What Does it Cost to Attend Loyola Marymount University?

Loyola Marymount University (LMU) was ranked in the top 15% (128 out of 1,054) of the nation’s four-year colleges and universities by the Wall Street Journal/Times Higher Education College Ranking 2018. It’s no wonder that LMU attracts the attention of high school students across the country. Striking characteristics of the school include: high academic standards, low student-to-faculty ratios, and a gorgeous Los Angeles campus with a view of the Pacific Ocean. Unfortunately, what also stands out about the college is its cost.  

 

Before stressing out over the list price of Loyola Marymount, it’s important to know that the majority of students do not pay that price. The cost of college is highly variable and fluctuates for each student due to a variety of factors. Keep reading to get a better understanding of the real cost of college, gain insight into the price of attending Loyola Marymount University, and learn a few tips for reducing the overall expense of your student’s education.

 

Why College Costs are Highly Variable

 

The published price of a college like Loyola Marymount offers a general idea of what a student can expect to spend on their college degree, but a more accurate number is a school’s net cost. Net cost is calculated by adding up the value of any government aid, institutional grants, and merit scholarships, then deducting that value from the university’s list price.

 

What is the List Price at Loyola Marymount University?

 

The list price of tuition and room and board at LMU in 2016-2017 was $62,454 for both in- and out-of-state students. Before deeming Loyola Marymount too expensive, know that only a small minority of students pay full price for college. Students who do pay an institution’s list price are commonly from financially well-off families with annual incomes greater than $175,000. Students in this high income bracket may still be able to receive merit scholarships if they’re in the top 30% of accepted students.

 

What is the Loyola Marymount University Financial Aid Net Price?

 

Financial aid net price calculates the amount of need-based aid awarded to a student and subtracts it from the list price of a school. The financial aid list price of Loyola Marymount University is $56,599—almost $6,000 less than LMU’s list price.

 

What is the Family Income-Based Cost of Attending Loyola Marymount University?

 

The amount a family can expect to pay for their student to attend LMU depends in part on its annual income. Below are average costs based on family income:

 

Family Income Average Net Price
Below $30,000 $28,279
$30,001-$48,000 $28,373
$48,001-$75,000 $34,848
$75,001-$110,000 $40,349
$110,000+ $46,311

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How Much Merit Aid do Loyola Marymount University Students Receive?

 

A large percentage of Loyola Marymount students receive merit-based aid, which is awarded for skill or achievement in a wide variety of areas regardless of financial need. 67.8% of Loyola Marymount students without financial need receive merit aid, with the average amount awarded being $7,340—making the average net price of LMU for students who don’t qualify for financial aid $55,114.

 

Loyola Marymount University ranked 455th out of a survey of more than 1,000 schools analyzed by CollegeVine for merit aid generosity.

 

How Many Loyola Marymount University Students Take Out Loans?

 

Loans sometimes play a key role in many students’ financial plan for how to pay for college, and Loyola Marymount undergraduates are no exception. 65% of Loyola students have federal loans, and the average amount borrowed is $7,336 across their college careers.

 

Student Outcomes at Loyola Marymount University

 

Student outcomes are an excellent way for students and their families to project the return on their investment into a college. 82% of LMU students graduate within six years—getting them into the workforce, earning a paycheck, and avoiding spending extra costly years in college.

 

The average salary of a Loyola Marymount student ten years after graduation is $61,300, greater than the $46,800 earned annually by the average U.S. worker.

 

Local Area Cost Considerations

 

Los Angeles, California, home of Loyola Marymount University, placed 12th on Kiplinger’s list of Most Expensive U.S. Cities to Live In 2019. With a cost of living index of 195.1, Los Angeles is a city almost twice as expensive to live in than the national average.

 

Driving up the cost of living in Los Angeles is housing, which is more than 250% more expensive than the national average. While the average cost of room and board at Loyola Marymount University was $14,600 in 2018-19, students who choose to live off campus can expect these prices to rent an apartment in LA:

 

  • One-bedroom: $1,545
  • Two-bedroom: $1,999
  • Three-bedroom: $2,681

 

Loyola Marymount University’s Off-Campus Student Life (OCSL) department can help students who wish to live off campus find an apartment.

 

Helping ease some of the expense of living in Los Angeles is its robust minimum wage of $14.25 an hour, which is set to rise to $15 an hour in July 2020. Students looking to work a part-time job while attending LMU will find a vast amount of opportunity in a large city like Los Angeles.  

 

Other Ways to Save Money on College

 

An alternative for students who want to work on-campus is LMU Work, a non-need-based program that allows students to work at the university during the academic year.

 

All Loyola Marymount University applicants are automatically considered for a host of institution-sponsored scholarships. However, students are encouraged to seek out further scholarships. The university maintains a list of (and the necessary requirements for receiving) a host of scholarships available to undergraduate LMU students. They also maintain a webpage listing a variety of private scholarships for students to consider applying for.

 

One scholarship that LMU-bound students should consider is the prestigious National Merit Scholarship. Awarded yearly to top scorers on the PSAT/NMSQT, the National Merit Scholarship provides awards up to $2,500 to approximately 8,000 students each year, with colleges and companies sponsoring awards for another several thousand finalists. Read our article How to Qualify for the National Merit Scholarship Program to learn more about this scholarship opportunity.

 

Whether you’re considering attending Loyola Marymount University or another equally incredible (and expensive) institution, CollegeVine can help. Our College Applications Program is designed not only to help students get into their first-choice schools but to also help them understand the cost of their education. Through this program, we help students calculate the real cost of school, project future salaries and debt, and even help them uncover and apply for available scholarships. Contact us today to learn more!

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Timothy Peck
Blogger at CollegeVine
Short bio
A graduate of Northeastern University with a degree in English, Tim Peck currently lives in Concord, New Hampshire, where he balances a freelance writing career with the needs of his two Australian Shepherds to play outside.