The Financial Aid Process and Cost to Attend Medical School

Dear M3 Students,

Your M3 year is the time to revisit your student loan borrowing portfolio and to think about loan repayment and the options available to you. The information below will assist you with making the best financial aid borrowing decisions which in turn will assist with managing your student loan borrowing debt.

Best wishes for a successful M3 year!

The COM Office of Student Financial Aid

1. Applying for Aid: To apply for federal, state, and institutional funds, students must complete the Free Application for Federal Student Aid FAFSA every year beginning October 1. The UIC school code is 001776.

2. Award Notification:
Once the FAFSA and any additional required documents have been processed, the Office of Student Financial Aid (OSFA) will award you financial aid. You will receive an email instructing you to view your Award Notification online via the UIC Portal under the Finances tab. You will use the electronic award letter to accept or decline the aid offered to you. The OSFA begins awarding aid to incoming students in mid-March.

3. Types of Aid: There are many types of financial aid available from many different sources. Our financial aid package mainly consists of the Federal Direct Unsubsidized Stafford Loan and Graduate Plus Loan. Our website provides detailed information about the various types of loans and gift aid (grants, scholarships, waivers, fellowships) available to UIC students:

4. MPN and Loan Entrance Counseling: Students who accept an Unsubsidized Stafford Loan and/or a Graduate Plus Loan must complete a Master Promissory Note (MPN), one for each loan type, if this is their first time borrowing a loan. In addition to the MPN a student who has accepted either/or both loan types must complete a Student Loan Entrance Counseling requirement.

5. Summer: Medical students are enrolled for 11 terms. Summer aid is handled separately from the fall/spring terms. The initial Award Notification for M1s, M2s, and M3s does not include summer financial aid. In the spring semester M1s, M2s, and M3s will receive a Revised Award Notification, via email, offering summer aid. Summer is considered the last semester in an academic year, so it will be part of your current year award letter. M1s, M2s, and M3s should have fall, spring, and summer financial aid offered on their award letter by June. Please contact the COM OSFA if this is not the case for you.

6. Financial Aid Disbursement:
The OSFA begins disbursing aid no earlier than 10 days before the start of each semester (according to the UIC academic calendar), typically mid-August for fall, early January for spring and mid-May for summer. All aid is credited to your UIC student billing account each semester. You can check your up to date student account balance, including any aid disbursements online via the UIC portal under the Finances (Bursar’s Office) tab.

7. Refunds:
If aid exceeds the charges on a student account, the University Bursar will issue a refund for the surplus. Students must enroll in direct deposit with University Bursar to receive a refund. For more about refunds, direct deposit, student bill, payment plans, sponsored payments, and free banking options, see

The College of Medicine Office of Student Financial Aid (OSFA) provides you with a list of anticipated expenses on your Financial Aid Award Notification when you complete a FAFSA application. These expenses, referred to as your Cost of Attendance (COA) or budget, reflect costs you may encounter during the (fall/spring/summer) academic year. These costs may include:

Costs Charged by the University:

  • Tuition*
  •  Fees*

Estimated Variable Expenses:

  • Books and Supplies
  • Room and Board
  • Transportation
  • Miscellaneous Personal Expenses
  • Loan Fees
  • Step 1 exam registration cost will show on your M2 award notification
  • Step 2 exam registration cost will show on your M3 award notification


M3 Cost of Attendance:

Chicago COA Fall/Spring Summer
Tuition-Resident* $30,600 $15,300
Tuition-Nonresident* $52,720 $26,360
Mandatory Fees* $4,530 $1,332
Housing and Food Expenses $15,300 $5,100
Books and Supplies $1,400 $700
Step II Exam Fee $645 $0
Personal Expenses $3,600 $1,200
Transportation $1,700 $450
Graduate Plus Loan Fees $1,200 $0
Stafford Loan Fees $400 $0
Resident Total: $59,375 $24,082
Nonresident Total: $81,495 $35,142
Peoria & Rockford COA Fall/Spring Summer
Tuition-Resident* $30,600 $15,300
Tuition-Nonresident* $52,720 $26,360
Mandatory Fees* $4,530 $1,202
Housing and Food Expenses $13,500 $4,500
Books and Supplies $1,400 $700
Step II Exam Fee $645 $0
Personal Expenses $3,600 $1,200
Transportation $1,700 $450
Graduate Plus Loan Fees $1,200 $0
Stafford Loan Fees $400 $0
Resident Total: $57,575 $23,352
Nonresident Total: $79,695 $34,412

