Determining Financial Need
Eligibility for need-based assistance is determined by evaluating a student's financial need and the availability of funds. Need is not determined simply by family income. Need depends on a number of factors, such as the size of the family, the number of family members in college, and the assets of students and parents.
The financial information necessary for calculating your financial need must be submitted on the FAFSA. The U.S. Department of Education processes the FAFSA, analyzes the information, and calculates the expected family contribution using federally approved formulas.
Loyola will receive this information electronically as long as you list Loyola University Chicago as one of the institutions on the FAFSA. Loyola's federal school code, to be used when filing the FAFSA, is 001710. You will receive a Student Aid Report (SAR), which will provide the results of the application processing, including the expected family contribution (EFC).
Your financial need at Loyola University Chicago SSOM is determined by the following formula:
Cost of attendance - Expected family contribution = Financial need
Your application information will be reviewed individually, and financial aid awards will be customized to your situation. If there are special circumstances within your family, or if a financial change occurs that you would like us to consider, submit a signed statement detailing the change. It may take up to 7-10 business days to process the appeal.