Transcript Slide 1
2012 – 2013
Basic Financial Aid for
Medical Students
University of Illinois at Chicago
College of Medicine
Office 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 Loans
Federal 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
Tuition:
$34,000
Fees:
$3,572
GPLUS Loan Fees: $686
Stafford Loan Fees: $362
Books/Supplies:
$1,500
Housing + Food:
$12,418
Transportation:
$1,656
Miscellaneous:
$2,484
Total:
$56,678
Non-Residents
$71,000
$3,572
$686
$362
$1,500
$12,418
$1,656
$2,484
$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 earlyJune (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
[email protected]