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2012 – 2013 Basic Financial Aid for Medical Students

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.

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2012 – 2013 Basic Financial Aid for Medical Students

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  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. Annual Loan Limits: Unsubsidized $40,500 Aggregate Loan Limits: Combined Sub/Unsubsidized $224,000 Federal Direct Stafford Loan Program 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. 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.

  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 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 21st ~

  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 29th , 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 • 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

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

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