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 |