A Guide to Financial Aid for Students & Parents

A Guide to Financial Aid for Students & Parents Academic Year 2013 14 The Office of College Aid 1115 East 58th Street, Chicago, Illinois 60637 Telephone: 773.702.8666 Fax: 773.834.4300 Email: college-aid@uchicago.edu

Table of Contents Introduction to Financial Aid... 1 Estimated Budget for 2013 14... 1 How Awards Are Determined... 2 About Family and Personal Resources... 2 Parents Resources... 2 Your Student Contribution and Other Resources... 3 Scholarships and Grants... 5 University Grant Assistance and the Federal Supplemental Education Opportunity Grant (FSEOG)... 5 Odyssey Scholarships... 5 Federal Pell Grant... 6 State Grants... 6 Outside Scholarships... 7 Tuition Remission... 8 Federal Loans for Students... 8 Federal Perkins Loan... 8 Federal Direct Stafford Loans... 9 Federal Work/Study and Term-Time Employment... 12 Common Questions about Financial Aid Awards... 14 Alternative Loan Programs for Parents and Students... 18 Federal Direct PLUS for Parents... 18 Private Alternative Loan Programs... 20 Payment Plans... 21 Ten-Month and Eight-Month Plans... 21 Tuition Pre-Payment Plan... 21 Billing... 22 First Bill... 22 Second Bill... 22 Common Questions about Billing... 22 Financial Aid Resources on Campus... 24 Office of College Aid... 24 Student Loan Administration... 25 Office of the Bursar... 25 Appendix: Federal and State Student Aid Program Requirements Eligibility Requirements... 25 Drug Regulations... 26 Database Reviews... 26 Determination of Eligibility... 26 Verification... 26 Financial Aid Award Review Policy... 27 NOTE: This booklet is based on information received before July 1, 2013, and is subject to change without notice.

A Guide to Financial Aid for Students & Parents Academic Year 2013 14 Introduction to Financial Aid This booklet from the Committee on College Aid provides details about the various components of your financial aid award and about University policies regarding aid. We hope that it will answer many of your questions as you and your family work out the details of your personal financial plan. After reading this booklet, feel free to write or telephone us if you need additional information or have any questions (Office of College Aid, The University of Chicago, 1115 E. 58th St., Chicago, IL 60637, 773.702.8666). We suggest that you retain this publication and your award letter in your personal records and bring them with you when you come to campus. Estimated Budget for 2013 14 The Committee on College Aid uses the following budget to determine financial aid awards for returning students. Resident Off-Campus Commuter Tuition $45,324 $45,324 $45,324 Student Life Fee 1,062 1,062 1,062 Room/Board 13,653 11,313 0 Living Allowance (commuters) 0 0 4,778 Books/Personal Expenses 3,821 3,821 3,821 Total $63,860 $61,520 $54,985 Please note that if you are required to purchase the University s health insurance, you will have to pay $3,021 more than the total above for that coverage. Also, if you reside more than 150 miles from Chicago, we have added a travel allowance (not shown in the figures above) to your estimated budget to help defray the expense of trips home. The travel allowance is not meant to cover all your transportation costs, but rather to provide you and your family with some assistance in meeting those costs. Travel is one portion of your attendance cost. We do not reimburse you for those costs; you may pay for travel with earnings from your summer job or your parents may pay for them as part of their contribution toward your expenses. A GUIDE TO FINANCIAL AID 1

How Awards Are Determined As you examine your award, note that your expenses for the 2013 14 academic year will be paid from a variety of resources. These may include any combination of: a contribution from your parents, a portion of your personal assets, your income from summer employment and other earnings, student loans, term-time employment, government-sponsored grants, and scholarship assistance from private agencies and from the University of Chicago. Your award reflects your family s particular circumstances, the eligibility requirements of different financial aid programs, and the availability of funds. About Family and Personal Resources Your parents contribution, your income from summer employment and other earnings, a portion of your savings, and other types of assistance such as veteran s benefits, educational trust funds, and gifts from relatives and friends, are considered family resources. These are subtracted from your total cost of attending the University of Chicago to determine your need for financial assistance. Parents Resources The Committee on College Aid carefully evaluates the information you and your parents provide on the financial aid application forms, plus any special circumstances that you have brought to our attention, to determine the amount your parents should be able to contribute for your college expenses. Your parents may decide to use their savings, their current income, their future income (through borrowing), or some combination of these sources to meet their contribution. More information follows about some of the borrowing options available to families. (See especially pages 8 12 and 18 21.) How did the Committee on College Aid determine my parents contribution? We base our decision on a nationally accepted need-analysis formula. We look at your parents income from all sources and make allowances for essential expenses such as federal and state income taxes and medical expenses, plus a living allowance. We also look at your parents assets, such as cash in the bank, home, real estate, business or farm equity, and stocks and bonds, and set aside a portion for emergencies and anticipated postsecondary school costs for you and your siblings. A percentage of the income and assets left after the allowances are subtracted is expected to be available for college costs. If there is only one child (you) in college for the coming year, the total parental contribution should be available for your costs; if one or more of your siblings will also be enrolled in an undergraduate program, we look at their costs relative to the costs of the University of Chicago and expect a portion of the total parental contribution to be available for you. What if my parents are divorced or separated? If your natural parents are separated or divorced, we require the parent with whom you reside (the custodial parent) and his/her spouse (if that parent has remarried) to complete the CSS PROFILE form and the Free Application for Federal Student Aid (FAFSA). The other parent must complete the Noncustodial PROFILE (NCP). We waive the requirement that the noncustodial parent complete the NCP form only under extraordinary circumstances. NOTE: If the Committee requires financial information from both natural parents to determine your eligibility for financial aid, information from both will be required each year that you apply for aid. If your custodial parent is currently single but remarries during your period of enrollment in the College, your new stepparent will be What required if my to parents provide refuse financial to pay information my education? both the CSS PROFILE and the FAFSA forms. Your noncustodial parent will continue to be required to complete the NCP form. 2 THE UNIVERSITY OF CHICAGO

