$4,900

Avg. Federal Grant

$5,750

Avg. Federal Loan

$200,896,764

Total Aid Awarded

Loyola University Chicago (LUC) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

88%

Total Aid Amount Average Total Aid Awarded per year.

$200.897M

Financial Aid Official Website

https://www.luc.edu/finaid/index.shtml?utm_medium=redirect&utm_campaign=finaid-redirects&utm_source=finaid/index-html

Notably, 99% of the students at Loyola University Chicago get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $45,457,798. More information regarding the financial assistance schemes can be accessed on LUC’s official financial aid page at https://www.luc.edu/finaid/index.shtml?utm_medium=redirect&utm_campaign=finaid-redirects&utm_source=finaid/index-html. Notably, a total of 24% of the applicants to Loyola University Chicago receive the Federal Grant every year. In comparison, 98% of the students are awarded the Student Grant, 98% get the Institution Grant, and 23% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $5,062, the State Grant receivers and Institution Grant beneficiaries get $4,671 and $20,918, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,857. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $28,806 per year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $27,832, while those falling in the $48,001-$75,000 income category get $25,493 a year. On the other hand, the average federal aid stands at $22,391 for those with an annual family income between $75,001 and $110,000, and at $18,610 for an income more than $110,000. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At LUC, an estimated number of 64% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

25%

State Grant Aid

21%

Institution Grant Aid

97%

Pell Grant

24%

Average Aid Awarded

Federal Grant Aid

$4,900

State Grant Aid

$4,587

Institution Grant Aid

$20,513

Pell Grant

$4,641

The table here provides the details about the financial aid offered by the Loyola University and is broadly divided into four, Federal Grants, Pell Grants, State Grants and Institutional Grants to be correctly named. Among all the grants provides by the university the maximum percentage of contribution is by the Institutional Grant Aid which covers almost 97% of the student population in the Loyola University and not only this the average amount of the grant is the highest among all the types of grants that are provide by the university which stands at $20,513.

For the next grants the coverage is considerably less than the institutional grant aid. The Federal grant aid of the university have a coverage of 25% and the average aid amount offered under scheme is $4,900. Next comes the Pell grant aid which covers about 24% of the student population and provides an average financial aid amount of $4,641. Lastly the State grant aid covers the list percentage of students that is 21% and the average financial aid amount of the State grant aid is $4,587.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$28,706

$30,001 - $48,000

$28,665

$48,001 - $75,000

$25,905

$75,001 - $110,000

$22,473

Over $110,000

$19,402

The table mentioned above depicts the change in the federal aid amount offered to the students who belong to different family with a difference in their annual income which ranges from $0 to over $110,000. The students who belongs to families with annual income of less than $30,000 can expect to receive higher federal aid amount of $28,706. Now as one can observe the amount of federal aid provided to the student’s decreases as the family income increase like for the families with a family income of $48,001 to $75,000, the students who belong to these families will receive the amount of a federal grant of about $25,905. At last the federal amount provide to the students from a family with the annual family income of more than $110,000 is about $19,402.

Student Loans for Loyola University Chicago (LUC)

Average Loan Amount Average Loan Amount received per year.

$8,273/Year

Students Taking Out Loans

65%

Loan Default Rate

3.2%

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