General Undergraduate FAQs

Applying for financial aid is simple. Follow these steps: 

• Complete the Free Application for Federal Student Aid (FAFSA) and submit before Loyola’s posted deadline. Loyola’s FAFSA school code is 002078. 

View our financial aid application process for more information. 

Loyola’s FAFSA school code is 002078. Enter this code into the FAFSA to send your information directly to Loyola. 

Most students qualify for some form of financial aid. We encourage all students to apply, even if they think they might not qualify. Eligibility is based on: 

• Merit-based aid: Awarded for academic achievements, regardless of financial need. Eligibility is determined by Loyola’s Office of Admission. 
• Need-based aid: Based on your family’s financial situation, as reported on the FAFSA. 

• Merit-based aid is awarded for academic achievements, regardless of financial need. Eligibility is determined by Loyola’s Office of Admission. 
• Need-based aid is based on your family’s financial information as reported on the FAFSA. 

Loyola offers: 

• Scholarships: Awards based on merit or specific criteria that don’t require repayment 
• Grants: Awards that do not need to be repaid and can be either need-based or non need-based 
• Loans: Borrowed funds that must be repaid with interest 
• Work-Study: Opportunities to earn money through part-time campus jobs 

Loyola also offers a monthly payment plan and a tuition exchange program for employees of other colleges or universities. View our financial aid programs to learn more about specific types of aid. 

• Scholarships and grants: No repayment required.
• Loans: These must be repaid, typically starting after graduation. Federal loans often have lower interest rates and flexible repayment options. 

Learn more about the types of loans available to students. 

No. Merit scholarships are based on academic achievements and do not require the FAFSA. However, we encourage all students to complete the FAFSA, as it helps ensure eligibility for other types of aid.

Yes! While non-U.S. citizens cannot complete the FAFSA, you can apply for need-based aid by submitting the CSS Profile. Completing the CSS Profile allows us to evaluate your eligibility for institutional grants. Scholarships are also available based on academic merit. 

 Loyola’s CSS code is 5370. Ignore any pop-up warnings on the CSS Profile website that suggest Loyola does not accept the application. 

No. Submit your FAFSA according to the financial aid application deadlines for your admission plan.

Select your admission plan for your financial aid deadline.

Yes. Need-based aid is reviewed annually based on the information submitted in your FAFSA. Changes in your family’s financial situation or federal regulations may affect your aid eligibility each year. 

Loyola is need-blind for most admission decisions, meaning applicants’ financial circumstances do not impact admission. However, for a small group of applicants—including all international students and those on the waitlist—a need-aware approach is applied, which considers a student’s financial need at the time of admission. This helps ensure we can meet as much demonstrated financial need as possible for admitted students, balancing support across our community. 

Privately funded scholarships and scholarships from outside organizations (not Loyola or federal aid) are incorporated into your financial aid package in the most favorable way possible. These funds are applied to: 

1. Help cover any remaining balance after existing financial aid is applied.
2. Reduce self-help forms of aid, such as loans or work-study. 

If adjustments to institutional grants are necessary, they are made after these steps. Scholarship funds are evenly distributed between the fall and spring semesters unless the donor specifies otherwise. 

First-Year

• Early Action & Early Decision: November 15
• Regular Decision: February 15

Transfer

• Fall: January 1
• Spring: November 1

Continuing Students

• April 1

Maryland residents must file the FAFSA by March 1 to be considered for Maryland state aid programs.

If you miss the deadline, you should apply by submitting the FAFSA as soon as possible, but funding may be limited. Priority is given to students who meet Loyola's deadline. Late awards are not guaranteed and will be based on availability of funds.

Loyola grant consideration for late applicants:

Federal Work-Study (FWS) provides part-time jobs for students with financial need, allowing them to earn money to help cover educational expenses. Jobs are typically on-campus and offer flexible hours (between 10 and 15 per week) to accommodate student class schedules. 

Work-study funds are paid directly to you through a paycheck for the hours worked. These funds are not automatically applied to your tuition bill. 

To be considered for Federal Work-Study, complete the FAFSA and indicate your interest in work-study opportunities. Eligibility is determined based on financial need. 

Students who are not eligible for Federal Work-Study may seek direct hire positions on campus. The Human Resources office has information on available direct hire positions via the Handshake platform. 

 Federal Work-Study eligible students are given highest priority for the student worker positions on campus. 

While the FAFSA will ask about siblings enrolled in college, the analysis will not adjust for this. Therefore, this could impact the amount of federal aid you are eligible to receive. However, Loyola will continue to consider the number of siblings enrolled in college at the same time for eligibility for institutional forms of aid for undergraduate students.

Your "cost of attendance" calculation or student expense budget is determined based on your housing status (living on-campus, off-campus, or with parents). The off-campus budget is lower than the on-campus budget, therefore your aid is subject to review. Please contact the Office of Financial Aid if you are considering a housing status change. 

Institutional funds are not available for use during the summer term.  

 Loan assistance through the Federal Parent Loan (PLUS) Program or private alternative education loan programs may be used for summer course expenses. Students who are Federal Pell Grant eligible and who have enrolled in a minimum of 24 credits for the prior fall and spring semesters may be eligible to use Federal Pell Grant funds in the summer, so long as the student enrolls in a minimum of two classes (at least 6 credits) in any of the summer sessions.

If the study abroad program is a Loyola-sponsored program: 

• Students are eligible for all forms of federal, state, institutional, and private sources of aid—except Federal Work-Study. (Students studying abroad for a semester or full academic year will forfeit the value of a Federal Work-Study award.) 

 If the study abroad program is an external program: 

• Students are eligible to receive Federal Direct Loans (Subsidized and Unsubsidized), Federal Direct Parent PLUS Loans, Federal Pell Grant, and most forms of state grant/scholarship assistance.  
• Ineligible funding sources include: Institutionally controlled forms of financial aid including academic scholarships, athletic grants, non-need-based grants, need-based grants, Federal Supplemental Educational Opportunity Grant, and Federal Work-Study. These are forfeited and may not be used to assist with educational expenses incurred for external study abroad programs.  
• Privately funded scholarships and grants may be used only with written permission of the organization or donor sponsoring the award. 

 Students receiving VA benefits: 

• Contact Loyola’s primary V.A. Certifying Official in the Office of the Registrar at 410-617-2347 or vabenefits@loyola.edu to determine if your benefits may be used for study abroad programs.

Please contact Loyola’s VA Certifying Official in the Office of the Registrar as well as the Office of International Programs to determine if your study abroad program is approved for your benefits.

Employer tuition remission benefits are considered resources that count toward meeting a student’s demonstrated need. As a result, your need-based aid award will be revised to incorporate the benefit, and need-based Loyola grants will be reduced or replaced by the remission benefit. Please provide the Office of Financial Aid with documentation of the employer benefit, and your financial aid package will be re-evaluated accordingly.

Families of returning students may appeal for a review of their financial aid decision if they: 

• Suffer significant losses of income due to temporary or long-term loss of employment or the death of a wage earner; or 
• Incur significant medical expenses not covered by insurance. 

Please review the financial aid appeal policy for returning students.  

Incoming first-year and transfer students interested in appealing their financial aid package based on new circumstances after submitting the FAFSA may contact the Office of Financial Aid at financialaid@loyola.edu for instructions on how to do so

Most financial aid awards cannot be transferred from one institution to another. If you are planning to transfer to Loyola from another institution, you must make sure that the results of your FAFSA are sent to Loyola by our published application deadline.  

 If you are a Maryland State resident and have been awarded a state scholarship or grant, you must contact the Maryland Higher Education Commission (MHEC) to have the aid transferred.