The University of Chicago expects your parents to provide financial support, according to their ability to do so, throughout your undergraduate years. NOTE: Should they voluntarily discontinue their support, University grant assistance cannot be made available to replace the parental contribution. It may be possible for you to borrow to meet the expected parental contribution. We suggest that you discuss this option with a financial aid counselor. What if I am financially independent of my parents? You may be considered an independent (self-supporting) student by federal and state program guidelines, but for purposes of awarding University of Chicago grant assistance, we have a more restrictive definition of independence. To be considered independent, you must be at least 24 years of age by December 31 of the award year (December 31, 2013, for the 2013 14 academic year). In addition, you must provide proof to the Committee on College Aid that you have been self-supporting for the past three years and the current calendar year, and that you will be self-supporting in the calendar year following your enrollment in the College. NOTE: If you enter the College as a dependent student, you will be considered a dependent throughout your undergraduate years. Are there any exceptions to these rules? If you do not meet our definition of independence but you are an orphan or a ward of the court, you may be considered self-supporting by the University. Your Student Contribution and Other Resources In addition to the expectation that you will work during the academic years (see pages 12 14), we believe that it is reasonable for you to work during the summers to meet your educational costs. Students are typically expected to earn the following amounts from summer employment: second year, $2,065; third year, $2,115; and fourth year, $2,200. If your award letter indicates a student contribution figure that is larger than this expected summer earning amount, we expect you to contribute the difference from your accumulated savings or assets. Students with accumulated savings or assets are asked to provide a portion of these to meet their educational costs. We will ask you to contribute all your assets over the years in which you attend the College. Transfer students also are required to contribute all their assets toward their educational costs. The amount you will be asked to contribute each year will depend on the number of quarters of aid eligibility you have in the College. What happens if I can t find a summer job or want to take a volunteer job? You may have difficulty finding a summer job because of high unemployment in your area or because you do not have reliable transportation. Perhaps the number of weeks during which you can be employed is cut short because you participate in a sport that continues into the summer or starts early in the autumn. On the other hand, you might decide not to work for pay and choose instead to volunteer in a local community organization or in a laboratory conducting research that is of interest to you. In any of these cases, whether the situation is by choice or not, we still expect you to have available for school expenses the summer earnings amount that is indicated on your award letter. If you are unable to work or if you can save only a portion of your required amount, we suggest that you make up the difference by borrowing additional funds through the Federal Direct Stafford Loan program. A GUIDE TO FINANCIAL AID 3

What if I run out of savings? Please note that our calculation divides assets for a first-year student over all four years of college attendance. You may choose to use all of your assets in your first year if you wish, but we will not adjust the asset expectation for the following years. Are there other resources I m expected to contribute? We consider certain other sources of income to be available to finance your education. These include such assistance as a gift from grandparents and veterans benefits. Why is there a difference between the amount on the FAFSA that the Department of Education has indicated that my family should contribute and the contribution you are asking us to make? The methodology that the University uses to determine eligibility for institutional funds is more comprehensive. It considers variables (e.g., medical expenses, home equity, private school tuition for younger siblings) that the federal methodology does not include. Please also keep in mind that in some instances the federal calculation of need may limit the types of aid that the University can offer. Must I reapply for aid every year? Will I receive the same award for each of my undergraduate years? You must submit a new application for each year that you wish to be considered for financial aid. If you receive only a merit-based scholarship, the Committee on College Aid requires you to submit an application indicating your intent to re-enroll for the next academic year. NOTE:A full financial aid application must be completed by all recipients of Police and Fire Scholarships, those awarded a $2,000 University of Chicago sponsored National Merit, and by some recipients of Chicago Public Schools Scholarships. If you receive need-based aid, the Committee will review your family s financial circumstances annually, and the award you receive will reflect any changes. Typically, the parental contribution will increase if a dependent sibling completes his or her undergraduate program or if a previously unemployed or underemployed parent becomes fully employed. The expected parental contribution usually drops if a sibling enters college or if family income declines due to a parent s loss of employment. NOTE: In awarding institutional funds, the University does not make allowances for (1) undergraduate school costs incurred by the parents or (2) graduate or professional school costs incurred by dependent siblings or by parents. Is it possible to appeal the Committee s aid decision? Your parents may believe that the expected parental contribution does not accurately reflect their financial circumstances and choose to appeal. All appeals must be submitted in writing; no information received via email will be considered. The Committee on College Aid will need new financial information, or clarification and elaboration of information already provided in a signed statement, before a review can take place. Your parents also should submit a detailed list of gross monthly income and expenses for the past and the current calendar years, and any other information that they believe helps to explain why they are unable to provide the parental contribution the Committee has requested. We will be able to consider a limited number of appeals to meet projected shortages of student earnings. Federal Work/Study and Federal Perkins Loan funds are limited, and University grant funds are not available for this purpose. Further questions about the Committee s aid decision should be directed to the Office of College Aid at 773.702.8666. 4 THE UNIVERSITY OF CHICAGO

