Cost, Fees, and Financial Aid FAQ
Introduction
Explore answers to common questions about tuition, fees, and financial aid for College of Medicine students.
FAQ
How is tuition determined?
The Executive Dean proposes the annual tuition rate which is then reviewed by the Chancellor and the President of the University, and ultimately approved by the Board of Trustees; generally, the final approval happens in the Trustees’ January meeting each year.
The College takes a variety of factors into account when determining the tuition rate, including our resource needs, inflation, the total cost of delivering an outstanding education, tuition rates at other medical schools, our total cost of attendance, and the impact of rate increases on affordability for students (including average debt at graduation).
How does the College of Medicine use the revenue generated from tuition?
The primary use of tuition revenue is to support the costs of medical student education. Our calculation of the total cost of education reveals that tuition pays for about half of the total costs incurred by the College of Medicine to train medical students.
Why do out-of-state students pay so much?
The University of Illinois is a public institution supported, in part, by state tax revenues contributed by Illinois residents and their families. Because out-of-state students and their families have not paid these taxes, they do not receive the benefit of this state subsidy. As a result, their tuition rate reflects the full, unsubsidized cost of education.
Why is full tuition charged in the short summer term between M1 and M2 years?
When the current curriculum was adopted in the fall of 2017, course requirements were increased and expanded into the summer term between the first and second years. The College of Medicine also moved onto an academic calendar that is different from most other degree programs at UIC, where each academic term is structured over 16 weeks. Concurrent with this expansion from 10 to 11 terms, the College decided to assess the total four-year tuition cost equally across all 11 academic terms. This was a change from the previous tuition rate structure, where the summer term was pro-rated to roughly two-thirds of the fall and spring term amounts. Here’s a comparison between how tuition looked in an older model (before FY 2018) and now:
comparison between how tuition looked in an older model (before FY 2018) and now
Various options for how assessment might change were considered, and we opted to make the rate for all terms equal. Our rationale was that students would find the rates more predictable if the amounts did not vary by term, and that this would make it easier for them to budget for their costs of attendance.
How is the cost of attendance calculated for loans?
The cost of attendance (COA) is the estimated total cost of attending a university for one academic year. It is used by financial aid offices to determine how much financial aid a student is eligible to receive. The U.S. Department of Education requires schools to establish a COA for all students, and it includes both direct costs (paid to the university) and indirect costs (living and personal expenses students may pay on their own). The school uses data from sources including local cost studies, state figures, and government information to estimate what it reasonably costs a student to live and eat while attending. The amounts are standard allowances and are not exact to each student’s situation.
- Direct Costs (billed by the institution) are charges the student pays directly to the school:
- Tuition (based on a student’s program, number of credit hours, and residency status (in-state, out-of-state, professional, or graduate)
- Mandatory Fees (technology, library, health services)
- Disability/Malpractice Insurance (required coverage for clinical training and patient care)
- Health Insurance (required unless waived with proof of coverage)
- Indirect Costs (estimated, non-instructional expenses) support necessary living and educational expenses while in school:
- Books and medical supplies (stethoscopes, lab coats, anatomy kits)
- Board exams & licensing fees (e.g., USMLE Step 1, Step 2)
- On-campus housing: Uses actual institutional charges
- Off-campus housing: Uses an average of local rent, utilities, and food costs in the community
- Food: The budget assumes three meals a day, seven days a week
- Personal expenses (miscellaneous needs like clothing, laundry, health-related needs, and other basic living costs)
- Loan fees (federal loan origination fees)
What are mandatory fees?
These amounts are determined by the University (not the College of Medicine) and support a variety of student services provided by units outside of the College of Medicine. For example, mandatory fees support the Division of Intercollegiate Athletics, the student unions, counseling services, health services, Campus Recreation, student government(s), and the wellness center.
In addition, there are dedicated assessments that support the University Library, information technology, and deferred maintenance in the various academic facilities.
What are loan fees?
Federal student loans have origination fees, which are deducted from the loan amount before disbursement.
- Unsubsidized loans have an origination fee of 1.057% for loans first disbursed on or after October 1, 2020.
- Direct PLUS Loans (for parents and graduate students) have an origination fee of 4.228% for loans first disbursed on or after October 1, 2020.
What changes were created under the One Big Beautiful Bill Act (public law 119-21)?
Graduate PLUS Loans
- Starting July 1, 2026, new borrowers will no longer be able to take out Graduate PLUS Loans.
