Loyola University Chicago (LUC) Financial Aid and Scholarships
Students Receiving Aid
88%
Total Aid Amount
$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.
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