*Tuition and fees are costs charged to the student by the University: (visit the UIC Registrar’s Office website for tuition, fees, assessment, and disability insurance rates for the fall/spring/summer semesters).

Mandatory Fees and Assessments: these are determined by the UIC system, not the College of Medicine.  To learn more about what these fees are, please visit:

Additional cost information can be found on the COM OSFA website.

The following is a breakdown of each cost of attendance (COA) component and are for you to allocate and budget based upon your needs. Please note this is not an all-inclusive breakdown of all itemized expenses. We encourage all students to create a budget prior to starting your M3 year using the Association of American Medical Colleges (AAMC) Budget Worksheet for Students which can help you determine the amount of student loans you may need to borrow. We also encourage all students to keep track of their student loan borrowing by using the AAMC MedLoans Organizer and Calculator.

  1. Housing and Food Expenses (this is determined by annual surveys and in collaboration with UIC System):
    1. Groceries
    2. Eating out
    3. Rent/Mortgage
  1. Books and Supplies (related to the curriculum)
    1. Text books (pro tip: many books can be checked out as e-books from the library)
    2. Computer and/or tablet
    3. Any office supplies to do your study/work
    4. Supplemental study materials
      1. Some of these items are heavily used by medical students and will have additional costs on top of required/free resources. Some of these resources are monthly fees or annual fees.  Costs range from $100-$500 a year.
      2. We strongly recommend talking with your mentors and academic skills team about selecting the appropriate resources for study.
  1. Step II Exam Fee
    1. The cost of the Step II exam is included in your M3 fall and spring COA.
    2. The exam cost is divided in half between your fall and spring loans. We recommend setting money aside from your refund each semester so that you’ll have the funds to cover the cost of the exam when you are ready to register.
  1. Transportation Expenses
    1. Fuel
    2. Regular vehicle maintenance (i.e. oil changes)
    3. Car insurance
    4. Parking
    5. Public transportation costs (if applicable and available)
  1. Personal Expenses
    1. Medical expenses
    2. Wellness needs: Haircuts, prescriptions
    3. Utilities/mobile phone bill/cable bills
  1. Loan Fees: Designated to help offset the Department of Education loan origination fees.

An averaged federal loan fee will be added to your COA for those that borrow a Federal Direct Loan    ($400) and a Federal Grad Plus Loan ($1,200). The amount of the loan fee(s) added will depend on the type of loans borrowed.

  1. Budgeting Resources
  1. Overall Medical School Budgeting Tips:
  • Consider getting a roommate to lower costs
  • Look for housing that includes some utility expenses
  • Consider purchasing a reliable used vehicle vs. a new vehicle
  • Stay up to date on maintenance of vehicle-it will save money in the long run
  • Talk to your academic skills team (advisor/learning specialist/peer educator/faculty) about how to select supplemental study resources. They can help find deals and help with the prevention of resource overload.
  • Eat out less and look for sales when shopping
  • Create a personal monthly budget sheet
Item Estimated Cost Is this considered with Cost of Attendance?
Increased travel expenses (traveling to clinical sites in addition to campus) Varies by location Possibly- check with OSFA
Rural clinical rotation that may require relocating for part of the time. Varies and some costs may be covered by the program Possibly- check with OSFA

Undocumented students are not eligible to receive federal or state financial aid. Please find a list of resources here:

International students are not eligible for federal, state and institutional need based financial aid and should visit the UICOIS – UIC Office of International Services webpage for additional information and resources. Please note that the COM Financial Aid office does not offer any federal loans to international students.

International Student projected COA for 11 semesters of enrollment