Scholarships and Grants An important aspect of the University of Chicago s overall aid program is the expectation that you will receive a number of scholarships and grants from non-university sources. These, when combined with the University s own funds, will enable us to meet the need of all eligible students. Therefore, it is important that you apply for any outside scholarships for which you may be eligible, including those shown on your award letter. Please note that you are required to notify the Committee on College Aid of all outside awards you receive. University Grant Assistance and the Federal Supplemental Educational Opportunity Grant (FSEOG) If a job, loan, and any outside awards (e.g., Federal Pell Grant, Illinois MAP Grant, or privately funded outside scholarship) and your parents contribution do not fully meet your financial need, you are awarded a University of Chicago Grant. This grant is from a variety of sources such as endowment funds, gifts from alumni, and general tuition revenues. The Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal fund administered by the University and is awarded to the neediest students who apply for aid and are eligible for the Federal Pell Grant. The maximum FSEOG that can be awarded per year is $4,000. Odyssey Scholarships In May 2007, the University received a $100 million gift from an anonymous graduate of the College to assist students of low and moderate incomes. If you are eligible for the Odyssey Scholarship, your financial aid award letter indicates the funds you will receive. The awards are intended to reduce indebtedness of needy undergraduate students whose family incomes (both taxable and nontaxable) are less than $90,000. Robert J. Zimmer, President of the University of Chicago, commented: This gift ensures that the most talented students, no matter their economic circumstances, will have the opportunity to benefit from the uniquely powerful and rigorous Chicago education. I have been awarded an Odyssey Scholarship for 2013 14. Will I receive these funds every year I enroll at the University of Chicago? Because eligibility for the Odyssey Scholarship is based on family income, you may not be eligible for the same award in subsequent years if your parents income changes. You indicate that eligibility for the Odyssey Scholarship is based on parents taxable and nontaxable income. How is all this income defined? Typically taxable income is the adjusted gross income reported on your parents tax return. Typically nontaxable income includes, but is not limited to, the following types of income: child support, Social Security benefits, tax-exempt interest income, deferred compensation, IRA/KEOGH payments, housing and food allowances, foreign income exclusion, and so forth. Will I lose my Odyssey Scholarship if I register for fewer than three courses any quarter? Yes. Students must have full-time status for each quarter that they receive any form of grant and/or scholarship assistance from the College. See pages 14 and 15 for more information. A GUIDE TO FINANCIAL AID 5

Federal Pell Grant How do I apply? You have already applied for this grant; you did so when you completed the 2013 14 FAFSA. As a result, you will receive a Student Aid Report (SAR) from the U.S. Department of Education. (Please keep the SAR for your records. The Committee on College Aid will receive SAR information electronically from the Department of Education.) How much is the award? The amount shown on your award letter is an estimate of the award the Committee on College Aid expects you to receive. If you actually receive less than we have estimated, we generally meet the shortfall with University grant assistant or by increasing your personal work or loan contribution. If the government grant is larger than the amount estimated in the award and you have University grant assistance, we reduce the latter dollar-for-dollar. It is important for you to note that the University will not increase its grant assistance to an eligible student who fails to apply for these funds or to meet program deadlines. State Grants Your award letter may indicate a state grant program amount, either from Illinois or from another state. It is important for you to note that the inclusion of a state grant program amount in your award letter indicates that you probably are eligible for such a grant, but is not a guarantee that such funds will be forthcoming. You must submit an application to the appropriate organization. If you are an Illinois resident, you automatically applied for a State of Illinois (IL) Monetary Award Program (MAP) Grant by filing the 2013 14 FAFSA. If you are an Illinois resident and the MAP Grant is not included in your award letter, you may not be eligible for this grant. Based on further review of your aid application, it is possible that you could be reclassified as eligible. If so, the procedure followed will be the same as for a Federal Pell Grant shortfall or increase (see preceding information). By applying for financial aid and agreeing to share that information with the Illinois Student Assistance Commission (ISAC), you have been considered for the IL MAP Grant. If you met the eligibility criteria for the MAP Grant, this letter indicates an award. This award may be an estimate made by the financial aid office. MAP Grants are limited based on the number of applicants and funding levels appropriated by the Illinois General Assembly. Please be aware that, in light of state funding constraints, reductions to estimated or actual MAP Grants are possible. In previous years, ISAC closed the MAP program as early as February due to funding constraints. Eligibility for a MAP Grant is tracked by the equivalent number of semester credit hours of MAP funds paid on your behalf. This is called MAP Paid Credit Hours. Payment for each term is made based on the equivalent number of eligible credit hours, with a minimum of 3 and a maximum of 15. There is a limit on the number of MAP Paid Credit Hours that can be paid while you are classified by your school as a freshman and sophomore. This limit is the equivalent of 75 MAP Paid Credit Hours. If this maximum is reached, you must attain junior status for your MAP Grant eligibility to resume. The number of MAP Paid Credit Hours that you can receive is capped at 135. (Students at the University of Chicago use the equivalent of MAP Paid Credit Hours based on enrollment in the number of courses per quarter as follows: 3 or 4 courses, 10 hours; 2 courses, 7 hours; and 1 course, 3 hours. Therefore, an eligible full-time student enrolling for all three quarters uses a total of 30 MAP Paid Credit Hours each academic year.) 6 THE UNIVERSITY OF CHICAGO

