Loan Information

Loans enable students to borrow money to use towards educational expenses and pay it back later, with interest. Loan terms, interest rates, and loan fees can all impact how much students will pay over the entire life of any loan.

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

  • For the more information on Direct Loan Interest Rates and Fees, please visit the Student Aid website.
  • 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 studentloansupport@ed.gov.

INTEREST RATES AND ORIGINATION FEES

  • For the more information on Direct Loan Interest Rates and Fees, please visit the Student Aid website.
  • 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.

See the Forms section of this site for an application form. PCL applications will become available early spring.

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.

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.

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

An origination fee is deducted from each loan type at the time of disbursement. This means that the disbursed amount of your loan will be lower than the amount that you accept on your financial aid notification. The amount of the loan origination fee for the Unsubsidized Stafford Loan is 1.057% for loans disbursed after October 1, 2020. The amount of the Grad Plus loan origination fee is 4.228% for loans disbursed after October 1, 2020. An average federal loan fee will be added to your Cost of Attendance for those that borrow a Federal Direct Loan and a Federal Grad Plus Loan.

The calculators below can assist you in determining the exact loan amount to borrow by factoring in the loan fee deductions. When determining the amount needed please keep in mind that most loans are divided equally between fall and spring. You may need to double the amount of the loan per semester so that there will be equal amounts for both fall and spring.