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Our office will be closed on July 3 in observance of
Independence Day. - Summer aid is available on your 2025-2026 Financial Aid Notification on your student portal.
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Students must register for 5+ credit hours each term (including summer) to qualify for financial aid.
- The summer bill was due June 28. Review your UI-Pay Student Account to ensure your balance is paid.
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Complete the 2026-27 FAFSA to determine federal aid eligibility for the upcoming academic year.
- 2026-2027 Financial Aid Notifications will become available in late-July for current students.
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If you are a first-time professional student borrower, complete the Loan Entrance Counseling and a Master Promissory Note (MPN) for a federal student loan.
- Interest rates and origination fees for federal loans beginning July 1, 2026:
- Unsubsidized Loan: Interest Rate - 8.07% and Loan Fees - 1.057%
- Grad PLUS Loan (OB3 legacy provision eligible student only): Interest Rate - 9.07% and Loan Fees - 4.228%
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Review the Private Student Loan Guidance Page before applying for a private student loan.
- Private loan certification will begin in late-July.
- Students must be actively registered in Fall courses for loan certification.
- Fall aid will be disbursed on August 16.
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The Fall bill is due September 28.
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One Big Beautiful Bill Act (OB3) Updates |
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Beginning with the 2026–2027 academic year, incoming MD students and current students who do not qualify for legacy provisions will not be eligible to borrow Federal Direct Graduate PLUS Loans. Visit our One Big Beautiful Bill Act (OB3) webpage to review Legacy Provision qualifiers.
Additionally, students are encouraged to visit the Private Loan Guidance webpage to help navigate anticipated private loan needs, and to explore the ELM Select private lender platform.
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Scholarship and Professional Development Opportunities |
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A key principle emphasized in AAMC financial resources, such as the MedLoans Organizer and Calculator (MLOC) and budgeting worksheets, is to borrow with intention by aligning your spending with your Cost of Attendance (COA).
Start by breaking your COA into clear monthly categories: tuition/fees, housing, food, transportation, and personal expenses. Then compare that against your actual spending using a simple tracker or the AAMC budgeting tools to identify gaps or overspending.
Practical approach:
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- Use your COA as your spending ceiling, not your target budget.
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Borrow only what is needed to cover verified educational and living expenses.
- Track loans alongside expenses so you can see how today’s borrowing translates into future repayment obligations.
- Revisit your budget each term, especially when living costs or enrollment status changes.
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Even small adjustments, like reducing discretionary spending or planning meals ahead, can decrease reliance on loans and lower long-term debt burden.
The goal is simple: make informed borrowing decisions today to reduce financial pressure during residency and beyond.
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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
*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:
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
Answer: B. It helps reduce stress and increases financial control
Thank you to the students who responded to last month's trivia question.
**Congratulations to Annie Ly, the June trivia winner!!!
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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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