Financial Aid at LMU: How does it work?

Hey guys, I'm probably applying to Loyola Marymount University (LMU) and was wondering if anyone knows how their financial aid system works? I'm trying to figure out how much it might cost. Thanks!

Hello! Loyola Marymount University (LMU), like many private universities, relies heavily on a combination of need-based and merit-based financial aid to assist its students.

For need-based aid, LMU uses information from the Free Application for Federal Student Aid (FAFSA) and CSS Profile. You'll need to complete both these forms to be considered for the maximum amount of aid. FAFSA is used to determine your eligibility for federal aid, while the CSS Profile is used for institutional aid. Once these forms are submitted, the university will assess your family’s financial situation (income, assets, etc.) and calculate an amount your family can afford to contribute toward education costs. This is known as the Student Aid Index (SAI). Your financial need is determined by subtracting the SAI from the total cost of attendance.

LMU also offers numerous merit-based scholarships. These are awarded to students based on academics or other achievements, without any consideration of financial need. You're automatically considered for most of these when you apply for admission, but some may require a separate application, so check LMU's scholarship page to see.

Finally, work-study options are also available, which allow you to earn money while studying, reducing the amount you might need to borrow.

The sum of all these components (scholarships, grants, work-study, and loans) will form your financial aid package. It's important to remember that loans will need to be paid back, with interest.

While you're still in the research phase, it's also a good idea to use LMU’s net price calculator, which can provide an estimate of what your actual award might look like, based on your family’s unique financial situation and the university's prior year data.

Of course, every individual’s situation is unique, and a variety of factors can affect your actual final cost, so keep these factors in mind as you're planning.

Good luck with your application and financial aid search!