2012 – 2013 Basic Financial Aid for Medical Students University of Illinois at Chicago College of Medicine Office of Student Financial Aid
Dec 25, 2015
2012 – 2013 Basic Financial Aid forMedical Students
University of Illinois at ChicagoCollege of MedicineOffice of Student Financial Aid
Gift Aid Scholarships
Based on talent, skill, interests, academic merit, need, etc.
Assistantships Aid pays tuition and some fees, student receives
stipend as wage for working Fellowships
Scholarship and/or stipend that is non-employment based
Service Awards Aid awarded by federal or state agency Service requirement, usually after student completes
residency
Federal Student LoansFederal Direct Unsubsidized
Not based on need Fixed interest rate: 6.8% 6 month grace period after leaving school
Federal Direct Graduate PLUS Requires a credit check Annual limit: COA minus other aid Fixed interest rate: 7.9% Repayment begins 6 months after leaving school
(like Stafford Loans) If you will be borrowing, check your credit report!
annualcreditreport.com
Federal Direct Stafford Loan Program
Annual Loan Limits:Unsubsidized
$40,500
Aggregate Loan Limits:Combined Sub/Unsubsidized
$224,000
National Student Loan Data System (NSLDS)
www.nslds.ed.gov
Cost Of Attendance (Budget)2012-13 Fall /Spring M1 Chicago based (amounts may vary)
Residents Non-Residents
Tuition: $34,000 $71,000
Fees: $3,572 $3,572
GPLUS Loan Fees: $686 $686
Stafford Loan Fees: $362 $362
Books/Supplies: $1,500 $1,500
Housing + Food: $12,418 $12,418
Transportation: $1,656 $1,656
Miscellaneous: $2,484 $2,484
Total: $56,678 $93,978
Med School “Hidden Costs” You cannot receive federal aid for some
costs you will incur as a medical student Residency applications Residency relocation costs Repeat attempts at USMLE exams Prep courses for USMLE exams Purchase of a car (not mandatory, but fairly
common)
Applying for Financial Aid
File FAFSA as early as Jan. 1st of each year
Submit any required documentation to COM OSFA
Electronic award letter 1. Log into the portal at https://my.uic.edu 2. Click on the "Finances" Tab 3. Click on "Award Letter“ 4. Select the appropriate Academic Year to view your
Financial Aid Award Letter.
Additional Loan Requirements
Master Promissory Notes Once for each loan type (Direct Unsub,
Grad PLUS)
Direct Loan Entrance Counseling Complete MPN and counseling at
http://studentloans.gov
Loans will not disburse until
these are completed!
Disbursement / Refunds Each semester, aid will disburse to
your student account about a week before the semester starts (according to the UIC academic calendar!!) mid-August, early January, and early-June
(when attending in summer)
Aid pays your UIC bill first Any remaining surplus is refunded to
you via direct deposit
Atypical Student Scenarios
Leave of Absence If you take a leave of absence, you cannot
receive any financial aid for the relevant semesters
Failure of Step 1 If you fail Step 1, your aid for the
corresponding term may be jeopardized, even if you have already received a disbursement
SDS
Scholarship for Disadvantaged Students (SDS) eligibility Must have financial need Must come from either an economically or
environmentally disadvantaged background. Must be full-time student (12+ hours) Application and short essay required
~ Deadline December 21st ~
PCL Primary Care Loan (PCL) eligibility:
M4s who enter and complete a primary care residency no more than 4 years after graduating from medical school.
Practice in primary care for 10 years or until loan is repaid in full, whichever comes first.
Not enter any subspecialty training from the time of graduation until the loan is repaid in full.
Demonstrate need (student and parent income considered) Be full-time both fall and spring (12+ hours)
-5% interest rate, subsidized and payment deferred while in school and while completing a 3-year residency. Note: if you fail to meet the service requirements the interest rate will increase to 7%.
~ Deadline March 29th , 2013 ~
Exit Interview Presentation
At end of M4 year, OSFA will conduct an Exit Interview to discuss: Repayment Deferment Consolidation Budgeting Personal Loan Summaries
It’s very important that you attend
Debt Management Resources
AAMC FIRST www.aamc.org/first Financial Information, Resources, Services,
and Tools Loan Repayment Information Budgeting Advice Long-Term Cost of Borrowing M.D. Economics – great presentation
http://www.aamc.org/programs/first/training/mdeconomics.htm
OSFA Contact Information
Website: www.medicine.uic.edu/finaid
Phone: (312) 413 – 0127
Theresa Ibarra – Associate Director