How much is the award? At press time, the Committee on College Aid does not know the exact amounts of the Illinois MAP or other state grants. The amount on your award letter is an estimate of what we expect you to receive. If your actual state grant differs from our estimate, we follow the same procedure as in the case of a Federal Pell Grant shortfall or increase (see preceding information). What must I do to ensure that I receive this award? Carefully examine your Student Aid Report (SAR). Verify in particular that The University of Chicago, Chicago, Illinois appears on the Student School Information section. If corrections are necessary, you must promptly follow the instructions on the form for submitting revisions. NOTE: We cannot process your MAP Grant unless the University of Chicago is listed as a college choice and your family financial information is correct on the SAR. I should be eligible for the Illinois MAP Grant. Why isn t the grant on my award letter? The Committee on College Aid has awarded the MAP Grant to all students we determined were eligible. If the MAP Grant is not reflected on your award letter it is possible that you submitted your FAFSA on or after the March 1 deadline set by ISAC. In that case, your parent contribution has been increased by the amount of MAP Grant for which you would have been eligible. How are the funds disbursed? Awards are generally for an academic year of three quarters. When appropriate, one-third of the total grant and gift assistance is credited each quarter to your account in the Office of the Bursar and applied toward your tuition, room and board, and other University charges. See the section on billing on pages 22 24 for more information. Outside Scholarships All students receiving aid must notify the Committee on College Aid of all outside awards they receive. Outside awards are additional resources that reduce your need and cannot be used to replace the parents contribution or any other expected family resource. However, we will reduce your self-help expectation (defined as the combination of summer and term-time earnings and student loans) by the amount of outside awards from nongovernment sources. These outside awards, up to the full amount of self-help, will not reduce your University of Chicago grant assistance. If you receive outside awards that exceed the total self-help expectation, we will reduce the University of Chicago grant assistance. (If you are a recipient of the University Scholar Award, you are not expected to borrow student loans. Further, this award will be adjusted only when the combination of outside scholarships and University of Chicago funds exceeds the total cost of attendance.) Notification of outside scholarship awards must be received in writing. Please send a signed letter to the Committee that includes your full name, the name of the agency granting the award, and the award amount. If applicable, a copy of the letter notifying you of the award must also be sent to the Committee. Materials can be mailed to the Office of College Aid (1115 E. 58th St.) or faxed to 773.834.4300. It is also your responsibility to instruct the agency granting your award to mail your scholarship check to the address above. If applicable, the Committee will notify you via email when your check is available for your signature. Some scholarship agencies require a copy of your University of Chicago academic transcript before funds are awarded or disbursed; students may request this document online at my.uchicago.edu. Other agencies A GUIDE TO FINANCIAL AID 7

