2012 – 2013 Basic Financial Aid forMedical Students

University of Illinois at ChicagoCollege of MedicineOffice of Student Financial Aid

Types of Financial Aid

Gift Aid Student Loans

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

tander8@uic.edu