I got accepted at Loyola back in mid-October. It is a great school, especially if you plan on remaining in Chicago to practice medicine.
The lack of ranking doesn't matter because Loyola would never be ranked in the top 50 Research rankings. There's little NIH grants there. But clinical research exists for those interested. Take a look at a match list to understand where graduates go next.
I thought about the UIC/Loyola comparison. But looking at the student body at each, the facilities, and the overall feel of the education I'll receive, the financial difference became inconsequential. Boys and girls, this is FOUR years of your life. Four prime years of your life. I feel like investing in my happiness. You can manipulate numbers all day and keep haggling about it. Ask yourself: where do you want to go? Where did it feel right?
About the numbers (Let's just call living expenses a wash since you will probably live the same standard of living...you will probably need a car at both schools, since if you like having fun, you won't want to be living near UIC or be a slave to the CTA. But the car argument is a personal thing.) Let's also call books/supplies/personal a wash too. I think this is fair.
There is not a 20,000 a year difference.
UIC Tuition/Fees: $22,774 (pisses me off our state school is so expensive)
Loyola Tuition/Fees: $35,500 (approx.)
Difference: ~$13,000 ($52,000 total)
But let's take this to a new level. Let's say you are a big work-out fanatic like me. I drop $1,000 a year on gym membership. If at UIC, this will still occur. If at Loyola, the sweet gym is included. There are differences in parking costs per semester between the schools. You need to look at your personal situation and see the day-to-day financial comparison. It's not going to make up the difference, but it puts a small dent in it.
For me, although I may not attend Loyola, the choice between Loyola and UIC is easy. $50,000 for my happiness over 4 years. I'm okay driving a 3 series instead of a 5 series later in life to be where I want to be for 4 years.
You just got to figure out what's important to you. Who knows, maybe financial aid packages will surprise us.