require proof of enrollment before scholarship funds are disbursed; students may direct these agencies to enrollmentverify.com. It is the responsibility of the student to verify policies by directly contacting agencies that grant them outside scholarship awards. Because the Office of College Aid does not have access to official transcripts and is not able to verify enrollment, students in need of assistance should visit the Office of the University Registrar (1427 E. 60th St.) or call 773.702.7891. Tuition Remission If the Committee believes you to be eligible for tuition remission benefits from one of your parents employers, the expected payment was used to determine your eligibility for assistance. You must apply directly to the employer for this benefit. If you are determined ineligible, you should write to the Committee explaining the reason you were denied the benefit. Federal Loans for Students Most students who receive aid are expected to borrow to meet a portion of their costs at the University of Chicago. There are two types of federal loan programs that provide particularly helpful options for you because of their low interest rates and interest caps. If you meet federal eligibility requirements, you may have been awarded a Federal Direct Stafford Loan, a Federal Perkins Loan, or both. You may borrow less, but not more than the amount(s) indicated on your award letter. See the chart on page 10 for information about the federal loan programs. Federal Perkins Loan If you are eligible for the Federal Perkins Loan, your financial aid award letter indicates the amount you may borrow. How do I accept a Federal Perkins Loan for the first time? If this is the first time you have been awarded the Federal Perkins Loan and you wish to accept it, you will be required to complete a reference form and entrance counseling, and sign a Federal Perkins Loan Master Promissory Note (MPN). If you wish to decline these funds, please notify the Committee on College Aid in writing of your decision. You may download the reference form from the Student Loan Administration (SLA) website by visiting sla.uchicago.edu/finaid/reference_revised_.pdf. Or you may contact SLA via mail (University of Chicago Bookstore, Room 411, 970 E. 58th St., Chicago, IL 60637), telephone (773.702.6061) or email (student-loans@uchicago.edu). Please return the completed reference form to SLA. You may complete entrance counseling online at mappingyourfuture.org/pe. Once you have submitted a completed reference form and have met the requirement for entrance counseling, you must sign a Federal Perkins Loan Master Promissory Note (MPN) at SLA. Federal Perkins MPNs will be available beginning September 23, 2013, at SLA. What is a Federal Perkins Loan MPN? The Federal Perkins Loan MPN is similar to a line of credit that allows students to borrow up to the annual and aggregate limits specified by the Federal Perkins Loan program without having to sign an MPN for each new loan. (Please refer to the chart on page 10 for the annual and aggregate loan limits.) The MPN that you sign does not contain a dollar amount, but by signing the MPN you agree to repay any amounts 8 THE UNIVERSITY OF CHICAGO

borrowed against that MPN. The Federal Perkins Loan MPN is valid for up to 10 years from the date you sign it, provided the first disbursement of this loan is made within 12 months of the signature date. If you sign an MPN for the 2013 14 academic year and if you receive one or more disbursements of this loan during the year, you will not need to sign another MPN when you are awarded Federal Perkins Loan funds in a subsequent year. How are Perkins funds disbursed? Perkins funds will be disbursed to your student account in three equal payments during the academic year after you complete the reference form and entrance counseling, and sign a Federal Perkins Loan Master Promissory Note (MPN). Funds will not be disbursed until all three of these requirements are met. Please note that Perkins funds not disbursed by eighth week of the first quarter for which the funds are awarded (or on the last day of enrollment if you take a leave of absence or withdraw at any time during the academic year) will be cancelled and are no longer available to the borrower. What if I borrowed under this program in 2010 11, 2011 12, or 2012 13? If you borrowed under the Federal Perkins Loan program in 2010 11, 2011 12, or 2012 13, you have already completed a reference form and signed a Federal Perkins Loan MPN. You do not need to do anything more if you wish to borrow the funds listed on your 2013 14 award letter. However, if you wish to cancel the entire loan or if you wish to borrow a smaller amount, please notify the Committee on College Aid in writing of your decision. Federal Direct Stafford Loans The University of Chicago participates in the William D. Ford Federal Direct Loan program. This program is commonly referred to as the Federal Direct Stafford Loan program and the lender is the U.S. Treasury rather than a bank or other financial institution. This program is administered by the U.S. Department of Education. There are two types of Federal Direct Stafford Loans for students: subsidized and unsubsidized. Both loan programs allow you to defer repayment until after you graduate or drop below half-time status. The federal government pays the interest on your subsidized Federal Direct Stafford Loan while you are enrolled. You are responsible for paying the interest on your unsubsidized Federal Direct Stafford Loan while you are enrolled, although you have the option to defer interest payments and add the interest to the principal of the loan at repayment. How much may I borrow? Your award letter for the 2013 14 academic year indicates the amount that we anticipate you will borrow as well as the total amount for which you are eligible. How do I apply for this loan? The first year you borrow a Federal Direct Stafford Loan, you will be required to complete the Federal Direct Stafford Loan Master Promissory Note (MPN). You must also indicate the amount(s) and the program(s) from which you want to borrow. You may indicate your intent to borrow on the new online University of Chicago Financial Aid Application (UChicago Application) or by completing the 2013 14 University of Chicago Federal Direct Stafford Loan Instruction and Amount Request Form (Stafford Loan Request Form). If you want to borrow and you did not indicate your intent to borrow on the new online UChicago Application, you may still do so by completing and submitting the Stafford Loan Request Form. The Stafford Loan Request A GUIDE TO FINANCIAL AID 9

