental contribution when parents are enrolled in an undergraduate or graduate program, for children enrolled in graduate school, or for children enrolled part-time in an undergraduate program.

Parents should expect a significant increase in their expected contribution when a dependent child graduates or is no longer enrolled on a full-time basis in an undergraduate program.

Divorced, Separated, Single Parents

In cases of divorce or separation, the parent with whom the student resides (and if applicable, a stepparent) is responsible for completing the FAFSA and CSS Profile. Loyola supports the policy, however, that both biological parents are responsible for the financial support of their children to the extent they are able even in cases of divorce, separation, and unmarried parents. While marital status may complicate the extent to which one or both parents can contribute, it does not absolve either parent from their obligation. For this reason, Loyola reserves the right to request the non-custodial parent to complete the CSS Profile. You will be notified by the Office of Financial Aid if your non-custodial parent is required to complete the CSS Profile.

Parents' Income

Income is the most weighted factor in determining the expected parental contribution toward educational expenses. The formulas use the most recent complete year of financial information to determine the expected contribution for the upcoming academic year. Therefore, annual fluctuations in income (and assets) are considered annually using the most complete tax year information.

• Taxable Income. This category includes wages, salaries, interest and dividends. It can also include business/farm profit, pensions, annuities, rents, royalties, trust income and other forms of miscellaneous taxable income. For parents who own businesses, depreciation on real property or automobiles, and part or all of other forms of depreciation, wages paid to dependent children, and noncash benefits such as automobile use and insurance coverage are typically added back to income. Losses, including those from business and rental ventures, capital losses and losses carried forward from prior years will not affect other forms of income. One-time additions to income, such as capital gains or the liquidation of an annuity or pension are considered an exchange of assets and are not included in income.
• Untaxed Income. This income category includes social security benefits, veterans benefits, welfare or child support. It also includes voluntary annual contributions to tax deferred savings/retirement plans, housing/living allowances, untaxed portions of pensions/annuities, workers compensation and any other form of untaxed income or benefits.

Parents' Assets

Because assets contribute to a family's financial strength, they also are considered in determining the parents' contribution. Assets included in the formula are: equity in real estate, including the family home, savings, investments of all kinds, a portion of business/farm net value, trusts and annuities. Real estate will not be accepted at a lower value than the purchase price and national real estate appreciation multipliers are often used to project market value. For family-owned businesses, accumulated depreciation, loans from shareholders, capital stock and retained earnings are not considered liabilities in calculating net value of these assets. Automobiles and consumer goods are not included as assets, nor is the value of the parents' primary retirement fund.

Student's Contribution

As primary beneficiaries of a college education, students are expected to assist their parents in meeting their educational expenses. Students are asked to contribute to their cost of education through summer earnings and a portion of savings or trust.

Non-Need Based Financial Aid Packages

Privately-funded scholarships, state grants and grants from other outside sources are added to Loyola's institutionally-funded academic scholarships, endowed scholarships or Resident Assistantships up to a maximum of full-tuition, fees, room, and the standard meal plan allowance.

The tuition portion of U.S Army ROTC Scholarships and Federal Veterans Administration/Yellow Ribbon Program benefits will be substituted for Loyola's institutionally funded scholarships since these awards may only be applied to tuition charges.

Need-Based Financial Aid Packages

Loyola's policy is to package outside scholarships as favorably as possible. These awards are added to meet any unmet need first and then substituted for self-help forms of financial aid (work and/or loans). Institutional grant and/or scholarships are reduced only if the outside awards exceed the amount of unmet need and self-help aid. These awards are applied evenly to the student's account between the fall and spring semesters unless otherwise specified by the donor.

Students are required to notify the Office of Financial Aid of any outside scholarships. Federal regulations require Loyola to include these awards in a student's total financial aid package.

Eligibility for all forms of need-based institutional and federal forms of aid is determined based upon an annual review of the information submitted on the CSS Profile Application and the Free Application for Federal Student Aid (FAFSA). Annual changes in family income, assets, family size and number of dependent children enrolled in college will effect the annual expected family contribution toward educational expenses.

