Loughran attended the College of the Holy Cross and graduated from Fordham University, earning a Bachelor's degree in history, summa cum laude, in 1964.
He also earned a Master's degree and a Doctorate in Philosophy from Fordham University and studied Theology in France and at Woodstock College in New York.
While president of LMU, Loughran directed considerable financial resources to academics and lowered the minimum course load for professors from four to three, freeing up faculty for research and other scholarly and creative pursuits.
He established classes in the study of American cultures, in part to raise awareness of the school's minority students who were pushing for greater recognition.
In February 1990, Loughran denied university recognition to a fledgling gay and lesbian student organization, the Alliance of Gays and Lesbians - Loyola Marymount University (AGL-LMU), despite the group's support from both the student and faculty senates and in disregard of the fact that its charter did not violate Catholic teachings.