The One Big Beautiful Bill Act (OB3) changed federal loan eligibility beginning with the 2026–27 academic year; students should review our OB3 webpage for details, including Legacy Provision requirements. Students who qualify for the Legacy Provision may remain eligible for Direct Unsubsidized and Graduate PLUS Loans through June 30, 2029, while students who do not qualify are subject to new federal limits, including a $50,000 annual Direct Unsubsidized Loan limit, $200,000 graduate/professional aggregate limit, and $257,500 lifetime federal aggregate limit. Students who anticipate needing funding beyond their federal eligibility should review our Private Loan Guidance and ELM Select private lender platform to begin planning for additional funding needs.
|
|
| |
|
Beginning with the 2026–27 academic year, students registered in fewer than 9 credit hours in a term are subject to prorated (reduced) federal loan eligibility, with students registered in 4 or fewer credits ineligible for federal loans. Students should carefully consider the financial aid impact before changing registration, as dropping below full-time may reduce previously disbursed loans and create an outstanding student account balance. If you are registered below 9 credits but plan to add credits, please notify our office immediately. Students who anticipate needing funding beyond their federal eligibility should review our Private Loan Guidance and ELM Select private lender platform to begin planning for additional funding needs.
|
|
| |
|
Upcoming Webinars and Resources |
Learn about the new AAMC Money Management Platform
September 15, 2026, at 9:00 AM
September 22, 2026, at 1:00 PM
September 29, 2026, at 1:00 PM
Register Here
Knowing how to properly manage your money during medical school is essential to your financial health now and after graduation. The FIRST program offers numerous tools and resources that can assist you during this important time in your medical career. We are offering this new platform that will include valuable information on securing financial assistance, creating a budget and spending plan, familiarizing yourself with your school’s cost of attendance and how to choose wisely when you borrow loans for school.
AAMC 2026-27 FIRST Webinar Series
Here you will find the schedule for the AAMC 2026-27 FIRST Webinar Series where students can register and take advantage of the numerous talks on topics geared to help throughout medical school.
|
|
| |
|
Scholarship and Professional Development Opportunities |
Buckfire & Buckfire, P.C. Medical Diversity Scholarship Program
Deadline: October 1, 2026
Offers minority medical students who work hard to promote ethnic diversity in their communities, a scholarship to reduce their educational expenses. Applicants must have completed at least one semester of medical school.
Paul and Daisy Soros Fellowship for New Americans
Deadline: October 29, 2026, at 1:00 pm CST
The program honors the contributions of immigrants and children of immigrants to the United States. Each year, they invest in the graduate education of 30 New Americans—immigrants and children of immigrants—who are poised to make significant contributions to US society, culture, or their academic field.
Health Professions Scholarship Program (HPSP)
Rolling Deadline
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.
|
|
|
|
Take Control of Your Money—Before It Controls You!
Medical school expenses can add up quickly. Take a few minutes each month to track your income and expenses using a simple monthly budget worksheet.
Know Your Spending: Separate your needs from your wants and look for small expenses you can reduce.
Know Your Loans: Use the AAMC MedLoans® Organizer and Calculator (MLOC) to track your federal and private student loan borrowing and better understand your overall debt.
Challenge: Track every expense for one month. Use the AAMC fillable budget worksheet. You might be surprised where your money is going—and even small changes can help reduce how much you need to borrow!
Small changes today can make a big difference in your financial future.
|
- 50% – Needs: Housing, food, transportation, utilities, and other essential expenses.
- 30% – Wants: Dining out, entertainment, shopping, and other nonessential expenses.
- 20% – Savings & Financial Goals: Emergency savings, debt repayment, or other financial goals.
|
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!
|
|
| |
|
If you’re using the 50/30/20 budgeting approach, what percentage of your income is recommended for savings and financial goals?
A. 10%
B. 20%
C. 30%
D. 50%
*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:
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.
Answer: C. True
Thank you to the students who responded to the August Trivia question.
** Congratulations to Mohammad Nizamuddin, the August trivia winner!!
|
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!
|
|
|
|
|
