Financial Aid
The decision to continue your education and the selection of the appropriate school are among the most important choices that you will make in your lifetime. Complicating these choices is the projected cost. Private education may seem, at first glance, to be higher than you and your family can afford. Most families finance a Loyola education through a combination of academic scholarships and need-based aid.
However, by skilled management of resources, Loyola has been able to keep increases moderate. Tuition at Loyola compares very favorably with, and is frequently lower than, other private universities. Loyola has been selected as a "Best Buy" in college education by the education editor of The New York Times. A schedule of estimated costs for the current school year is provided.
Sources and Classes of Funds
Need-based aid is restricted to students who have a calculated need. The funds may not be used to provide more aid than is necessary to meet that calculated need. The cost of attending the school, minus the calculated family ability to pay, equals the need.
Non-need-based aid is funding available to students based on factors other than financial need. Academic merit and talent-based scholarships are the best examples. When it is combined with need-based aid, however, the need ceiling applies to the total package.
Loyola provides both classes of assistance. Through the Loyola Grant and contributions to the work-study program, Loyola provides need-based funds to supplement the traditional financial aid programs for needy students. Loyola also sponsors a number of non-need scholarships that are based upon purely academic considerations, as well as some that are based upon exhibited talent in music, drama/speech, or visual arts.
Determining Your Aid
When your processed FAFSA has been received in the Office of Scholarships and Financial Aid and reviewed, we will make award decisions and notify you of the results. The decision on your award will be based on assumptions regarding your enrollment and the accuracy of the FAFSA data.
Renewal of Assistance for Subsequent Years
All awards are for one academic year and must be renewed if you want assistance in a subsequent year. Other than scholarships, which are assumed to be renewable if the renewal requirements are met, there is no guarantee that any other assistance will be renewed. You should continue to remain eligible at the same level if the following conditions are met: if family size and financial circumstances do not change; federal rules remain constant; you demonstrate reasonable academic progress; and you file your renewal application in a timely manner.
Filing an Application
Loyola attempts to make applying for assistance as easy as possible. To apply for need-based aid, you must submit a financial statement using the Free Application for Federal Student Aid (FAFSA). Loyola's FAFSA code is 002016. The FAFSA can be obtained from your high school guidance counseling office in November. Make sure to fill out the appropriate form according to the academic year you will be attending. Loyola does NOT accept family financial information submitted through forms other than the FAFSA. The FAFSA should be mailed after January 1 of your senior year. Best consideration is given to students who file by February 15. The FAFSA must be filed by May 1; however, supporting documents may be sent by June 20.
For more information on applying for federal student aid or to fill out an online Free Application for Federal Student Aid, go to FAFSA.
For more information see the:
- Financial Aid Timeline
- College Work-Study Program
- "College is Possible" Campaign
- START: Louisiana's College Savings Plan
More Information can be found at Loyola Office of Scholarships and Financial Aid Web Site
Office of Scholarships and Financial Aid
Campus Box 206
6363 St. Charles Avenue
New Orleans, LA 70118-6195
Location: Marquette Hall Room 110
Office Hours: Mon.-Fri., 8:30 a.m. - 4:45 p.m.;
Wed., 8:30 a.m. - 6 p.m.
Phone: 504-865-3231
Fax: 504-865-3233
E-mail: finaid@loyno.edu