2013 14 Federal Loans for Students Federal Perkins Loan Subsidized Unsubsidized Combined Subsidized and Unsubsidized Federal Direct Stafford Loan Federal Direct Stafford Loan Federal Direct Stafford Loan Limits for Dependent Undergraduates Annual limit: $5,500 Aggregate limit: $27,500 Annual Limits: First-year students: $3,500 Second-year students: $4,500 Third- and fourth-year students: $5,500 Aggregate Limit: $23,000 Annual Limits: First-year students: $2,000 Second-year students: $2,000 Third- and fourth-year students: $2,000 Annual Limits*: First-year students: $5,500 Second-year students: $6,500 Third- and fourth-year students: $7,500 Aggregate Limit*: $31,000 Limits for Independent Undergraduates Annual limit: $5,500 Aggregate limit: $27,500 Annual Limits: First-year students: $3,500 Second-year students: $4,500 Third- and fourth-year students: $5,500 Aggregate Limit: $23,000 Annual Limits: First-year students: $6,000 Second-year students: $6,000 Third- and fourth-year students: $7,000 Annual Limits*: First-year students: $9,500 Second-year students: $10,500 Third- and fourth-year students: $12,500 Aggregate Limit*: $57,500 Fees None Origination fee: 1.051% Origination fee: 1.051% Interest Fixed 5% No interest accumulates during in-school period. Fixed 6.8% No interest accumulates during in-school period. In-school, grace period, and repayment rate: fixed at 6.8%. In-school interest may be paid monthly or capitalized. Repayment Begins 9 months after you graduate, leave school, or drop below half-time. Begins 6 months after you graduate, leave school, or drop below half-time. Begins 6 months after you graduate, leave school, or drop below half-time. Minimum $50 per month, with up to 10 years to repay. Minimum $40 per month, with up to 10 years to repay. Minimum $50 per month, with up to 10 years to repay. * These limits apply to a combination of subsidized and unsubsidized loans. A student who is not eligible for the annual limit in subsidized funds may be eligible to borrow the difference between the combined subsidized and unsubsidized limit solely in unsubsidized funds. 10 THE UNIVERSITY OF CHICAGO

Form can be accessed online at collegeaid.uchicago.edu/pdfs/1314_stafford_loan_amount_and_request_form.pdf and is available in paper form in the Office of College Aid. Use this form to indicate whether you wish to borrow either from the subsidized or the unsubsidized Federal Direct Stafford Loan program (or both) and the amount of each loan you wish to borrow. The completed form must be submitted to the Office of College Aid. Each following year, typically you will indicate your borrowing preference online through the new UChicago Application. In addition, if you have never borrowed a Federal Direct Stafford Loan you must complete the Federal Direct Stafford Loan Entrance Counseling. If you borrowed previously you are not required to complete entrance counseling again. For more instructions on meeting this requirement, see How are the funds disbursed? on page 12. For details and to access the required documents, including the 2013 14 University of Chicago Federal Direct Stafford Loan Instruction and Amount Request Form, visit the Office of College Aid website collegeaid. uchicago.edu/apply/stafford.shtml. We suggest that you visit often for the most up-to-date information in federal loan funding. What is the MPN? The MPN is similar to a line of credit in that students may borrow up to the annual and aggregate limits allowed under the Federal Direct Stafford Loan programs without having to sign a promissory note for each new loan. (Please refer to the chart on page 10 for the annual and aggregate loan limits.) By signing the MPN, which does not contain a dollar amount, the borrower agrees to repay any amounts borrowed against that note. The MPN is valid for up to 10 years from the date it is signed, provided that the first loan disbursement is made within 12 months of the signature date. However, if within 10 years of signing the original note you borrow Federal Direct Stafford Loan funds after enrolling at another institution, the new institution may require you to sign a new MPN. How do I complete the MPN? To apply for a Federal Direct Stafford Loan, you must complete a Federal Direct Stafford Loan Master Promissory Note (MPN) online at the Department of Education Direct Loan website studentloans.gov. To complete an MPN online, you will be required to use your Department of Education issued Personal Identification Number (PIN). The PIN is the same one used to complete the Free Application for Federal Student Aid (FAFSA) and is used as your electronic signature when completing the MPN online. To request a duplicate or replacement PIN, go to the official PIN site pin.ed.gov. How do I ensure that I receive the loan? If you applied for financial aid and you are eligible for a Federal Direct Stafford Loan (whether it is subsidized, unsubsidized, or a combination of both), you should indicate your intent to borrow using the online UChicago Application or you may complete the 2013 14 University of Chicago Federal Direct Stafford Loan Instruction and Amount Request Form and forward it to the Office of College Aid. You should also go to the Department of Education website studentloans.gov to complete the MPN online. Missing or incomplete information will delay the processing of the loan application. To avoid errors, please follow the instructions provided. Your MPN will be processed by the Department of Education and the Office of College Aid will be notified when it is completed. A GUIDE TO FINANCIAL AID 11

