Net Price Calculator
The Higher Education Opportunity Act of 2008 ("HEOA") was signed into law on August 14, 2008. This Law mandates that we provide you with a "net price calculator" with the goal:
"to help current and prospective students, families and other consumers estimate the individual net price of an institution of higher education for a student. The calculator shall be developed in a manner that enables current and prospective students, families, and consumers to determine an estimate of a current or prospective student's individual net price at a particular institution." (P.L. 110-315, sec 132 (h)(1).
On October 29, 2009, the Department of Education released a general template that universities could use to meet this requirement. The formulas in this template combine all institutional, federal, and state grant programs into one line item in the formula. With the diversity of our student body, we feel that families would prefer a calculator that provided them with some additional information.
Therefore, we continue working on developing a calculator which will hopefully provide some additional information to families while also not being too cumbersome for them to use. However, as the Department also feels that families need information in a consistent format, we are also ultimately bound to provide the information in the same standardized fashion used by the Department.
The estimate of aid provided using Loyola University's net price calculator does not represent a final determination, or actual award, of financial assistance. As in the "real world", our costs normally increase every year. Based on the current economic climate, federal and state financial aid availability may change. This estimate shall not be binding on the Secretary of Education, Loyola University New Orleans or the State of Louisiana.
This calculator should only be used by incoming undergraduate students and their families who are U.S. citizens or permanent residents . Continuing students should contact their assigned financial aid counselor with any questions about their unique situation.
Remember What You Learned in Math Class:
The HEOA mandated a massive amount of consumer disclosures from institutions. While we support the concept, the information that we have to disclose to you in the net price calculator and in many related surveys comes in a variety of forms . This can be confusing if you do not carefully read the information. You will see some numbers on your latest Student Aid Report as well as on the College Navigator web site (which uses prior year data)that will not match what you see on the Net Price Calculator (which is using 2012-2013 data)
Sometimes the disclosures represent the median awards to the incoming freshmen class for the most recent academic year. The Net Price Calculator regulations ask us to disclose the median awards.
The "median" value is the middle number in a series of numbers. This is a different calculation that the average scholarship and or grant figure that you see quoted in some surveys. The average represents the total of all aid awarded divided by the number of recipients.
Loyola University offers a wide range of institutional merit scholarships. Many factors go into deciding the value of these awards each year. We have included the value of the awards which recognize academic merit, community involvement, and personal achievement in the Net Price Calculator. We used the awards given to the entering freshmen class for the 2012 fall semester in this calculation. The specific amounts awarded each year to individual students are based on their relative strength within the overall applicant pool
- Students enrolled in our College of Music and Fine Arts may receive additional talent- based scholarship aid .
- We also offer a small number of full and partial athletic scholarships each year.
Special Programs Not Reflected in the Net Price Calculator.
- We participate in a number of special aid programs for military veterans , their spouses and children.
- We also did not include the value of employee tuition benefit programs within the calculation of institutional grants and scholarships.
Opinions and Resources
- Net Price Calculator: Publications and Resources:
- Law Aims to Give More Accurate Tally of College Costs
- Net Price Calculators May Be Too Simple to Use (October 18, 2011)
- Quality of Net-Price Calculators Varies Among Colleges(October 13, 2011)
- Net Price vs. Net Worth (June 19,2010)
Updated February 14, 2013