Financial Aid Options at Loyola University Chicago

I'm planning to apply to Loyola University Chicago, and I'm really curious about the types of financial aid available. Does anyone know what the process is like or have any tips for securing good financial aid packages there?

You've chosen a great institution in Loyola University Chicago which has a comprehensive commitment to helping students with their financial needs. For starters, you'll want to fill out and submit the Free Application for Federal Student Aid (FAFSA). This is a crucial first step for determining eligibility for need-based aid. The FAFSA opens on October 1st and the sooner you apply, the better, as some aid is awarded on a first-come, first-serve basis.

Loyola issues both merit-based scholarships and need-based financial aid. As far as merit-based aid goes, you are automatically considered for this when you apply for admission. These scholarships range in value, and all admitted undergraduate students are considered for them, regardless of citizenship. Loyola’s merit scholarships are based on the review of the students' academic records. They look into your high school GPA, test scores (if submitted), and rigor of your high school curriculum.

As for need-based aid, once you’ve completed the FAFSA, Loyola will use your Student Aid Index (SAI), which is determined by the FAFSA, to establish your aid award. This might include federal, state, and institutional grants, work-study, and low-interest student and parent loans. One special offering from Loyola is the Arrupe Scholarship, which is a need-based award for undergraduate students from an Illinois Jesuit high school.

Furthermore, Loyola also provides assistance to those who qualify for a Federal or State grant program, such as the Federal Pell Grant or the State of Illinois Monetary Award Program (MAP). Do take note that Loyola is need-sensitive in its admission process, so the amount of financial aid that you need could possibly impact your chance of admission.

In addition to these options, it's also smart to apply to outside scholarships. There's a wide array of them available, ranging from small local awards to large national scholarships. Scholarship search platforms, such as Appily, are useful for casting a wide net and finding opportunities that match your profile.

Lastly, remember that every financial situation is unique and the aid process can sometimes feel daunting. Don't hesitate to reach out to Loyola's Financial Aid Office if you have any questions. They can provide guidance on your specific situation and help navigate the process.

Best of luck with your applications!