1. 2012 – 2013 Basic Financial Aid for Medical Students University of Illinois at Chicago College of Medicine Office of Student Financial Aid

2. Types of Financial Aid  Gift Aid  Student Loans

3. 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

4. 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

5. 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

6. Cost Of Attendance ( Budget ) 2012-13 Fall /Spring M1 Chicago based (amounts may vary) ResidentsNon-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

7. 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)

8. Applying for Financial Aid  File FAFSA as early as Jan. 1 st of each year  Submit any required documentation to COM OSFA  Electronic award letter  1. Log into the portal at https://my.uic.eduhttps://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.

9. 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 http://studentloans.gov Loans will not disburse until these are completed!

10. 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

11. 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

12. 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 21 st ~

13. 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 29 th, 2013 ~

14. 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

15. Debt Management Resources  AAMC FIRST  www.aamc.org/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 http://www.aamc.org/programs/first/training/mdeconomics.htm

16. OSFA Contact Information Website: www.medicine.uic.edu/finaidwww.medicine.uic.edu/finaid Phone: (312) 413 – 0127 Theresa Ibarra – Associate Director tander8@uic.edu