A student's demonstrated financial need is determined by subtracting the family contribution from the FAFSA, 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 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, students 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 residence 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 or commuter status. Therefore, it you are a recipient of need-based aid, it is important that you contact the Financial Aid Office before making a final decision.
- Commuter With Parents: Living at home with your parent(s). 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 the housing status we used in constructing your student expense budget is incorrect, you are required to contact the financial aid office. We will recalculate your financial aid eligibility after your actual housing status is verified.