The One Big Beautiful Bill Act (OB3) changed federal loan eligibility beginning with the current 2026-27 academic year. Review our One Big Beautiful Bill Act (OB3) webpage for additional information, including the requirements to qualify for the Legacy Provision.

Continuing Students Who Qualify for the Legacy Provision:
Students who qualify for the Legacy Provision will remain eligible for Direct Unsubsidized Loans, up to the $224,000 federal aggregate loan limit, and Graduate PLUS Loans through June 30, 2029, unless they cease continuous enrollment or reach the College of Medicine’s 11-term maximum enrollment period.

Beginning with the 2029–30 academic year, Graduate PLUS Loans will no longer be available to graduate or professional students.

Incoming Students & Continuing Students Who Do Not Qualify for the Legacy Provision:
Students subject to the new federal loan limits may borrow up to $50,000 annually in Federal Direct Unsubsidized Loans, provided they have not reached the applicable aggregate federal loan limit.

The new graduate/professional aggregate limit is $200,000 in combined Subsidized and Unsubsidized Loans borrowed at the graduate or professional level. The lifetime federal aggregate limit is $257,500, which includes all Subsidized, Unsubsidized, and Graduate PLUS Loans borrowed throughout the student's academic career.

Students can review their current federal loan history on the Federal Student Aid website.

Planning for Additional Funding Needs:
Students who anticipate needing funding beyond their federal loan eligibility are encouraged to review our Private Loan Guidance webpage. This information can help students understand private loan options and navigate the ELM Select private lender platform.

Beginning with the current 2026-27 academic year students registered less than full-time in a term are now subject to prorated (reduced) federal loan eligibility. For the College of Medicine, full-time enrollment is 9 or more credit hours.

Students currently registered for fewer than 9 credits hours will have a disbursement hold placed on their account until adjustments are made. If you are registered less than full-time, but intend to add additional credit hours, please notify our office immediately.

Before making any registration changes, please consider the financial aid implications. Dropping below 9 credit hours will significantly reduce your federal loan eligibility. If your loans have already been disbursed, a reduction will create an outstanding balance on your student account. Unpaid balances accrue late fees after the payment due date, and balances exceeding $1,500 will result in a registration hold.

If your federal loan eligibility is reduced, you may need to explore private loan funding options to fill the gap and cover any outstanding balances. We encourage you to review our Private Loan Guidance webpage, including the ELM Select private lender platform, as well as our External Funding Opportunities webpage for additional resources.

Proration Framework by Term:
* 9 or more credits: 100% eligibility (no reduction)
* 8 credits: 89% eligibility (each federal loan reduced by 11%)
* 7 credits: 78% eligibility (each federal loan reduced by 22%)
* 6 credits: 67% eligibility (each federal loan reduced by 33%)
* 5 credits: 56% eligibility (each federal loan reduced by 44%)
* 4 or fewer credits: No federal loan eligibility 

White Coat Investor (WCI) Scholarship
Deadline: August 31, 2026
Available to all class levels. The purpose of the scholarship is to directly reduce the indebtedness of students and to promote financial literacy in professional schools.

Health Professions Scholarship Program (HPSP)
Rolling Deadling
HPSP offers prospective military physicians (MD/DO) a paid professional education in exchange for service as a commissioned non-line or special branch officer. Visit the U.S. Air Force, U.S. Army, U.S. Navy, and U.S. Dept of Veterans Affairs web pages to learn more about these great opportunities!

We encourage students to explore institutional and external funding opportunities.

Medical school can come with many unexpected expenses, so creating a monthly budget can help you stay on track.

Try the 50/30/20 approach as a starting point:

Your income may be limited while you are in school, so track your expenses and distinguish between needs and wants. Small savings each month can add up over time and help reduce the amount you need to borrow. Track every expense for one month. You may be surprised where your money is going!

Students who are continuously enrolled, have previously borrowed a federal direct loan prior to July 1, 2026, and have attended under 11 terms of medical school are considered for legacy provisions (eligible for the Grad PLUS loan and prior loan limits).

True or False.

 *Submit your answer to medicinefinaid@uic.edu for a chance to win UIC swag. Students must be registered for the current term to win. The answer and winner will be disclosed in next month's newsletter.

Previous Question:

Which budgeting strategy helps reduce student borrowing by identifying frequent small purchases that often go unnoticed but add up over time?

A. Paying bills late
B. Borrowing extra for a cushion
C. Tracking daily expenses
D. Using credit cards more

Answer: C. Tracking daily expenses

The Financial Aid and Debt Management team is here to support students in any way possible. We can assist with your budgeting needs, loan navigation, and financial aid understanding. Join our Slack channel (#announcements-financialaid) for the latest updates. Please do not hesitate to contact us at medicinefinaid@uic.edu for assistance!

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www.medicine.uic.edu
www.medicine.uic.edu/students/financial-aid/