I can't offer any definitive insight into the questions you are asking, being as I have not applied for their program, but I do know that I have an English professor-- whom I respect very much-- who is a Loyola Chicago alum (MA/PhD) and I told him that if the MLIS program that I applied to does not accept me, then I will apply for an MA in English. I also told him I had looked at Loyola Chicago for their medieval lit program. He could not stop singing Loyola's praises-- of course, being a successful, well-published alum with tenure at his home university (he is only at my university as a visiting profesor for four years, but my uni was his undergrad university as well... digression), he might be a bit biased. Anyway, I guess it depends on what you're looking to study within an English MA program, but from what I have read and from what he says, it seems to be a very strong program. To me, an MA from Loyola seems worth it.
Edited to add: For what it's worth, he also told me that doing my MA there would be a good way to see if I would want to/be able to handle the rigors of a PhD program if I decided to go that route.