How are the funds disbursed? After your Federal Direct Stafford Loan application is approved by the Department of Education, your loan proceeds will be sent to the University electronically for disbursement to your student account. Entrance counseling is required for all first-time Federal Direct Stafford Loan borrowers. Before you can receive your loan funds, you must fulfill this requirement by going to studentloans.gov to complete the Federal Direct Stafford Loan entrance counseling. If you borrowed previously, you are not required to complete entrance counseling again. Federal regulations require loan proceeds be disbursed in multiple installments. Because the University of Chicago is on a quarter system, your loan proceeds will be disbursed in three installments at the beginning of each quarter. You should plan your bill payments and other financial needs in accordance with this disbursement schedule. IMPORTANT NOTE: Federal regulations require that you be a registered student for the quarter for which funds are disbursed, and that your loan funds must be applied to your tuition account within three days after receipt by the University. Failure to comply will result in your funds being returned. If you are still interested in participating in the Federal Direct Stafford Loan program even though your funds were returned, you must submit another loan request. Federal Work/Study and Term-Time Employment Your aid award may require you to earn a portion of your education expenses through term-time employment. It is our expectation that you may earn between $2,200 to $4,500 by working 12 to 15 hours per week throughout the academic year. Most students use their earnings from term-time jobs to pay for books, personal expenses, and a portion of the room, board, and tuition costs. Even if you are involved in extracurricular activities, our experience is that you can fit at least 10 hours per week into your schedule and you should plan to do so. If you choose not to work during the academic year, you will need to find alternative resources to pay some of your costs; your parents may choose to borrow the Federal Direct PLUS or you may borrow alternative loans to pay some of your costs. If you are a student with high need, your award will indicate that you are eligible for the Federal Work/Study program. This federally subsidized financial aid program provides funds for part-time jobs while classes are in session and during the interim periods. Your on-campus employer pays a portion of your hourly wage and the federal government pays the remaining amount. If you do not qualify for the Federal Work/Study program, your award letter will indicate the work expectation as term-time employment. Federal Work/Study earnings are limited to the amount specified in your award letter. Your earnings will be monitored and you will be notified by the Federal Work/Study program coordinator when you are within $350 of your earnings limit. A number of employment options are available both to those students who qualify for the Federal Work/ Study program and those who do not: part-time jobs, both on- and off-campus, with regular hours when school is in session (the majority of the jobs fall into this category); part-time jobs, on- and off-campus, with regular hours even during University holidays; and temporary positions, on- and off-campus, which meet short-term and specialized needs of employers (these positions appeal to students with flexible schedules). We do not assign you to a position. You will need to identify openings, apply for positions, and interview with employers. We urge you to visit studentemployment.uchicago.edu using your CNet ID and password for information about Federal Work/Study and other employment opportunities. The Student Operations and Work/Study Office (2nd floor, 6054 S. Drexel Ave., 773.702.7041) can answer questions you may have about the Federal Work/Study program. 12 THE UNIVERSITY OF CHICAGO

Is there a deadline for beginning employment through the Federal Work/Study program? For the 2013 14 academic year, students must begin their Federal Work/Study job no later than January 31, 2014. Students who do not obtain a Federal Work/Study job and submit the necessary paperwork to the Student Operations and Work/Study Office by January 31, 2014, will lose their assistance. NOTE: The Office of College Aid cannot increase your grant assistance if you lose your Federal Work/Study eligibility due to submitting documentation after the January 31, 2014, deadline. Will scholarships affect my Federal Work/Study award? The Committee reduces the self-help of students who receive outside scholarships. Because Federal Work/ Study is considered self-help, you may see a reduction or complete elimination of the Federal Work/Study award as a result of your outside scholarships. What is the difference between Federal Work/Study and term-time employment? If you are eligible to participate in the Federal Work/Study program, the department that hires you pays a portion of your wages and the remaining portion is paid by the funds the University receives from the Department of Education for students who demonstrate the greatest level of need. If you are not eligible to participate in the Federal Work/Study program, all your wages are paid by the department that hires you and your work is called term-time employment. I m not going to earn the full amount I was awarded in Federal Work/Study funds for the academic year. May I use these funds for the summer Federal Work/Study program? The academic year and the summer are two separate Federal Work/Study programs. You are not eligible to earn the remaining amount of your academic year award during the summer. You may, however, apply separately for the summer program. Note that although you do not need to be enrolled during the Summer Quarter to participate in the summer Federal Work/Study program, to be eligible you must enroll for the following Autumn Quarter. How are earnings paid? Do my wages get deposited directly to my student account? Student employees generally receive biweekly paychecks directly from their employers. Your earnings will not appear as a credit on any bill you receive from the Office of the Bursar. However, you may have to use a portion of these earnings to pay your bill. I d like a job that provides community service. What opportunities does the University offer? Chicago students who are interested in public service, community building, and social change have many employment possibilities. Off-campus community service jobs are available at nonprofit organizations and community-based agencies throughout the city of Chicago. For additional information, please visit ucsc.uchicago.edu. Tutoring positions are also available in local public schools. For additional information, please visit nsp.uchicago.edu. Do I need to prove to prospective employers that I am eligible for Federal Work/Study? If so, how do I provide that proof? You should bring to each job interview your personalized Federal Work/Study Employment Form that provides proof of eligibility. To obtain your form, go to my.uchicago.edu beginning the week of September 22, 2013. It is important to note that you must have a CNet ID and password to access the Federal Work/ Study Form via your my.uchicago.edu account. A GUIDE TO FINANCIAL AID 13

