by our College Data Analytics TeamMost students won’t pay the advertised price of a school. Instead, they will be provided with a financial aid plan that includes a mix of scholarships, grants, loans, and work-study. But some kinds of aid are more desirable than others, and some students will get more than others.
Uncover the various financial aid options provided by Loyola Chicago and determine which ones you may be eligible for by continuing your exploration.
Loyola University Chicago average financial aid offer for freshmen students is $23,357.00. Financial aid is provided to about 99% of first-year students, with the bulk of support coming in the form of grants and scholarships.
Financial aid contains loans, grants, and scholarships. But college loans need to be repaid, thus they are not a real college discount.
We feel that loan debt ought to be regarded as a consequence instead of true financial aid. Learn more on student loan debt at Loyola University Chicago.
Financial awards given by a college or university to its students, known as institutional scholarships and grants, help to offset the cost of tuition and other education-related expenses. These awards fall into two categories: merit-based and need-based, and they do not need to be paid back. Merit-based institutional scholarships are granted to students who have shown outstanding academic accomplishments, special talents, or abilities in a particular field. Factors such as high school performance, standardized test results, or involvement in extracurricular activities often contribute to these scholarship decisions. Conversely, need-based institutional grants cater to students who demonstrate financial need. The awarded amount is typically based on the student’s family’s financial standing and is intended to cover the difference between the cost of attendance and the family’s ability to contribute. Colleges and universities might use data from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms to determine a student’s eligibility for need-based grants. Institutional scholarships and grants are a vital source of financial support for students, as they can significantly reduce the cost of attending college and help make higher education more accessible.
The following numbers apply to scholarships and grants largely offered by the school itself.
98% of incoming freshmen (2576 total) were given scholarships at Loyola University Chicago, averaging $21,323.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 21% of freshmen (564 total) obtained a federal grant, for about $5,354.00 a piece.
The next table shows grant and scholarship distributions by income for first-year students getting any form of federally-funded Title IV aid, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 9.54% | $31,454.00 |
| Income 30k-48k | 6.05% | $31,360.00 |
| Income 48k-75k | 8.71% | $28,488.00 |
| Income 75k-110k | 10.08% | $24,426.00 |
| Income 110k + | 33.00% | $19,882.00 |
The table above shows students who are receiving Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more.
99% of the 2630 undergraduates at Loyola University Chicago receive some sort of grant aid. This is a total of about 2578 students getting an average of $23,357.00 per person.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.
