Federal Student Aid Application Procedures
In order to be considered for additional forms of financial aid (including Perkins loans, Stafford loans, University loans, and work study) students must complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. Applicants whose financial needs analysis is received by the School after June 1 may be at a disadvantage in competing for scholarship and loan funds.
Applicants meeting the early admission deadline (December 1) and who have filled out the FAFSA form, will receive a preliminary letter of federal financial aid eligibility (federal student loans and work-study) within a couple of weeks of their admission decision so that they can make an informed financial decision.
Applicants using regular admission deadlines (January 15 or April 1) who have filled out the FAFSA will receive the standard letters of federal funding eligibility.
Federal Stafford Loan
The subsidy on the Stafford Loan has been eliminated for graduate and professional students, effective with enrollment periods beginning on or after July 1, 2012. This means that if your enrollment will begin after Summer quarter 2012 you may apply for up to $20,500 in Unsubsidized Stafford Loans. The Subsidized Stafford Loan is no longer available for enrollment that begins after July 1, 2012.
The unsubsidized Federal Stafford Loan is not based on financial need. The borrower is responsible for the interest that accrues on the loan, even while enrolled in school. Beginning July 2, 2012, graduate and professional degree students may borrow up to $20,500 per academic year in unsubsidized loans. The interest rate is fixed at 6.8%. No fees are charged for unsubsidized Federal Stafford Loans to borrowers who use the University of Chicago as their lender.
Federal Perkins Student Loans
Federal Perkins Student Loans carry an interest rate of 5%. These funds are extremely limited, and the University cannot guarantee the availability of monies to all students who apply. Annual maximum amounts are determined by the amount of funds available. Students must be registered full time to be eligible for Federal Perkins Student Loans.
Federal Direct Graduate PLUS (GradPLUS) Loan
Direct GradPLUS Loans have a fixed interest rate of 7.9%. Approval for a Federal Direct GradPLUS Loan is contingent upon your credit rating. If you have an adverse credit rating, your loan request may be denied. We recommend that you first apply for the Federal Direct Stafford Loans, and if needed, apply for the Direct Graduate PLUS loan to supplement the difference between your cost of attendance and other assistance.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on loans under certain repayment plans while employed full time by certain public service employers.
Named University Loan Funds
The University has a number of endowed loan funds from which emergency, short term, or longer-term loans can be granted to full-time students. Loans from the following existing funds at SSA may be available upon request to the Dean of Students:
- The Constance Marcial Burroughs Loan Fund
- The Helen M. Crittenden Fund
- The Phil Hovda Emergency Student Loan Fund
- The Milton Hyman Student Loan Fund
- The Nolan P. Jacobson Loan Fund
- The Rhoda Sarnat Student Loan Fund
- The George and Agnes Schael Loan Fun
- The SSA Alumni Loan Fund
- The Willa Webber Lee Student Loan Fund
- The Jeanne F. Westheimer Loan Fun
- The Bliss Hospital Administration Fund, the Clay Hospital Administration Fund, the George Gund Foundation, the Kellogg Foundation Hospital Administration Fund, and the R. Schneiderman Memorial Fund are available to SSA students who are in the GPHAP program.
Note: Regulations governing student loan programs have varied significantly in recent years. Current information regarding terms, repayment, and eligibility may be obtained from: Office of University Student Loan Administration, 970 East 58th Street, Room 411, Chicago, IL 60637 773.702.6061.