Applicants for financial aid are evaluated on the basis of demonstrated financial need, potential for academic success and standards of satisfactory academic progress. Financial need is defined as the difference between the cost of attending Loyola and the amount you and your parents are expected to contribute from income and assets. A student's cost of education is determined based on enrollment status, grade level and housing status. Student expense budgets have been established which include actual charges for tuition, room, standard allowances for books and supplies, meal services, transportation and personal/miscellaneous expenses. The expected family contribution toward educational cost is determined using the information provided on the Free Application for Federal Student Aid (FAFSA) and the CSS Profile Application. Eligibility for federal financial aid may differ from eligibility for institutionally-controlled forms of financial aid due to institutional policies and the use of specific data elements which are omitted from the federal eligibility formula.

At the time your application was evaluated, you were automatically considered for all types of assistance, including scholarships, grants, loans and employment. The Office of Financial Aid determined your eligibility for each type of aid and assigned a combination of assistance in accordance with your eligibility. The specific components of your aid package depend upon the availability of funds and your demonstrated financial need.

Your aid package has been constructed using all resources known at the time of the award. If you are eligible for financial aid from a source outside the University, an estimate has been provided on the Financial Aid Award Notification. If you receive additional assistance not indicated on your Financial Aid Award Notification, you can usually expect an adjustment in your financial aid package.

Entering first-year applicants are selected for academic scholarship assistance based on a comprehensive review of the high school academic record including grade performance, course selection and strength of high school. SAT/ACT scores are also considered if provided by the applicant. Financial need is not a factor in determining eligibility for academic scholarship assistance.

The Office of Financial Aid reserves the right to request documentation to verify any information used to determine eligibility for financial assistance. Changes required as a result of the verification process may require an adjustment in the total expected family contribution and the student's financial need.

First-Year/Transfer Students

Indicate whether you wish to accept or decline the aid offered via your Self Service account. If you wish to reduce a loan amount, you must contact the Office of Financial Aid via email (financialaid@loyola.edu). Include your full name and Student ID number in your correspondence. If your financial aid package is adjusted for any reason during the academic year (e.g. receipt of outside sources of aid, changes in enrollment or housing status, or changes required as a result of the verification process), you will be notified via email to your Loyola email address.

Upperclassmen

You will be sent an email notification to your Loyola email account when a financial aid eligibility decision has been made. The email notification will indicate that your financial aid award is available electronically via Self Service by accessing "WebAdvisor for Students" on Inside Loyola. You must also accept or decline your offered aid (loans and work study) via the Self Service account. If you wish to reduce the amount of a loan, you must contact the Office of Financial Aid via email (financialaid@loyola.edu). Include your full name and Student I.D. Number in your correspondence.

If your financial aid award requires a revision or correction, you will be informed via email notification delivered to your Loyola email address.

You are required to notify the Office of Financial Aid of any additional financial aid you receive from sources outside Loyola. Receipt of additional financial aid may result in an adjustment of the financial aid offered by Loyola.

You are required to notify the Office of Financial Aid of any change in your name, address, enrollment status, anticipated graduation date, housing status (on-campus, off-campus, with parents), or other changes related to your attendance at Loyola.

Financial aid for subsequent years will be considered only if all renewal application materials, including the CSS Profile Application, the Free Application for Federal Student Aid (FAFSA) are submitted by the appropriate financial aid deadlines.

The total dollar amounts listed on the Financial Aid Award Notification are yearly awards which are divided in equal amounts (unless specified otherwise) between the fall and spring terms. All financial aid (except Federal Work-Study) is credited to your student account as soon as it is determined that you have a) registered for the required number of credits and b) completed all processes and procedures as required by each financial aid program. Funds not needed to complete payment of the University charges will be refunded by check within the later of 14 days after the first day of the enrollment period or 14 days after the loan proceeds deposit occurs.

The proceeds from Federal Direct Stafford Loans and Loyola Student Loans are credited to a student's account after the University receives confirmation that an electronic master promissory note for each program has been completed and signed. New Federal Direct Stafford Loan borrowers must complete "Entrance Counseling" before loan proceeds can be credited.

Students who accept loans can complete loan master promissory notes, loan entrance counseling, and truth-in-lending acknowledgement documents that are associated with each loan program.

When a student withdraws from Loyola and is due a refund under the University's refund policy and has received financial assistance from federal student aid programs (other than Federal Work-Study), a portion of the refund will be returned to the programs from which the student was funded. The federal student aid portion of the refund will be determined according to procedures specified by the U.S. Department of Education. Students employed under the Federal Work-Study program are entitled to all wages earned up to the date of withdrawal from the University.