Award Guide

 

This guide is intended to give you general information regarding your Financial Aid eligibility. 

Your financial aid is divided into two parts: the Cost of Attendance (COA) and your financial aid awards.

 

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:

Federal Work Study

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.

 

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