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
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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
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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
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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:
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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]