In addition to the Federal Work/Study employment form, what other documents do I need to bring to job interviews? Federal law requires your employer to review original documents that establish your identity and your eligibility to work in the United States (e.g., your passport, alien registration card, current driver s license, or naturalization certificate in addition to your Social Security card). An employer cannot allow you to work until you have satisfied these requirements, whether you are a U.S. citizen or you are a noncitizen. Common Questions about Financial Aid Awards How will I pay for books and personal expenses? You can use your biweekly paycheck from your Federal Work/Study or term-time job for these expenses. When you receive the Autumn Quarter advance bill in August, you and your parents should decide which expenses each of you will be responsible for paying. Generally your parents payment and your summer earnings will cover the Autumn Quarter costs billed by the Office of the Bursar. Then you will be able to use your Federal Work/Study or term-time earnings to pay for your personal expenses and entertainment. Do I have to be enrolled full-time to receive aid? To be eligible to receive grant and scholarship assistance from the College, you must register for a minimum of three full courses (300 units) each quarter. University assistance is not available to you if you enroll for less than three courses, though you may still be eligible for federal and state aid if you are enrolled half-time (200 units). What happens if I drop classes or withdraw from the College? A student who receives federal Title IV funds is subject to the federal rules governing the return of funds in the event that he or she withdraws. To determine the amount of Title IV funds a student may keep to pay charges, the Office of College Aid will consider the number of days the student was enrolled during the relevant quarter and the date on which the student first indicated his or her intent to withdraw. The following paragraphs explain how the University will determine the amount of Title IV aid a student has earned. A student earns Title IV funds in proportion to the length of time he or she is enrolled for the first 60% of the quarter. Title IV funds are defined as Federal Direct Stafford Loans, Federal Perkins Loans, Federal Direct PLUS, Federal Pell Grants, and Federal Supplemental Educational Opportunity Grants. The length of time a student is enrolled is determined by subtracting the number of days the student attended the University from the total number of days in the quarter. The last day of attendance is the date the student begins the University s withdrawal process. If the student fails to use the official withdrawal process, the Office of College Aid will use the last date the student participated in an academically-related activity (e.g., lab, exam, assignment submission) that can be confirmed by a faculty or staff member. If the student leaves without notifying the Dean of Students in the College of his or her withdrawal and if it is impossible to establish a date that the student last participated in an academically-related activity the midpoint of the quarter will be considered the official last date of attendance for the purpose of returning unearned Title IV funds for these students. The student whose Title IV funds are returned will be responsible for any subsequent outstanding balance on his or her account with the Office of the Bursar. Federal law specifies the order in which the funds are allocated. Title IV funds will be the first resource applied to tuition, fees, and room and board charges. These charges are the ones assessed before the student s 14 THE UNIVERSITY OF CHICAGO

withdrawal date and do not reflect the adjustment in charges that may have resulted from The University s Tuition Refund Schedule, which follows. THE UNIVERSITY S TUITION REFUND SCHEDULE: A student is charged no tuition or fees if he or she withdraws by the end of the first week of the quarter and is charged 35% of tuition and fees if he or she withdraws in the second or third weeks of the quarter. There is no reduction in tuition or fee charges after the third week. Note that room and board charges will be adjusted based on the number of days in which a student resided in a dormitory. Aid adjustments may also require you to repay a lump sum of student loan funds when eligibility is reduced. For example, a Federal Direct Stafford Loan that is approved for the academic year may be disbursed in two payments to cover three quarters of attendance. If, however, you withdraw at the end of the Winter Quarter, you are not eligible for the Spring Quarter portion of the loan. That amount will be refunded to the Department of Education either by the Office of the Bursar or by you. If you drop from three to two courses during the refund period, your aid will be adjusted to reflect the refund in charges. If you drop to one course, you will receive no aid and you will be required to terminate your federal Work/Study job. NOTE: You must report all enrollment changes to the Office of College Aid immediately. Is there an attendance requirement for the classes I take? You must attend all classes for which you enroll. You may be asked to provide evidence that you attended classes in which you receive a grade other than A, B, C, D, or P. If you are unable to provide the required evidence of attendance in those classes, a portion of your Title IV aid will be cancelled and you will be responsible for the subsequent outstanding balance on your account with the Office of the Bursar. Is financial aid affected by academic progress? In order to continue to qualify for federal financial aid, you (1) must complete a minimum of 70% of the courses in which you enroll; (2) must maintain a minimum grade point average (GPA) of 1.75; and (3) must have completed 7 courses at the end of your first year, 14 courses after two years, and 21 courses after three years. In addition (because federal regulations require that the student s academic progress be consistent with the standard the school requires for graduation), you must have a GPA of 2.0 or higher at the end of your second year in the College. The Committee on College Aid reviews progress at the end of each academic year or when a student returns to the College after an absence. If the Committee determines that you are ineligible to receive federal funds due to insufficient progress, you may appeal the decision in a signed statement in which you give the reasons you were unable to meet the progress requirements and document any unusual or mitigating circumstances such as illness or a death in the family. The Committee will review your appeal and discuss your academic record with the Dean of Students in the College. You will be required to develop an academic plan with your advisor and based on that plan the Committee may decide to award you federal funds for one quarter (financial aid probation). At the end of that quarter, the Committee will review the previous quarter s academic record and determine if you are meeting the requirements of the plan and may be able to award federal aid for the remaining quarters of the academic year. If you do not meet these criteria for federal financial aid eligibility, but the Dean of Students in the College permits you to remain enrolled, you will receive institutional funds for which you are eligible provided you enroll full time. However, the Committee will not replace any federal or state funds you might have been A GUIDE TO FINANCIAL AID 15