Award Guide

A financial aid award email notification lets you know your total aid eligibility. It may include funds like scholarships, loans, and/or work study. After you have receive your financial aid award, you will be able to determine any out-of-pocket expenses. Understanding the award notification process is important to ensure a pleasant and successful aid application at LMU.

Loyola Marymount University participates in all federal and state financial aid programs and provides significant funding of our own to assist students who qualify for financial aid. 

We will award you the maximum amount available from each funding source, within federal, state, and university regulations, without exceeding financial need or the cost of attendance. 

  • Federal funds are awarded based on the results from the federal formula and the availability of campus based federal funds.
  • State funds are awarded based on state-specified eligibility requirements such as GPA, family income , assets and household size.
  • LMU funded grants and scholarships are awarded according to policies established by the university.
  • The total amount of financial aid awarded from grants, scholarships, loans and work can never exceed LMU's Estimated Cost of Attendance.

This section provides an outline of important topics and tells you what to expect moving forward. These links also offer insight on how your aid award was determined and how it will be applied to your student account.

Financial Aid Award

We will provide you with a financial aid award based on the information obtained from your Free Application for Federal Student Aid (FAFSA).

You will be able to accept your awards through PROWL. If you are selected for federal verification, we will post the requirements to complete federal verification to your PROWL account.

If your award changes due to verification a revised Financial Aid Award will be posted to your PROWL account.

Cost of Attendance (COA)

The Cost of Attendance (COA) has two major components:

  • Tuition and mandatory fees—determined by your academic program.
  • An allowance for living expenses (flexible costs) during the 9 month academic year. The summer COA is determined in late spring.

Typical living expenses include:

  • Room & Board: this is an allowance for rent, food, utilities, etc.
  • Personal Expenses: this is an allowance for toiletries, clothing, health care, etc.
  • Transportation: this is an allowance for gas, standard maintenance, parking fees, etc.

Additional expenses factored into COA:

  • Books & supplies: this is an average of how much students spend on books and supplies.
  • Loan fees: this is the average fee the U.S. government charges for federally funded loans. 

Types of Financial Aid

There are two major sources of funding available for Loyola Law students: scholarships and student loans.

  • Scholarships

The Admissions Office of Loyola Law School awards merit-based scholarships to newly admitted students.  These awards vary in amount and are communicated in your admissions letter.  Continuing student scholarships are awarded in the summer, after grades have been posted.

  • Student Loans

Students may qualify for federal loans totaling up to the cost of attendance minus any scholarships awarded.  The loans that LLS students may be eligible to receive are:

Upper division Loyola Law students are eligible for work study.  If you want to add work study to your financial aid package, complete the Law School Revision and COA Request Form‌.  Please note that a work study award will reduce your loan eligibility.

 

Additional Considerations

  • Start identifying areas where you may be able to reduce spending.  Remember: the less you spend, the less you have to borrow (and the less you have to repay)!
  • Look for additional outside agency scholarships and funding opportunities. A listing of resource websites, including scholarship opportunities, can be found in the Additional Resources section of this guide.  If you have been awarded any additional outside scholarships, please contact the LMU Office of Financial Aid so that we may adjust your aid package accordingly.
  • Create a personalized budget.  Keep in mind that the living expenses listed in the COA are flexible.  To reduce your living expenses, consider having roommates to share rent, taking public transportation, and renting textbooks.
  • Approval for the Federal Direct Graduate PLUS Loan depends on your credit.  By reviewing your credit reports now, you may be able to resolve credit issues or correct errors that could prevent you from qualifying for this loan.  Credit reports are available at:

Equifax

Experian

Transunion

You may also request a free copy of your annual credit report.

It is important to keep in mind that financial aid is disbursed at the beginning of the fall and spring semesters during the first week of school.  Please budget accordingly.  Loan proceeds in excess of your tuition and fees will not be available until then.

Additional Resources

LSAC—Financing Law School

Informative video on financing law school as well as a resource list for external scholarship opportunities.

Admissions Dean—Paying for Law School

This site houses one of the largest free databases of private law school scholarships.

 

Contact Information

If you have any questions, please feel free to contact the Financial Aid team at 310.338.2753 or finaid@lmu.edu.