2020-21 Academic Year
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 it will cost the student to attend Loyola (the student expense budget). The student expense budget includes actual charges for tuition and fees, and standard allowances for room and board, books and supplies, transportation and personal expenses. There are three standard student expense budgets: on-campus, off-campus and with parents. In assigning an expense budget to determine your financial need, we used the following assumptions:
- On-Campus: Living on-campus in a Loyola residence hall. Students who paid a housing deposit for the 2020 fall semester and who received a housing assignment, students receiving Resident Assistantships, and students participating in Loyola sponsored study-abroad programs were assigned this housing status.
- Off-Campus: Living off-campus in an apartment or private home not owned by or associated with Loyola. Non-Maryland residents who did not pay a housing deposit and students participating in non-Loyola sponsored study-abroad programs were assigned this housing status. Maryland residents who have provided an active off-campus local address will also be assigned this status.
Eligibility for need-based forms of financial aid may be impacted when students choose to change their housing status from on-campus to off-campus. Therefore, it you are a recipient of need-based aid, it is recommended that you contact the Financial Aid Office before making a final decision to move off-campus.
- With Parents: Living at home with your parents. Maryland residents who did not pay a housing deposit or who did not provide the University with an active off-campus local address were assigned this housing status.
If you think the housing status we used in constructing your student expense budget is incorrect, please contact the financial aid office and we will recalculate your financial aid eligibility after your actual housing status is verified. Loyola policy requires students who are living off-campus to provide the records office with a local address. Therefore, the financial aid office will not recalculate aid eligibility for students who request off-campus status until a local address is provided. A student’s local address may not be recorded as the permanent address. For other types of address changes, contact the records office.
As a condition of your financial aid award(s), you are required to notify the financial aid office of any changes in your housing status. Shortly after the 2020 fall and the 2021 spring semesters begin, your housing status will be verified. If your actual housing status is different from our housing status assumption, your aid eligibility will be recalculated accordingly.