Student Loans for U.S. Citizens or Permanent Residents
Loans typically account for the major part of financing a Chicago Harris degree. The following information describes the various loan programs available to Chicago Harris students. Students must be U.S. citizens/nationals or permanent residents to be considered for the Federal Education Loan Program (Federal Subsidized Stafford Loan, Federal Perkins Loan, and the Federal Unsubsidized Stafford Loan). Students must also be enrolled at least half time.
Federal Subsidized Stafford Loan
Applicants who demonstrate financial need on the basis of federal guidelines may apply for a maximum of $8,500 per academic year through the Federal Subsidized Stafford Loan Program (aggregate: $65,500). Interest is subsidized while the borrower remains registered at least half-time and for a six-month grace period following graduation, leaving school or dropping below half-time. Applicants who have outstanding Stafford or Guaranteed Student Loans may inquire with their original lenders about initiating an application. Those who have not previously borrowed from this program or who are ineligible to receive a loan from their original lending institution may contact a lender of their choice or use the application provided by the University's Student Loan Administration. If you choose the University of Chicago as your lender, you will have NO fees deducted from your loan. You will receive 100% of the amount you borrow.
Federal Perkins Loan
Applicants who demonstrate financial need on the basis of Federal guidelines may apply for the Federal Perkins Loan Program. Interest is subsidized while the borrower remains registered at least half-time and for a nine-month grace period following graduation, leaving school or dropping below half-time, before repayment begins. Funding is limited and the eligibility requirements are very highly restricted. The maximum loan amount awarded is $6,000 per year, with a total of $40,000 borrowed (in both undergraduate and graduate schools). Students awarded a Federal Perkins Loan for the first time are required to sign the Perkins Master Promissory note at the Student Loan Administration Office.
Federal Unsubsidized Stafford Loan
Students may borrow a maximum of $18,500 (aggregate: $138,500) minus any Federal Subsidized Stafford Loan amount per academic year through the Federal Unsubsidized Stafford Loan program. Unlike the two programs above, the interest is not subsidized while the student is enrolled in school. Depending on the lender, students may choose to defer the interest payments. In-school interest may be paid monthly or capitalized. Payment of principal and interest begins six months after the student graduates, leaves school or drops below half-time. If you choose the University of Chicago as your lender, you will have NO fees deducted from your loan. You will receive 100% of the amount you borrow.
Alternative Loan Program
For information on alternative loans, contact the Office of Student Loan Administration at 773.702.6061 or visit http://sla.uchicago.edu.
Student Loans for International Students
International students can apply for alternative loan programs available through private U.S. agencies or through the Citibank Custom Private Loan Program. Loans available through private U.S. agencies require the applicant to have a co-signer who is a U.S. citizen or permanent resident residing in the United States. The value of these loans ranges from $2,000 to the cost of education, less other financial assistance. The Citibank Custom Private Loan Program is one loan option for international students that does not require a co-signer. For more information, visit http://sla.uchicago.edu/gradapp/.