- Legacy Provision: If you already have a Graduate PLUS Loan made before July 1, 2026, and you are still enrolled in a credentialed program, you may continue borrowing for up to three more academic years or until you complete your program, whichever comes first.
Professional Student Loan Limits for Federal Stafford Loans
- Beginning July 1, 2026, annual and lifetime loan limits will be set for professional students:
- The annual borrowing limit will be capped at $50,000.
- The aggregate (lifetime) borrowing limit will be capped at $200,000. This cap does not include loans borrowed as an undergraduate.
- If you are both a graduate and a professional student during your education, you may only borrow up to a combined total of $200,000 for graduate and professional studies.
- Legacy Provision: If you already have a Direct Unsubsidized Loan before July 1, 2026, and you are still enrolled in a credentialed program, you may continue borrowing under the current loan limits for up to three academic years or until you finish your program, whichever comes first.
- Current Loan Limits for Medical Students:
- Annual: $47,167
- Aggregate: $224,000 (this includes both medical school and pre-med borrowing)
Federal Loan Program Lifetime Limit
- Starting July 1, 2026, there will be a lifetime borrowing limit of $257,500 for all federal student loans combined.
- This limit does not include Parent PLUS Loans borrowed by parents on behalf of dependent students.
- Legacy Provision: If you already have a Federal Direct Loan before July 1, 2026, and you are still enrolled in a credentialed program, you may continue borrowing under the current lifetime limit for up to three academic years or until you complete your program, whichever comes first.
- Current Lifetime Limit for Medical Students: $224,000
When do these changes take effect?
Starting on July 1, 2026, several important changes to federal student loans will take effect. If you already have a Graduate PLUS Loan or a Federal Direct Loan that was made before July 1, 2026, there are legacy provisions in place. These provisions allow you to continue borrowing under the current rules for up to three more academic years, or until you complete your current program—whichever happens first.
In other words, students who borrowed before July 1, 2026, will have a limited transition period where they can keep borrowing under today’s rules, while new borrowers will be subject to the updated rules beginning on that date.
Will there be other options to borrow besides Federal loans?
If other financial resources are not available, students may explore private student loans as an option. These loans are provided by banks, credit unions, or other lenders, and in many cases may require a creditworthy co-signer.
What is our school’s plan for students who may or may not be able to afford the cost of attendance as a result of the new loan limits?
Our school is committed to supporting students who may be impacted by the new federal loan limits. We are taking a proactive approach by expanding financial wellness and debt management counseling so students can better plan and budget throughout medical school.
We will help students identify alternative funding sources, including institutional scholarships, external scholarships, and service-based programs such as the National Health Service Corps (NHSC), the Armed Forces Health Professions Scholarship Program (HPSP), and state or specialty-specific opportunities.
Additionally, we are strengthening our partnerships with donors and alumni to create supplementary scholarship and grant opportunities as well as offering one-on-one financial aid guidance to help students evaluate whether private or institutional loan options are necessary, and to ensure they borrow only what they need.
The College of Medicine is engaging in ongoing advocacy at the state and national levels to ensure medical students’ unique financial needs are considered in policy decisions.
Our priority is to ensure that cost does not prevent talented, committed students from pursuing medical education, while helping each student make informed, sustainable financial choices.
What opportunities do I have for scholarships?
Our financial aid website provides a list of scholarship opportunities that students can apply for to help reduce their reliance on loans. We also share new scholarship opportunities each month in the financial aid newsletter. In addition, our Associate Director, Danah Anderson, serves as the point person for scholarships—she can assist you in your search and connect you with the Writing Center for support in preparing strong personal statements.
What options are available to students to finance their education besides taking out loans?
Service-Based Programs (tuition coverage in exchange for service)
- National Health Service Corps (NHSC) Scholarship – Pays tuition, fees, and provides a stipend in exchange for working in an underserved area after graduation.
- Armed Forces Health Professions Scholarship Program (HPSP) – Covers tuition, fees, and provides a living stipend in exchange for military service as a physician.
- Indian Health Service (IHS) Scholarship – Tuition and support for students who commit to serving Native American/Alaska Native communities.
Learn More
The Office of Student Financial Aid shares monthly newsletters, holds regular office hours on each campus, and provides resources on budgeting, loan management, and credit. Explore tools like AAMC Budgeting Basics, the MedLoans Calculator, and AnnualCreditReport.com to help you borrow wisely, manage debt, and plan for your financial future.
Investing in medical school is a big commitment. Our goal is to help you borrow wisely, manage your finances, and graduate prepared for both your career and your financial future.