Determining Financial Need
You and your family will provide us with financial data by completing Chicago's Financial Aid Application, the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE. If appropriate, families must also complete the Business/Farm Supplement and the Non-Custodial Parent Profile. The University of Chicago will assist you with financial aid to meet whatever financial need remains after your parental contribution, your contribution through work and loans, and any non-University assistance (such as federal grants or corporate scholarships) are deducted from your educational costs.
Myth: My parents make too much money to qualify for need-based aid.
Fact: There is no “income cut-off” for determining financial aid eligibility. The Office of College Aid reviews each family’s financial situation individually in order to take into account all circumstances that are unique to the family. We offer need-based aid to many families who have incomes over $100,000.
How the parental share is determined
The Committee on College Aid carefully analyzes income and net worth (home equity, non-retirement investments, savings, as well as expenses such as unusual medical costs). We also take into consideration the family size and the number of siblings attending college in order to calculate your parents' share in paying for your education.
Student contribution
Your contribution consists of a portion of your summer earnings as well as an academic-year work expectation. The Student Employment Office is prepared to assist you in finding term-time employment to help cover your work expectation.
You must also contribute a portion of your assets (monetary gifts, savings/investments and veteran's or survivor's benefits). The last component is the loan expectation, we expect all students to borrow in order to help pay for their education.
Myth: It is not important to seek out scholarships from organizations outside of the university.
Fact: Not true! Outside scholarships reduce the student’s work and loan expectation dollar for dollar. For each outside scholarship you have, you are expected to work and/or borrow less for that academic year. Our exceptional students brought more than $5 million in outside scholarship funds with them in 2004-05.
