Financial Matters
The Office of College Aid
The Office of College Aid provides financial assistance to qualified students who would not otherwise be able to attend the University of Chicago. Students who apply for financial aid will be asked to submit a variety of documents that provide the Committee on College Aid with information on the family’s financial situation. After all of the required information has been submitted and reviewed by the committee, the student will receive a financial aid award. A financial aid award, which typically includes some combination of grant aid, loans, student earnings, and a parental contribution, is available to full-time College students on the basis of need. A family may appeal an aid award or apply after the published deadline if financial circumstances change significantly. Students must reapply for financial aid every year and must meet academic progress guidelines to receive financial aid. To meet academic progress guidelines, a student must complete nine courses each year and, cumulatively, 75 percent of the courses in which he or she enrolls, and must maintain a grade point average of at least 1.75. Failure to meet one of the progress requirements can result in the cancellation of all financial aid.
- Does my student have to apply for need-based financial aid?
Students are not required to apply for need-based aid. However, those seeking need-based aid will need to apply every year as the University evaluates need on a yearly basis.
- How do outside scholarships affect my student’s award?
Outside awards are additional resources that reduce or replace the student’s need to work and/or borrow and cannot be used to replace the parents’ contribution or any other expected family resource. The Office of College Aid will reduce the student’s 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 a student’s University of Chicago grant assistance. Students who receive aid are required to notify the Committee on College Aid of all outside scholarships that they have been awarded. The committee will notify students via email when scholarship checks requiring signatures have arrived at the University.
- How does my student apply for the Federal Perkins Loan and/or the Federal Stafford Loan?
Many students who receive need-based aid are expected to borrow to meet a portion of their costs at the University of Chicago. The Federal Perkins Loan and Federal Stafford Loan programs provide particularly helpful options for students because of their low interest rates and interest caps. A student who is eligible for these loan funds is notified of eligibility on the financial aid award letter. The student may borrow less but not more than the amount(s) indicated on the award letter. Please refer to the Office of College Aid website or to the guide that accompanies the student’s aid decision for further information on how to apply for the loans.
- How does my student apply for a merit scholarship?
All merit scholarships for admitted students, whether early or regular notification, are awarded in the spring at the time regular-notification admission decisions are mailed. Merit scholarships are decided by a panel of admissions representatives and faculty members. Students should contact the Office of College Admissions for more information.
- What types of student jobs are offered?
The University of Chicago offers both Federal Work/Study jobs and non–Federal Work/Study jobs to students. The Federal Work/Study program provides funds for part-time jobs while classes are in session and during the interim periods. Through the program a student’s employer pays a portion of the hourly wage and the federal government pays the remaining amount. The Office of College Aid determines eligibility for the Federal Work/Study program and notifies the student of the amount he or she is eligible to earn on the financial aid award letter. If a student does not qualify for the Federal Work/Study program, the award letter will indicate the work expectation as “term-time employment.”
Information about part-time and summer jobs can be found at the Student Employment website. This website allows students to search for employment by department, work/study options (Federal Work/Study jobs, non–Federal Work/Study, or both), and by location (on campus, off campus, or both). In all cases students must apply directly to the employers.
- How does my student make payments?
The Office of the Bursar issues and makes all adjustments to students’ bills. Bills are sent to the student at the parent’s address. The University offers two installment plans: a ten-month plan and an eight-month plan. Details about these plans are available through the Bursar’s Office. The University’s billing system enables students and parents to receive tuition statements over the web and to submit payments online.
- What types of fees are students charged?
Quarterly bills include a mandatory student life fee and a class fee for entering students
- How do penalty fees and restrictions affect my student’s financial aid?
Penalty fees for late payment of bills can run as high as $200. The University will restrict students whose bursar accounts are in arrears, who owe money for telephone bills or parking tickets, who have accounts to settle with the library, or who are not in compliance with the state’s immunization laws or with University regulations. Restricted students cannot register for courses and cannot use the library, the gym, medical services, or other University facilities. Students who are unable to register risk losing financial aid. It is essential, therefore, that bills be paid on time and that students meet all other personal obligations to the University on time.
- Where are the ATMs and banks on campus?
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There are ATM stations at various locations across campus, including the Reynolds Club, the Bookstore, the Harper Center (Graduate School of Business), and the University of Chicago Medical Center. There is a Citibank branch across from the Bookstore, and several local banks are within a few blocks of campus.
- How does moving off campus affect my students financial aid?
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A student’s financial aid is determined by subtracting the family contribution from the cost of attendance. The cost of attendance consist of tuition and fees, room and board, and books and personal expenses. When a student moves off campus, the on campus room and board component of his/her cost of attendance is replaced with an off campus living allowance. The off campus living allowance is approximately $2,000 less than the on campus budget. Therefore, because the University of Chicago grant is the last type of aid awarded, students who reside off campus will receive approximately $2,000 less than those residing on campus. The parental and student contributions are determined in the same manner regardless of the type of housing chosen.
- Where can I find more funds beyond the University of Chicago need-based aid and merit scholarship program?
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When the Office of College Aid evaluates aid applications, it considers whether students are eligible for government as well as for institutional funds. Beyond these resources, it is suggested that all students apply for outside scholarships. Some helpful places to begin the search are through scholarship search engines like www.fastweb.com and www.collegeboard.com or through high school guidance offices. Current University of Chicago students may also find assistance through FROGS https://frogs.uchicago.edu/
