Students often ask us how we calculate the "living expense allowance" segment of the estimated cost of attendance for an academic year. There are several answers to the question, depending on the student's dependency status, permanent address, and housing plans for the academic year. The following are variations of the question and the corresponding answers:
You can download a copy of the complete tuition and fee schedule for the 2008-2009 academic year at http://www.loyno.edu/financialaid/2008-09_T+%20F_SCHEDULE.pdf
What does a living allowance include?
When we talk about a living allowance, we are referring to:
What is the living allowance for a local student who will live at home with his/her parents?
The living allowance for a local student who will live at home with his/her parents includes $2,725 per academic year to cover cost of being maintained at home plus the cost of one meal on campus per weekday.
What is the living allowance for an out-of-town student who will reside on campus?
Please note that purchase of a meal plan is required for all freshmen residing in a residence hall.
For the 2008-2009 academic year, the projected annual room cost for a double-room in Biever or Budidig Hall is $5,488 (including residence council fees). The projected annual cost of the 10 meal plan (which includes $660 in "Wolfbucks" )is $3,614. See the 2008-2009 Tuition and Fee Schedule for the costs of other available options.
What is the living allowance for out-of-town students who will live in an apartment?
The living allowance is the same as for on-campus students.
If I am a local student but would like to live on campus during the academic year, can I get enough financial aid to cover the cost of a dorm room and a meal card?
Local (greater New Orleans area) students are always processed with a budget of expenses that reflects living at home with parents. If you wish to be considered for additional aid to reside on campus, you must make a request in writing to the Financial Aid Office. We will increase your living expense budget, but you should note that it is university policy that this additional expense can be covered only by Stafford, PLUS, or alternative loan funds.
Check these links for additional resources to help you learn to manage your money throughout the school year
Revised: March 6, 2008