Most students travel around the city by walking or riding a bicycle. A good portion of students also use the Regional Transit Authority (RTA) streetcar, which costs $1.25 and runs from Carrollton Avenue to Canal Street. There are also buses through RTA that take people to the grocery store and other places a student may need to go. For both the streetcar and the buses, there are different passes you can buy, like a day or monthly pass, but if you don't use them that often, then you should just pay the $1.25 per ride.
If you need to get to the airport or train station, either ask a friend or just pay for a taxi, but anything local should be reachable by walking or taking the streetcar. Loyola also offers a Saturday grocery and entertainment shuttle available to students for free if they should ever want to have some fun or need to buy groceries on a Saturday.