UMSC Meeting Financial Aid Updates & Reminders September 14, 2013 University of Illinois at Chicago College of Medicine Office of Student Financial Aid

Reminders File FAFSA – ▫A FASFA is required each year for Student Loans Primary Care Loan Deadline – March 28 th, 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 award letter

New Interest Rates for Federal Direct Loan Programs for 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 YearAcademic Year Unsub Term Loan Amounts Total Unsub Loan Amount for Year # of Months 1 M1 Fall$20,250 $40,5009 M1 Spring$20,250 2 M2 Fall$20,250 $47,16712 M2 Spring$20,250 M3 Summer$6,667 3 M3 Fall$20,250 $47,16712 M3 Spring$20,250 M4 Summer$6,667 4 M4 Fall$20,250 $40,5009 M4 Spring$20,250

Loan Limit Reminders Annual Loan Limits Unsubsidized Aggregate Loan Limits Combined Sub/Unsubsidized M1 Year & M4 Year $40,500 – 9 months M2 Year & M3 Year $47,167 – 12 months $224,000

Disbursement Dates Start 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 28 th 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 6 th of June

Financial Literacy New Tools and Events

Student Loan Hero! uillinois.studentloanhero.com

Events UIC Financial Planning Clinic – Oct. 23 rd 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 ▫Credit ▫Tools - s s ▫Student Loan Hero -

OSFA Contact Information Website: Phone: (312) 413 – 0127 Michelle Ortiz Wortel – Theresa Ibarra– Associate Director Tara Haddadin – Assistant Director Like Us on inancialAid inancialAid