Student Loans for Loyola University Chicago Students
About Loyola University Chicago
Located in Chicago, Illinois, Loyola University (or LUC) is an eminent private university with six campuses spread out across the city. Originally founded in 1870 as St. Ignatius College, Loyola University is the largest Jesuit, Catholic University in the country. Since its founding, the university has provided students with unparalleled learning opportunities through its well structured programs in a wide number of fields. Notably, LUC’s many schools and colleges offer over 70 undergraduate majors and 85 graduate programs. At the doctoral level, more than 30 programs are currently being offered in addition to various post-graduate and post-doctoral certificates and diplomas.
LUC offers a number of financial aid programs to make education more affordable for students. Loyola University Chicago Financial Aid includes Loyola Scholarships which are awarded on academic achievement and talent, in addition to a number of outside scholarships. Financial aid also includes Loyola Grants, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Silas Purnell Grants and State of Illinois Grants. Grants and scholarships generally do not have to be paid back and are essentially “free money” that can go a long way in covering a student’s college expenses.
Loyola University Chicago financial aid also includes student loans, which include Federal Direct Stafford loans, Perkins loans, Nursing Student loans and PLUS loans. These loans are issued with low interest rates and with flexible repayment terms. In order to apply for Loyola University Chicago financial aid, students should fill out the FAFSA which is available online at fafsa.ed.gov.
Private Student Loans
If all other options have been exhausted, you can look for private lenders that offer student loans. Private student loans usually carry higher interest rates compared to federal loans and they may have more strings attached. However, if you need extra cash to cover the cost of tuition or other expenses, then private student loans are a decent option. Our Student Loan Comparison Tool will provide you with key information about different private student loans, offering comparison between them so that you may make an informed choice for your future.
Does LUC financial aid offer any assistance to veterans?
Loyola University Chicago is committed to supporting veterans through the Federal Veteran’s Affairs (VA) Educational Benefits Program. The university is also a participant in the Yellow Ribbon Program which offers a maximum of around $15,000 for undergraduates and $5,000-$10,000 for graduate students. Some of the other assistance programs that veterans may be eligible for include the Montgomery GI Bill, the Post 9/11 GI Bill, and the Vocational Rehabilitation program.
What grant options are available for undergraduate students at Loyola University, Chicago?
The university accepts federal awards such as Pell Grants and Supplemental Educational Opportunity Grants. Although the financial office only offers Loyola University Chicago Grants, there are other awards that the university accepts, including the Silas Purnell Illinois Incentive for Access (IIA) Program Grant and the State of Illinois Monetary Award program (MAP) Grant.
Pay for Loyola University Chicago*
|Total Avg. Cost||$46,134|
|Room & Board||$11,220|
|Financial Aid Information|
|Students Receiving Fin Aid||94%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$8,756|
|%Receiving Other Loans||15%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics