UMSC Meeting Financial Aid Updates & RemindersSeptember 14, 2013University of Illinois at ChicagoCollege of MedicineOffice of Student Financial Aid

Reminders• File FAFSA – www.fafsa.gov

▫ A FASFA is required each year for Student Loans

• Primary Care Loan Deadline – March 28th, 2014

• Always notify Financial Aid regarding registration changes or in the event of an LOA▫ Changes in registration may impact financial aid eligibility. ▫ You must maintain at least 6 credit hours in order to be eligible

for student loans

• If you will be borrowing a Graduate PLUS loan, check your credit report! annualcreditreport.com

Summer Aid

•In the M2 and M3 year, you will attend during the summer semester.

•Your summer aid will be based on how much you borrow for the Fall 2013 and Spring 2014 terms.

•Your summer aid will always appear on the prior academic year’s award letter

•So your Summer 14 loans will be offered as a REVISION to your 2013-14 award letter

New Interest Rates for Federal Direct Loan Programs for 2013-2014

•Unsubsidized Loans: Fixed, variable interest rate of 5.41% with a cap of 9.5%

•Graduate PLUS: Fixed, variable interest rate of 6.41% with a cap of 10.5%

• Variable rates are subject to changem year to year

Borrowing by Term

Borrowing Year Academic Year Unsub Term Loan Amounts

Total Unsub Loan Amount for Year # of Months

1M1 Fall $20,250

$40,500 9M1 Spring $20,250

2

M2 Fall $20,250

$47,167 12M2 Spring $20,250

M3 Summer $6,667

3

M3 Fall $20,250

$47,167 12M3 Spring $20,250

M4 Summer $6,667

4M4 Fall $20,250

$40,500 9M4 Spring $20,250

Loan Limit Reminders

Annual Loan Limits Unsubsidized

Aggregate Loan LimitsCombined

Sub/Unsubsidized

M1 Year & M4 Year

$40,500 – 9 months

M2 Year & M3 Year

$47,167 – 12 months

$224,000

2013-2014 Disbursement DatesStart of Fall 2013 Term• First Fall Tuition Assessment – August 6• First Fall Disbursement – August 16• First Refund – August 19• First Fall Billing – September 10

▫ Bills are due the 28th of each month

End of Fall 2013 Term• Last Disbursement – December 17 (Tues. after last day of

finals)• Extra Refunds – December 20

Start of Spring 2014 Term• First Spring Assessment – January 2• First Spring Disbursement – January 3• First Refund – January 6

Summer Disbursement is expected around the 6th of June

Financial Literacy New Tools and Events

Student Loan Hero!uillinois.studentloanhero.com

Student Loan Hero!uillinois.studentloanhero.com

Events

•UIC Financial Planning Clinic – Oct. 23rd

•Credit and Budgeting Money Management session: Held on 7/30/13.  

•Good Credit verses Bad Credit•Making sense of your Award letter •How do I fund my medical education? •Loan Repayment•Meet the OSFA – Sometime in December

Debt Management Resources•USFSCO Student Money Management

Center▫Budgeting -

http://www.studentmoney.uillinois.edu/Budgeting

▫Credit - http://www.studentmoney.uillinois.edu/Credit

▫Tools - http://www.studentmoney.uillinois.edu/FinancialTools

▫Student Loan Hero - https://uillinois.studentloanhero.com/

OSFA Contact Information

Website: www.medicine.uic.edu/finaid Phone: (312) 413 – 0127

Michelle Ortiz Wortel – Directormortiz3@uic.edu

Theresa Ibarra– Associate Director tander8@uic.edu

Tara Haddadin – Assistant Director thadda1@uic.edu

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