Types of Aid

There are many types of financial aid available from many different sources. The links below provide detailed information about the various types of gift aid (grants, scholarships, waivers, fellowships) and loans available to UIC students.

There is also additional information on the availability of aid for veterans.

The Tax Credits page provides information on how financial aid affects your taxes.

If you receive any financial assistance that is not listed on your Financial Aid Award Notification, federal regulations require that you report it in the award letter.  The COM Financial Aid Office will then recalculate your eligibility.  If you have remaining unmet need or have not exceeded your cost of attendance (COA), your other awards may not be affected.  However, once federal need or COA is met, outside assistance will result in the reduction of your student loans.  In very rare cases, gift aid may need to be reduced to remain compliant with federal regulations.  Please be aware that if the OSFA is notified of outside financial assistance after you have already received a refund, you will be 100% responsible to repay any portion of the refund for which you are not entitled.

Gift Aid
Loans
Veterans
Tax Credits

Gift Aid

Gift aid is aid that does not need to be repaid. Some common types of gift aid include:

UIC Scholarship and Award Program (SnAP)

 SnAP is UIC’s internal scholarship information system. UIC students may access the SnAP portal using their NetID and password. Students must submit a new General Application each academic year at the beginning of the Fall term. The UIC SnAP portal will show a list of scholarships for which you are eligible, based on a number of criteria, including major, financial aid status, etc.

Institutional Scholarships

UICOM’s Committee on Student Scholarships and Awards (CCSAS) offers a limited number of institutional scholarships at the time of admission. All scholarships are funded by the generosity of alumni and other donors who strongly support medical education. No separate application is required and all admitted students are considered for these awards. Institutional Scholarships are limited to tuition and mandatory fee expenses.

There are six types of Institutional Scholarships:

  • Research Scholarship
  • Social Engagement Scholarship
  • College of Medicine Scholarship
  • UI COM-unity Scholarship
  • Academic Scholarship
  • Dean’s Scholarship

*Please note that any change from your initial In-state or Out-of-state residency status could affect your eligibility for the award 

View list of External Scholarships/Grants

Aid (tuition, fees and stipend) awarded by federal or state agencies that require the student to fulfill a service requirement for a specific period of time, usually after the student completes his/her residency program. Notice: There may be federal income tax implications associated with certain service awards.

PROGRAM ANNUAL AWARD MAX INTEREST RATE DEADLINE SPECIAL TERMS
IL Medical Student Loan (IL Agricultural Association) $1,000 – $7,500 4% N/A Need Based, Must be willing to practice primary care medicine in rural areas of IL. Contact Mariah Dale-Anderson at IL Farm Bureau, 309-557-2350 or visit www.rimsap.com for more info.
National Health Service Corps (NHSC) Scholarship Tuition, fees, books/supplies, and $1,289 monthy stipend N/A March 31 1 year of service per year of support at an approved site in a Health Professional Shortage Area. Visit www.nhsc.hrsa.gov for more info.
Armed Forces Health Professions Scholarship Tuition, fees, books/supplies, and monthly living expense stipend N/A Contact relevant office US Army Medical Recruiting Office 847-541-3685
US Navy Recruiting Command 847-688-7100 x260US Navy HPSP YouTube Video
US Air Force Recruiting Command 312-922-2923
IL Army National Guard 708-824-5960
Faculty Loan Repayment Program Up to $40,000 towards repayment of student loans N/A N/A HRSA Website
NHSC Loan Repayment Program Up to $60,000 of loan repayment N/A Application cycle from Feb 7 to April 16 National Health Service Corps Loan Repayment website
NHSC Student to Service Loan Repayment Program Up to $120,000 loan rep N/A Dec 20 National Health Service Corps Loan Repayment website
NIH Loan Repayment Program Up to $35,000 of NIH loan repayment per year N/A Application cycle from Sept 1 to Nov 15 NIH – Division of Loan Repayment website
Public Service Loan Forgiveness Forgiveness of federal student loan debt after 120 qualifying monthly payments N/A N/A Federal Student Aid Public Service Loan Forgiveness website

 

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Loans

Student Loans, unlike grants or scholarships, are borrowed funds that must be repaid. These loans cannot be cancelled, even if you do not like your university experience, do not obtain a job in your field of study, or are facing financial hardship.

The links below describe the loan programs available to UIC students.

The Federal Direct Stafford loan program allows students to borrow low-cost educational loans from the federal government. To be eligible for a Direct Stafford loan, COM students must be enrolled at least 6 hours.

When you borrow a Stafford loan for the first time at UIC, you must sign a Master Promissory Note (MPN) at studentaid.gov/mpn agreeing to pay back the money borrowed, with interest, according to the terms of the program.  Students borrowing a Direct Loan for the first time at UIC must complete Direct Loans Entrance Counseling at studentaid.gov before any loans can disburse.

Federal Unsubsidized Direct Stafford loans are not need based. Interest begins accruing from the date of first disbursement. You can choose to pay the interest quarterly while in school, or you can allow it to accumulate and be capitalized when repayment begins.  Repayment begins 6 months after you graduate, leave school, or fall below half-time enrollment.

The maximum amount you may borrow in an Unsubsidized loan for the Fall and Spring semester (nine-months) is $40,500.  For students attending summer term (M1, M2, and M3), you will be eligible for an additional $6,667.  In addition, your total loans may not exceed your total cost of attendance in a given award year.  If you are awarded an Unsubsidized Direct Stafford loan, it will appear on your Award Notification as “Direct Loan – Unsubsidized.”

