Understanding Loyola University Maryland's Out-of-State Tuition and Costs

For prospective students considering Loyola University Maryland, understanding the financial aspects of attending is crucial. This article provides a comprehensive overview of the tuition, fees, and other associated costs, along with available financial aid options, to help students and their families plan effectively.

The Sticker Price: Tuition and Fees

Loyola University Maryland's tuition for all students, regardless of their state of residency, is the same. For the academic year, the combined tuition and fees amounted to $53,530. Specifically, the tuition was $52,130, and fees totaled $1,400. It's important to note that this figure represents the "sticker price," which doesn't account for any financial aid or scholarships a student may receive.

Compared to the national average for out-of-state tuition and fees, which stands at $19,933 per year, Loyola University Maryland is relatively expensive. However, it's essential to consider the overall value and potential financial aid opportunities when evaluating the cost.

Total Cost of Attendance

Beyond tuition and fees, students should also consider the total cost of attendance, which includes expenses such as:

Books and Supplies: Approximately $800 per year
Personal Expenses: Around $750 per year
Transportation: Roughly $500 per year
Food and Housing: (This is a significant portion of the total cost, as it considers 21 meals per week)

Adding these expenses to the sticker price, the total cost of attendance at Loyola University Maryland is $76,940.

Financial Aid: Making Loyola Affordable

While the sticker price may seem daunting, Loyola University Maryland offers various financial aid options to help students manage the cost of attendance. These include grants, loans, scholarships, and work-study jobs.

Types of Financial Aid

Need-Based Scholarships and Grants: These do not need to be repaid and are awarded based on a student's financial need, as determined by the Free Application for Federal Student Aid (FAFSA). The average need-based scholarship or grant awarded to first-year students was $42,640. In fall 2023, 68% of first-year students received need-based financial aid.
Need-Based Self-Help Aid: This includes federal loans and work-study programs. The average need-based self-help aid awarded to first-year students was $4,984.
Merit-Based Aid: Also known as non-need-based aid, this is awarded for specific talents or academic achievements. The average non-need-based scholarship or grant awarded to first-year students was $31,914, excluding athletic scholarships.

Financial Aid Statistics

Students Receiving Financial Aid: 67.61%
Freshmen With Need and Received Financial Aid: 96.67%
Average Aid Package Awarded: $46,794

Loyola University Maryland met 83% of its students’ financial aid need, demonstrating its commitment to making education accessible.

The Net Price

The net price is the actual cost you'll pay after grants and scholarships are applied. This amount is specific to your individual circumstances and the college's financial aid policies. The average net price is $31,857 per year. To get the most accurate estimate of your net price, use Loyola's Net Price Calculator.

Important Dates

Financial Aid Application Due: February 1 (This is the last day to apply for financial aid and submit related paperwork.)

Student Loan Debt

It's essential to be aware of potential student loan debt and its long-term impact. At Loyola University Maryland, the median federal loan debt among borrowers who completed their undergraduate degree is $27,000. The median monthly federal loan payment (if repaid over 10 years at 5.05% interest) is $286.

Additionally, 20% of graduating students took out private loans, with an average of $47,246 in private loan debt at graduation. The average total indebtedness of the 2024 graduating class was $38,356, with 64% of graduating students having borrowed some type of loan.

Read also: Applying for Loyola Scholarships

Managing Student Loan Debt

Ideally, your total student loan debt should be less than your anticipated starting salary after graduation. Working while in school through work-study programs or campus jobs can help lessen the burden of student loans.

Projected Tuition and Fees

Unless a school has advertised price freezes, it is likely the cost of tuition and fees will increase every year. Students can expect to pay $56,871 if the growth keeps up. At this rate, the total cost of tuition and fees for two years at Loyola Maryland is estimated to be $115,491, and $238,190 for four years.

Read also: ACT Scores for Loyola

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