Navigating Student Loans at UIC: A Comprehensive Guide

The University of Illinois at Chicago (UIC) is dedicated to helping students and their families manage the expenses associated with higher education. The Office of Student Financial Aid and Scholarships (SFAS) offers various resources and programs to assist students in funding their education. This article provides a detailed overview of the student loan options available at UIC, along with other forms of financial aid and important considerations for students.

Understanding Financial Aid at UIC

To be considered for financial aid at UIC, students must submit the Free Application for Federal Student Aid (FAFSA) or the Alternative Application for Illinois Financial Aid (RISE) every year. UIC offers different types of financial aid to students from various sources. These include:

Grants: Financial aid awarded to students who demonstrate financial need and do not need to be repaid.
Scholarships: Another form of gift aid that also does not require repayment.
Federal Work-Study Program: For students who have demonstrated financial need, the Federal Work-Study Program provides funding for on-campus part-time jobs. This allows them to earn money to help pay for education expenses. The maximum awards available vary from year to year based on funding.

Federal Direct Stafford Loans

Students eligible to complete a FAFSA will be considered for Federal Direct Stafford Loans. These loans and Parent PLUS loans (undergraduates only) enable students and parents to borrow money from the federal government. To be eligible for loans during the school year, undergraduate and professional students must be enrolled for at least six hours, while graduate students must be registered for at least five hours.

Satisfactory Academic Progress (SAP)

Federal and state regulations mandate that students receiving financial aid must maintain Satisfactory Academic Progress (SAP) toward a recognized degree or certificate. This requirement applies to all undergraduate and graduate students who receive most types of federal, state, and institutional financial aid the university administers.

Withdrawals and Return to Title IV

The Office of Registrar determines the official withdrawal date based on when students drop all their classes or notify a university official of their intent to withdraw. Unofficial withdrawals are students who failed all of their classes per the grades reported at the end of each semester.

The “Return to Title IV” calculation has several steps:

Financial aid is disbursed at the beginning of the semester under the assumption that the student will complete the entire term. When a student withdraws, the school determines the amount of Title IV financial aid the student is eligible to keep based on their withdrawal date.
The school reviews the number of days a student attended versus the total days of the semester. Breaks of five or more days during the semester are removed from the total days of the semester.
The school multiplies the percentage of aid earned by the total amount of disbursed aid and aid that could have disbursed.
The school takes the amount of aid the student has earned and subtracts it from the total aid disbursed to the student.
The school determines the amount of institutional charges that have been applied to the student's account. This amount is multiplied by the percentage of aid earned.
The school reviews the amount of unearned aid versus the amount of unearned institutional charges within 30 days from the date the school determined the student withdrew (officially and unofficially). The lesser of the numbers is the amount of aid that is returned.
The school has 45 days from the date the school determined the student withdrew (officially and unofficially) to return this amount.
If the post-withdrawal disbursement includes loan funds, the school is required to obtain the student’s permission before disbursing those funds. The school must offer the loan funds within 30 days of determining the student’s withdrawal and allow the student at least 14 days to respond. Once permission is received, the school must make the loan disbursement within 180 days of the withdrawal determination.
The school may use all or part of a post-withdrawal disbursement of grant funds to cover outstanding charges for tuition, fees, and room and board. For any other school charges, the school must obtain the student’s permission to apply those grant funds. If the student does not grant permission, the school must offer the funds directly to the student.

UIC Aspire Program: Free Tuition for Eligible Illinois Residents

UIC Aspire is a financial aid program that covers 100% of tuition and fees for new, first-time undergraduate students in on-campus programs at UIC.

Eligibility Criteria

Qualifying recipients must:

Live in Illinois.
Be enrolled full-time at UIC.
Have a household income of $75,000 or less.

There are no additional applications or steps required to be considered for the UIC Aspire grant.

Key Features of UIC Aspire

No On-Campus Housing Requirement: Unlike some other "free" programs, UIC Aspire does not require students to live on campus. You can live at home or off-campus and still qualify for $0 tuition and $0 in fees.
Renewal: The UIC Aspire grant may be renewed every academic year. Eligibility is determined every year based on the FAFSA.
Duration: For new first-year students, Aspire covers up to four years (eight semesters maximum). For new transfer students, Aspire covers up to two years (four semesters maximum). Aspire is only paid during fall and spring semesters; summer terms are not included.
Coverage: UIC Aspire is a need-based program designed to cover 100% of a qualifying student’s tuition and fees. However, it does not cover the cost of food, housing, books, or supplies.

Application and Renewal

We encourage you to complete the FAFSA by March 15 for maximum consideration.

