Loyola University Maryland

Office of Financial Aid

Financial Aid Eligibility, Terms, and Conditions

Financial Aid Eligibility

Academic Scholarships

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.

Determining Need and Cost of Attendance

The Loyola Office of Financial Aid uses the following federal formula to determine eligibility for need-based financial aid: 

Cost of Attendance - Student Aid Index = Need

Cost of Attendance (COA)

The Cost of Attendance (COA), sometimes referred to as the student budget, is an estimate of what it will cost to attend Loyola for one year. It’s intended to help the applicant budget, but it’s also used by the financial aid office to determine eligibility for aid. The COA includes tuition; and estimates for living expenses (housing and food); books, course materials, supplies, and equipment; transportation; personal expenses, and average student loan fees.

The COA is not a bill and actual expenses will vary by student. Students who incur costs for university health insurance, dependent care, disability-related expenses, or who are in academic programs that require licensure, certification, or a first credential, and have costs associated with obtaining such qualification may request a cost of attendance adjustment by contacting the Office of Financial Aid. At Loyola, students will be billed for direct charges, i.e., tuition, on-campus housing, and food plans.

Student Aid Index (SAI)

The Student Aid Index (SAI) is an eligibility index number resulting from the information provided on the Free Application for Federal Student Aid (FAFSA). This index is calculated according to a new formula determined by the federal government. Beginning with the 2024-25 academic year, the SAI will replace the Expected Family Contribution (EFC) to determine an applicant’s need. The new formula allows a minimum SAI of negative 1,500 (-1,500) to highlight students with especially challenging situations.

Need

Need is the difference between the Cost of Attendance (COA) and the Student Aid Index (SAI). A negative 1,500 index will be treated as a zero (0) in the formula COA minus SAI equal Need. Once we calculate your need, we can determine a student’s eligibility for grants, student employment and loans. Though we cannot guarantee to meet full demonstrated need, we strive to provide funding that makes it possible for students to attend Loyola. Students who have no financial need are eligible to be considered for non-need-based loans.

First and Second Year Cost of Attendance: 2024-25 Academic Year

Tuition is actual. On-campus housing is based on the average cost of all available housing. Food considers 21 meals per week. Actual costs may vary by student choices.

On-Campus/Resident
Tuition $57,150
Living Expense: Housing $12,330
Living Expense: Food $6,760
Books, Course Materials, Supplies, Equipment $800
Transportation $500
Miscellaneous Personal Expenses $750
Student Loan Fees $70
Total $78,360
Living With Parent
Tuition $55,480
Living Expenses (housing and food) $4,090
Books, Course Materials, Supplies, and Equipment $800
Transportation $500
Miscellaneous Personal Expenses $500
Loan Fees $70
Total $61,440

Third and Fourth Year Cost of Attendance: 2023-24 Academic Year*

*Please note that the 2024-25 academic year cost of attendance is not yet available for the third and fourth year. These rates will be available in late December. Please reference the 2023-24 academic year cost of attendance until the new figures are available.

On-Campus/Resident
Tuition $55,480
Living Expenses: Housing $11,690
Living Expenses: Food $4,600
Books, Course Materials, Supplies, and Equipment $800
Transportation $500
Miscellaneous Personal Expenses $500
Loan Fees $70
Total $73,640
Off-Campus
Tuition $55,480
Living Expenses (housing and food) $9,980
Books, Course Materials, Supplies, and Equipment $800
Transportation $500
Miscellaneous Personal Expenses $500
Loan Fees $70
Total $67,330

Treatment of Privately-Funded Awards and Awards from Other Outside Sources

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.

Annual Determination of Financial Aid Eligibility

Eligibility for all forms of need-based federal, state, and institutional sources of aid is determined based upon an annual review of the information submitted on the Free Application for Federal Student Aid (FAFSA). Annual changes in the information provided on the FAFSA may affect the Student Aid Index.

It is important that students submit the FAFSA by the priority deadline each year for maximum consideration of aid.

Terms and Conditions of Aid Awards

Acknowledgment of Financial Aid Package

Admitted applicants and students will be notified via email when a financial aid eligibility decision is made. You will be directed to financial aid self-service to review your aid package and accept or decline the aid offered (loans and work-study).

If you need to reduce the amount of student loan offered, update housing or enrollment status, or report receipt of outside sources of aid, you must notify the Office of Financial Aid in writing at financialaid@loyola.edu. Be sure to include your full name and Loyola student ID number.

If your financial aid package requires a revision or correction, you will be notified via email. 

Responsibilities of Financial Aid Recipients

Students 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 your financial aid package.

Recipients of Federal Aid must be a U.S. Citizen or eligible non-citizen as defined by the U.S. Department of Education. Some students may be required to submit proof of citizenship status.

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

Need-based aid is awarded for one academic year at a time. Students must re-apply by completing the Free Application for Federal Student Aid (FAFSA) by the published priority deadline for maximum consideration.

Disbursement Procedures

Financial Aid is awarded for one academic year at a time. The aid offered on your Financial Aid Award Notification provides the annual and semester amount of each award, fall and spring. Award amounts are divided half for the fall semester and half for the spring semester unless otherwise noted.

Financial aid (scholarships, grants, and loans) is disbursed or credited to your Loyola student account no more than 10 days prior to the beginning of each semester. This means you must have accepted your aid and do not have any holds or aid in a pending status. All required documents must have been submitted, and if you are borrowing, you must have completed the required Entrance Counseling and Master Promissory Note (MPN). You must also be registered for the minimum required credits. You can verify these requirements through your financial aid self-service portal.

Unlike other aid programs that are credited to your student account, you will receive Federal Work-Study earnings in the form of a paycheck.

Aid that is disbursed is first applied to the charges on your student account. If the amount of your aid is greater than the charges on your student account, you can expect to receive a refund within 14 days of the start of classes. If you prefer to receive your refund via direct deposit instead of a paper check, instructions are available on the Financial Services website.