Do not go to Indiana if you want to be in L.A. Go to UCLA or USC those are the best schools in the area and will open a lot of doors in L.A. Loyola is fine school, but really nobody cares if it was ranked 56th, 43, 96th, it is a slightly above average law school in a flooded market. People from Harvard, Yale, UCLA, Stanford, Berkeley, USC, move to L.A. for jobs and Loyola although a good school does not hold a candle to the others.
If you did nto have access to one of the top schools in the area I would always say take the money, but when Elite schools accept you then you should go. UCLA & USC are elite schools. Loyola, Pepperdine, Hastings, etc are not they are good, but do not carry anywhere near the prestige UCLA and USC does.
Indiana just makes no sense unless you wanted to live in Indiana. Nobody in L.A. is going to be impressed by an IU degree. In Indiana they would, but it does not sound like you want to end up there. So don't go.