Read also: Examining ECMC Student Loans

External Scholarships and Fellowships for Medical Students

UIC medical students have access to several external scholarships and fellowships that can help offset the cost of their education. These include:

AACAP Summer Medical Student Fellowships: Offer a chance for medical students to explore a career in child and adolescent psychiatry, gain valuable work experience, and meet leaders in the child and adolescent psychiatry field.
Arnold P. Gold Foundation Student Summer Research Fellowship: Grants are awarded for research into community health and cultural competency issues.
Summer Institute for Medical Students (SIMS): A week-long experiential learning program for 1st and 2nd year medical students to gain first-hand knowledge of treating addiction.
David E. Rogers Fellowship: Meant to enrich the educational experiences of medical and dental students through projects that bear on medicine and dentistry as social enterprises.
Howard Hughes Medical Institute (HHMI) Medical Research Fellows Program: Provides an 8-10 week research experience for medical, dental, and veterinary students in the laboratories of HHMI investigators or Janelia Farm researchers.
Johns Hopkins C.U.P.I.D.: The scholarship activity must focus on pediatric or adult infectious diseases and may involve either clinical or research activities.
Vanderbilt Student Research Training Program (SRTP): Allows medical students to conduct research under the direction of a Vanderbilt scientist during the summer between the first and second year or second and third year of medical school.

Private or Alternative Loans

Many private lenders offer loans to students to cover allowable educational expenses. These loans are often referred to as private or alternative loans. There are some private loan programs that are specifically designed for medical students. Since the lender of each program establishes interest rates, origination fees, repayment options, and application requirements, the COM OSFA urges all students to borrow cautiously and make sure you understand all the terms of any private loan. All lenders require a credit check for each applicant and in some cases a cosigner. Interest on private loans begins to accrue at the date of disbursement, but repayment of principal and interest often does not begin until after a student has graduated from medical school. UIC does not have a preferred lender list or any type of preferred lender arrangement. Students are free to select any lender of their choice. Know your interest rate. Private loans are considered a financial aid resource.

Financial Aid for Study Abroad Programs

Students planning to study abroad can also utilize financial aid to help cover program expenses.

Key Considerations for Study Abroad Financial Aid

FAFSA Filing: File a Free Application for Federal Student Aid (FAFSA) - even if you think you might not receive much aid. Studying abroad can change your cost of attendance for the term in which you study abroad and you may qualify for aid you typically don’t receive.
Pell Grant Eligibility: Students who receive a Pell grant may have access to additional funding resources specific to study abroad, such as the Gilman International Scholarship. In addition, some of our study abroad program partners will provide a Pell match or have specialized scholarships available to eligible or qualified students.
Semester vs. Summer Programs: Consider the differences between financial aid for a semester program versus a summer program. Financial aid during the summer can be much more limited than it is during the semester, so keep this in mind when considering program costs and funding. Additionally, there is a maximum amount of aid you can receive per academic year, so you want to make sure you have aid available to use when you study abroad, especially for summer.
Enrollment Requirements: In order to maintain financial aid eligibility during a semester, undergraduates and professional students must be enrolled in at least 6 credit hours; graduate students must be enrolled for at least 5 credit hours. There is no additional FAFSA application for summer; all degree-seeking students with a FAFSA on file for the current academic year who enroll in summer courses will be considered.

Planning and Disbursement

Budgeting: Plan a budget with your advisor. During your Program Advising Appointment, you will review the program costs with your study abroad advisor along with items not included in the program fee to determine your overall budget.
Financial Aid Advisor: Meet with the study abroad advisor in the Financial Aid Office. Once you have selected a specific study abroad program, you can send your program’s cost sheet (obtained on the Finances tab of the program’s web brochure page) to the Financial Aid Office.
Aid Disbursement: Check your student account for aid disbursement. Your financial aid will be disbursed directly into your student account, typically about 10 days prior to the start of each term. After going towards paying off any charges on your student account, any excess aid will be issued to you as a refund from the Bursar’s office, typically within 5-7 business days after aid disbursement. You can then use those funds to help pay your expenses associated with your study abroad program, including program fees, airfare, books and supplies etc.
Paperwork: Ensure that you have completed all paperwork required by the Office of Financial Aid for on-time disbursement of funds. If your program fee balance is due before you receive financial aid, you should obtain a financial aid disbursement letter from the Financial Aid Office. This letter will indicate what types and amounts of financial aid you are expected to receive.
Student Loans: As you’re already thinking about funding your study abroad program you should consider all of your options. Student loans might be an option worth considering to help you bridge any unmet need for your program.

College Illinois!

If you study abroad, College Illinois! will pay the amount equal to the undergraduate tuition and mandatory fees charged if you were attending courses on campus.

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