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UMSC Meeting Financial Aid Updates & Reminders

UMSC Meeting Financial Aid Updates & Reminders. September 14, 2013 University of Illinois at Chicago College of Medicine Office of Student Financial Aid. Reminders. File FAFSA – www.fafsa.gov A FASFA is required each year for Student Loans Primary Care Loan Deadline – March 28 th , 2014

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UMSC Meeting Financial Aid Updates & Reminders

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  1. UMSC Meeting Financial Aid Updates & Reminders September 14, 2013 University of Illinois at Chicago College of Medicine Office of Student Financial Aid

  2. Reminders • File FAFSA – www.fafsa.gov • A FASFA is required each year for Student Loans • Primary Care Loan Deadline – March 28th, 2014 • Always notify Financial Aid regarding registration changes or in the event of an LOA • Changes in registration may impact financial aid eligibility. • You must maintain at least 6 credit hours in order to be eligible for student loans • If you will be borrowing a Graduate PLUS loan, check your credit report! annualcreditreport.com

  3. Summer Aid • In the M2 and M3 year, you will attend during the summer semester. • Your summer aid will be based on how much you borrow for the Fall 2013 and Spring 2014 terms. • Your summer aid will always appear on the prior academic year’s award letter • So your Summer 14 loans will be offered as a REVISION to your 2013-14 award letter

  4. New Interest Rates for Federal Direct Loan Programs for 2013-2014 • Unsubsidized Loans: Fixed, variable interest rate of 5.41% with a cap of 9.5% • Graduate PLUS: Fixed, variable interest rate of 6.41% with a cap of 10.5% • Variable rates are subject to changem year to year

  5. Borrowing by Term

  6. Loan Limit Reminders Annual Loan Limits Unsubsidized Aggregate Loan Limits Combined Sub/Unsubsidized M1 Year & M4 Year $40,500 – 9 months M2 Year & M3 Year $47,167 – 12 months $224,000

  7. 2013-2014 Disbursement Dates Start of Fall 2013 Term • First Fall Tuition Assessment – August 6 • First Fall Disbursement – August 16 • First Refund – August 19 • First Fall Billing – September 10 • Bills are due the 28th of each month End of Fall 2013 Term • Last Disbursement – December 17 (Tues. after last day of finals) • Extra Refunds – December 20 Start of Spring 2014 Term • First Spring Assessment – January 2 • First Spring Disbursement – January 3 • First Refund – January 6 Summer Disbursement is expected around the 6th of June

  8. Financial Literacy New Tools and Events

  9. Student Loan Hero!uillinois.studentloanhero.com

  10. Student Loan Hero!uillinois.studentloanhero.com

  11. Events • UIC Financial Planning Clinic – Oct. 23rd • Credit and Budgeting Money Management session: Held on 7/30/13.   • Good Credit verses Bad Credit • Making sense of your Award letter  • How do I fund my medical education? • Loan Repayment • Meet the OSFA – Sometime in December

  12. Debt Management Resources • USFSCO Student Money Management Center • Budgeting - http://www.studentmoney.uillinois.edu/Budgeting • Credit - http://www.studentmoney.uillinois.edu/Credit • Tools - http://www.studentmoney.uillinois.edu/FinancialTools • Student Loan Hero - https://uillinois.studentloanhero.com/

  13. OSFA Contact Information Website: www.medicine.uic.edu/finaid Phone: (312) 413 – 0127 Michelle Ortiz Wortel – Director mortiz3@uic.edu Theresa Ibarra– Associate Director tander8@uic.edu Tara Haddadin – Assistant Director thadda1@uic.edu Like Us on FaceBook @ https://www.facebook.com/UicCollegeOfMedicineFinancialAid

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