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Summer aid is now available on your 2025-2026 Financial Aid Notification on your student portal.
- Students must register for 5+ credit hours each term (including summer) to qualify for financial aid.
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Students who have never accepted Unsub or Grad PLUS loans as an MD student should accept by June 15th to potentially be eligible for OB3 legacy loan provisions.
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The summer bill is due June 28th. Review your UI-Pay Student Account to ensure your balance is paid.
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AAMC- Preparing for Change: Federal Student Loan and Repayment Updates
Thursday, June 25, 2026, at 2:00 PM CST
Register Here
Upcoming federal student aid changes taking effect July 1, 2026, will bring substantial shifts to how incoming medical students finance their education. The AAMC’s FIRST (Financial Information, Resources, Services & Tools) team, together with leaders from the medical school financial aid community, will provide an overview and update on the final regulations stemming from the One Big Beautiful Bill Act and their impact on federal student loan programs and repayment plan availability. Discussion topics will include federal student loan programs updates, legacy provision eligibility, as well as new borrowing limits and repayment options.
Visit the AAMC FIRST website to view recorded videos and webinars on financial topics that are important to pre-med students, medical students, and residents.
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One Big Beautiful Bill Act (OB3) Updates |
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On July 4, 2025, the One Big Beautiful Bill Act (OB3) was signed into law, resulting in changes to federal student aid programs. Beginning with the 2026–2027 academic year, incoming MD students and those who do not qualify for legacy provisions will no longer be eligible to borrow Federal Direct Graduate PLUS Loans and will be subject to the new lifetime aggregate Direct Loan limits. OSFA is tracking changes and will update the One Big Beautiful Bill Act (OB3) webpage as additional guidance from the U.S. Department of Education becomes available.
Students are encouraged to visit the Private Loan Guidance webpage to help navigate anticipated private loan needs including the ELM Select private lender platform.
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Legacy Provision Qualifiers:
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- Students must remain continuously enrolled in the UI COM MD program.
Program changes or leave of absences exceeding 180 days in a 12-month period may affect a student’s eligibility for federal loan legacy provisions. This includes, but is not limited to, joint degree programs, medical leave, research leave, and general leave of absences.
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Students must have received a Direct Unsubsidized Loan or Direct Graduate PLUS Loan disbursement while enrolled as a UI COM MD student, prior to July 1, 2026. First-time professional student borrowers should accept summer loan offers, complete Entrance Counseling, and complete their Master Promissory Notes (MPN) by June 15, 2026, to allow sufficient time for loan origination and disbursement.
- In addition to the requirements above, eligibility for federal loan legacy provisions is determined using the standard UIC College of Medicine MD program length of 11 terms (MD/PhD students are excluded).
~ Terms in which a student was registered either full-time or part-time will count toward the 11-term maximum.
~Terms during which a student was on an approved leave of absence will not count toward the 11-term maximum.
Students who have not met or exceeded the 11-term maximum may retain eligibility for legacy provisions for the lesser of three academic years, or the point at which they reach the 11-term maximum or take a leave of absence that exceeds 180 days in a 12-month period.
Students who have met or exceeded the 11-term maximum will not be eligible legacy provisions beginning Fall 2026. We encourage students to visit our Private Loan Guidance webpage to help navigate their private loan needs and to explore resources, including the ELM Select private lender platform.
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Federal direct loans are required to be prorated for students enrolled less than full-time beginning with the 2026-2027 academic year. For MD students, full-time enrollment is 9+ credit hours in the fall and spring terms and 5+ credit hours in the summer term. Loan proration will occur even if a student’s tuition range & cost do not change, which may increase the need for private loans to meet students’ COA.
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Scholarship and Professional Development Opportunities |
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Track your “small” expenses — they add up quickly.
Coffee runs, food delivery, parking, and study subscriptions can easily cost hundreds each month without you noticing. Set a weekly spending limit for non-essential purchases and review your transactions. Even saving $10–15 can reduce how much you need to borrow in student loans over time.
Helpful strategies:
Meal prep 2–3 days at a time instead of buying meals on campus. Use student discounts for software, transportation, and subscriptions. Build a small emergency fund, even if it’s only $20–25.
Remember: Borrow only what you truly need. Every extra dollar borrowed today accrues interest and increases future repayment costs.
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According to financial wellness guidance for medical students, what is a key benefit of maintaining a budget?
A. It guarantees a higher income after graduation
B. It helps reduce stress and increases financial control
C. It eliminates the need for student loans
D. It replaces the need for academic planning
*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:
Why is paying your credit card balance in full each month strongly recommended?
A. It increases your credit limit automatically
B. It prevents interest charges and supports responsible credit use
C. It eliminates the need for a credit score
D. It allows unlimited spending
Answer: B. It prevents interest charges and supports responsible credit use
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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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