Lifetime Maximums: The combined lifetime aggregate maximum for Stafford loans is $224,000 (total Subsidized and Unsubsidized Loans) for medical students. This limit includes all undergraduate and/or graduate Stafford loans from any college or university attended.

Interest Rates and Originations Fees

  • Interest Rates:  Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
  • Origination Fees:  Most federal student loans have loan fees that are deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

Graduate/Professional students are eligible to borrow under the Direct Graduate PLUS loan program, pending a credit check approval by the U. S. Department of Education. To be eligible for a Graduate PLUS loan, COM students must be enrolled at least 6 hours.  The maximum a student can borrow is the cost of attendance less any other financial aid.  Repayment begins 6 months after you graduate, leave school, or fall below half-time enrollment.  A Master Promissory Note (MPN) must be completed at studentaid.gov/mpn/. Students borrowing a Direct Loan for the first time at UIC must complete Direct Loans Entrance Counseling at studentaid.gov before any loans can disburse.

The graduate/professional student borrower must not have an adverse credit history. A credit check will be performed during the application process. If you have an adverse credit history, you may still receive a grad PLUS loan through one of these two options:

  1. Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the grad PLUS loan if you do not repay it. Log in to apply.
  2. Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. Log in to apply.

With either option 1 or option 2, you also must complete credit counseling for PLUS loan borrowers. For further guidance please contact the Student Loan Support Center at 1-800-557-7394 or email them at [email protected].

INTEREST RATES AND ORIGINATION FEES

  • Interest Rate and Origination Fee Chart
  • For the more information on Direct Loan Interest Rates and Fees, please visit:  http://studentaid.gov/.
  • Interest Rates:  Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
  • Origination Fees:  Most federal student loans have loan fees that are deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

The Primary Care Loan program is a subsidized loan with an interest rate of 5%.  Students must have need and must be enrolled full time to receive PCL.  The PCL is tied to a service requirement.

Medical students receiving a Primary Care Loan must agree to:

  • Enter and complete residency training in primary care within four years after graduation and
  • Practice in primary care for the life of the loan

Because of this service requirement, we only award PCL to M4’s after Match Day.

Students interested in PCL must submit parental income information to the COM OSFA to determine if they meet the need-based eligibility criteria.

2019-2020 PCL Information and Guidelines

See the Forms section of this site for an application form.

Only available for the 2021-2022 Fall & Spring terms

Application Period: Thursday, December 23, 2021 to Sunday, January 30, 2022

The Loans for Disadvantaged Students (LDS) program provides long-term, low-interest rate loans to full-time (12+ hours for Fall AND Spring terms), financially needy students from disadvantaged backgrounds to pursue a medical degree. LDS is made available through the U.S. Department of Health and Human Services (DHHS).

An individual from a disadvantaged background is defined by the U.S. Department of Health and Human Services as one:

  • Who comes from an environment that has inhibited the individual from obtaining the knowledge, skill and ability to enroll in and graduate from a health professions school.
  • Who comes from a family with an annual income below a level based on low-income guidelines according to family size published by the U.S. Bureau of the Census.

LDS applicants must provide parental information on their FAFSA for determination of eligibility, regardless of age or marital status. This requirement cannot be waived. Unless the parents are deceased, a student who does not provide parental income information may not be considered for LDS funds. If parents are deceased, please provide documentation, i.e. death certificate, obituary, etc. for both parents.

Loans for Disadvantaged Students (LDS) Guidelines.

Many private lenders offer loans to students to cover allowable educational expenses. These loans are often referred to as “alternative loans.” These loans are not part of the federal government’s loan programs and may be more expensive for the borrower than federal loans. Some programs exist that are specifically designed for medical students. Since the lender of each program establishes the 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. Your maximum eligibility for an educational private loan would be the cost of attendance minus any financial aid already received.

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. If you wish to borrow an alternative loan, the COM OSFA highly encourages you to research multiple lenders and pick the loan that best fits your needs. Finaid.org maintains a thorough list of private lenders which you may want to review in doing your research on lenders. UIC is not responsible for the accuracy or updating of the lender information on this particular website.

Repaying Your Loans

Once you graduate, leave school, or fall below half time enrollment, you will have to start repaying your loans.

Also, some service programs will help repay your student loans in exchange for service commitments.  See our Service Awards page for more information.

 

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Veterans

For information on veterans benefits and veterans educational programs, please visit Student Veteran Affairs.

 

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Tax Credits

American Opportunity & Lifetime Learning Tax Credits

You may be eligible for a tax credit through the American Opportunity Tax Credit or the Lifetime Learning Tax Credit. While these are not financial aid awards, they are intended to help you pay for your education expenses. Visit these links for more information on the credits and whether you qualify:

The COM OSFA staff are not tax experts and cannot provide tax advice. For specific questions about these tax credits, please consult a tax expert.

1098T

IRS Form 1098-T is used to determine eligibility for these tax credits. The UIC University Bursar’s Office produces and distributes these forms each year.

Student Loan Interest Deduction

If you have taken loans to pay the cost of attending an eligible educational institution for yourself, your spouse, or your dependent children, you may be able to deduct interest paid on these loans from your taxable income. The deduction is available only for interest payments made during the first 60 months in which interest payments are required on the loan. For more information, visit the IRS website.

 

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