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Summer aid is now available on your 2025-26 Financial Aid Notification.
- Students must register for 5+ credit hours each term to qualify for financial aid.
- Current students must have received an Unsubsidized or Grad PLUS Loan disbursement prior to July 1st. We strongly encourage first-time borrowers to accept their summer loans by June 1st to allow time for loan origination.
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Create a budget prior to accepting/declining summer loans so that you borrow only what you need.
- Login to your student portal to fully/partially accept or decline your offered aid.
- May 20th - Summer aid disbursement
- May 21st- Refund released to banks (allow within 3-4 business days to clear).
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COM Office of Student Financial Aid & Debt Management Presents
Money Matters Rx: Loans & Legacy- Your Financial Game Plan
Tuesday, May 12, 2026, at 6:00pm via Zoom
REGISTER
Just like your patients, your finances require intentional care. Building a strong financial foundation during medical school can save you thousands over time and position you for long-term success!
This session will cover financial aid timelines, anticipated federal policy changes related to the One Big Beautiful Bill Act, and strategies to help you budget effectively, borrow wisely, and manage debt with confidence throughout medical school and beyond.
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AAMC- Secure Your Future: Why Credit Matters Before Medical School
Tuesday, May 19, 2026, at 4:00pm CST
REGISTER
Federal loan caps are coming in June 2026, and private loans will play a bigger role in funding your medical education. Join Veronica Herrera from Experian for an eye-opening session on how to build, manage, and leverage your credit now, so you’re ready when it counts. Don’t let financing be the barrier to your dream career!
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Schedule your M4 Senior Exit Student Loan Repayment Meeting:
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Class of 2026, with Graduation approaching, now is the time to schedule your M4 Senior Exit Student Loan Debt Management appointment with the COM Financial Aid Office. We will provide you with an overview of student loan repayment strategies, debt management, and a general financial aid check-in. We encourage all M4 students with student loan debt to meet with us.
To schedule a meeting, please contact:
Chicago and Peoria Students:
Tara Haddadin: medicinefinaid@uic.edu
Rockford Students:
Amy Haban: https://calendly.com/amyhaban or ahaban@uic.edu
Tara Haddadin: medicinefinaid@uic.edu
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One Big Beautiful Bill Act (OB3) Updates |
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The One Big Beautiful Bill Act (OB3) was enacted by Congress in July 2025 and makes significant changes to federal student loan programs. While the law has already passed, the specific rules governing how it will be implemented have not yet been finalized.
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We are awaiting final regulatory guidance from the U.S. Department of Education; however, based on our preliminary analysis of the current regulatory language, the following changes are expected to affect medical students.
The Grad PLUS Loan program will be phased out beginning July 1, 2026, and is tentatively scheduled to fully end in 2028. Incoming students will not be offered the Grad PLUS Loan.
Below are the proposed legacy provisions to be grandfathered in. Students that lose their legacy provisions will rely on private loans to meet their Cost of Attendance (COA).
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- Currently enrolled Med students will remain eligible for the Grad PLUS loan for the remaining published length of their program, including time already enrolled, for up to three additional years.
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Current students must have received an Unsubsidized or Grad PLUS Loan disbursement prior to July 1, 2026. We strongly encourage first-time borrowers to accept their summer loans by June 1, 2026 to allow time for loan origination.
- Enrollment in MD program must be continuous.
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Program change for a joint degree will likely result in the loss of legacy provisions upon return to the MD program (excluding MSTP).
- Students that take a leave of absence for more than 6 months will likely not be eligible for the legacy provisions upon their return.
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If at any time a student is deemed ineligible for loan legacy provisions, they will no longer be eligible for grad plus loans and will be subject to the new loan limit of $50,000 unsubsidized loans annually, with a $200,000 aggregate lifetime limit (includes any prior unsub or grad plus loan you received during a graduate or professional program).
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Beginning in the Fall 2026 term, federal loans will be prorated for all students registered less than full-time. Federal loan proration may increase the need for private loans to meet students’ COA.
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We will continue to share OB3 updates as they become available.
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Scholarship and Professional Development Opportunities |
NBME Fee Assistance Program for the USMLE
Deadline: May 10, 2026
The National Board of Medical Examiners (NBME), this assistance award will provide $695 awards to students with demonstrated financial need who have registered for and taken the USMLE Step 1 or Step 2 CK exam in 2026 to reimburse the cost of exam registration fees.
NBME/NMF Scholarship Program
Deadline: May 17, 2026
Available to M2 students. The NBME, in partnership with National Medical Fellowships (NMF) program aims to support aspiring physicians who demonstrate financial need and a commitment to serving their communities.
Panacea Financial Foundation Scholarship
Deadline: June 3, 2026
Panacea Financial works to strengthen the underrepresented ethnic and racial minority pipeline of physicians with a consistent commitment of financial and administrative support to physician-trainees, aspiring physicians, and not-for-profits with a shared mission to improve the diversity of the medical field. Available to U.S. Citizens, permanent residents, or DACA underrepresented students.
Health Professions Scholarship Program (HPSP)
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!
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Budgeting is not just about managing money; it plays a key role in overall financial wellness and stress reduction. The Association of American Medical Colleges emphasizes that having a clear financial plan can help medical students feel more in control and less anxious about their day-to-day expenses.
By knowing how much you have available and where it is going, you can avoid unexpected shortfalls and focus more on your academic and clinical responsibilities. Even small steps, like regularly reviewing your budget or planning for upcoming costs, can provide peace of mind and create a sense of stability during a demanding time in your training.
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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
*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:
If your expenses consistently exceed your income, what is the most effective first step?
A. Take out additional loans
B. Stop tracking expenses
C. Identify and reduce variable expenses
D. Ignore small purchases
Correct Answer: C. Identify and reduce variable expenses
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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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