What Does It Cost to Attend Loyola University Maryland?
The burning question on the minds of many college-bound students and their families is what will college cost? This would seem to be an easy question to answer, however, according to an ongoing study from the National Center for Education Statistics (part of the Education Department’s research division), only about 11% of ninth-graders correctly estimate the tuition and fees for one year at a public four-year college in their state.
Some of the confusion—the same National Center for Education and Statistics study showed that roughly 57% of ninth-graders overestimated the costs—around the cost of college is numerous variables that go into calculating it. One reason why so many students overestimate the cost of college is that they use the list price of a college or university, which only a small minority of students actually pay.
Net price is a superior metric for calculating what an institution such as Loyola University Maryland will cost. Net cost considers any federal, state, and local government aid a student receives, as well as any institutional aid and merit scholarships—deducting them from the school’s published price. Using net cost to assess cost allows students and their families to better examine what they will be expected to pay out of pocket for college, including loans.
What Is the List Price at Loyola University Maryland?
Attending a top school such as Loyola University Maryland comes at a cost—in 2016-2017, that cost was a list price (which includes tuition, room, and board) of $63,590 for both in- and out-of-state students.
It’s important to remember that most students don’t pay full price for school; even students without financial need pay less than Loyola’s listed price on average. The average net price of Loyola University Maryland for both in- and out-of-state students who don’t qualify for financial aid is $53,611. Students who do pay the full-price typically are from well-off families with annual incomes above $175,000 and who were not in the top 30% of accepted students academically.
What Is the Financial Aid Net Price at Loyola University Maryland?
Financial aid net price accounts for the unique situation of a student by factoring in any grants or scholarships a student has received in the cost calculation—subtracting them from the institution’s list price. The average net cost with financial aid at Loyola University Maryland is $56,309 for both in- and out-of-state students.
What Is the Income-Based Cost of Attending Loyola University Maryland?
Loyola University Maryland is committed to assisting students and parents in making a high-quality private education affordable. Because of this, the income of a student’s family has an enormous effect on the cost of attending Loyola University Maryland. Below are the net tuition prices for Loyola students based on family income:
|Family Income||Average Net Price|
*Loyola University Maryland actually offered more aid on average to students in the $48-75k range than in the $30-48K range.
How Much Merit Aid do Loyola University Maryland Students Receive?
Merit aid is awarded without consideration for financial need to students for a variety of reasons including academic achievement, athletic prowess, and artistic ability. 58.1% of Loyola Maryland students receive merit aid. The average merit aid awarded to a Loyola Maryland student without financial need is $9,979.
How Many Loyola University Maryland Students Take Out Loans?
After scholarships and grants, many students will still need to take out student loans to cover the cost of college. 44% of Loyola University Maryland students have student loans, with the average federal student loan per undergrad being $8,095.
Student Outcomes at Loyola University Maryland
Graduates of Loyola Maryland are poised to thrive and succeed. 83% of students graduate within six years, and the average salary for alumni of Loyola University ten years after graduation is $68,100—greatly exceeding the $39,217 per capita income of Baltimore, home of Loyola Maryland.
Local Area Cost Considerations
Cost of living index is a number calculated using factors such as housing, transportation, utilities, and healthcare that gives a general idea of the expense of living in a particular location. According to Sperling’s Best Places, Baltimore, Maryland, has a cost of living index of 96.8 which make it just a little less expensive than the national average (100) and considerably less expensive than the state average of 124.6. Baltimore offers all the attractions you would expect from a major city, while also being within easy reach of the East Coast’s major metropolises—it’s just 45 minutes from Washington D.C., 1.5 hours from Philadelphia, and 3 hours from New York City.
Average Apartment Costs
Loyola University Maryland believes in the benefit living on campus has on student’s college experience, but also sees living off campus as a stepping stone to the independence they’ll experience after graduating from Loyola. Most students who choose to live off campus are juniors and seniors who have already lived on campus.
A one-bedroom apartment in Baltimore, on average, rents for $1,075 a month, while larger, two-bedroom and three-bedroom apartments command $1,341 and 1,731 respectively. Students looking to live off-campus should be aware that an agreement between the University and the North Baltimore Neighborhood Coalition restricts students from living in some neighborhoods.
Minimum Wage and Salary Information
The minimum wage in Maryland is $10.10 an hour, considerably higher than the federally mandated minimum wage of $7.25. Students who accept internships can also expect to do slightly better than the minimum wage; according to Indeed, interns in Baltimore earn $11.12 an hour on average.
Loyola University Maryland’s Career Center maintains a database of job and internship opportunities—ranging from full-time to part-time to summer employment—with companies interested in recruiting talented students from top universities.
Other Ways to Save During College
Working while in school is one way to save money on the expense of college. Loyola University Maryland participates in the Federal Work-Study Program—a federally funded program that assists qualifying students in covering the cost of college.
Scholarships are another way Loyola University Students can offset some of the high cost of college. One such scholarship is the Presidential Scholarship, which is awarded to first-year students based on academic merit. The Loyola Scholarship is another academically focused award given to students with outstanding academic credentials. An option for academically minded students applying to Loyola Maryland from Jesuit high schools is the Magis Award.
Of course, a variety of non-academic focused scholarships are available to Loyola students as well that are awarded for everything from family legacy at the university to being from particular regions like Maryland or specific cities such as Philadelphia. Loyola University Maryland has a comprehensive list of available awards on the Scholarship page of their website.
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