Frequently Asked Questions
Prospective Students | Housing | Study Abroad | Enrollment Criteria
Self-Help Expectation (Student Work and Borrowing) | Miscellaneous
Prospective Students
Q: Do I have to apply for need based financial aid?
A: No. The University of Chicago admits students on a need blind basis. The Office of Admission does not know who has applied for aid and they make their admissions decision based on the merit of the student only.
Q: I am applying Early Action to Admissions, what if I miss the November 1st deadline for financial aid?
A: The November 1st deadline for financial aid ensures that the family of an admitted student will receive an estimate of financial aid eligibility sometime in December or early January. EA students who do not submit an application for financial aid by Nov 1st are still able to apply for aid. Keep in mind that you will need to accept/decline your offer of admission by May 1st. If you are dependent upon financial aid in order to attend the College, you will want to submit your financial aid application materials as soon as possible.
Q: How do I apply for a merit Scholarship?
A: Contact the Office of College Admissions for information. 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 admission representatives and faculty members.
Q: Why do you require a signature on the tax return?
A: Your signature on the tax form validates that you are forwarding to our office a true copy of the form submitted to the IRS.
Q: I provided estimates of my income on the CSS Profile and/or FAFSA, do I need to update those applications after I file my most recent tax return?
A: No, the Office of College Aid is aware that many families provide estimates on these forms. Once you file your most recent tax return, please forward a signed copy including all schedules and W-2 forms to our office. We will make all necessary adjustments to your Profile and FAFSA information.
Housing
Q: How does moving off campus affect my financial aid?
A: When you move off campus, the on campus room and board component of your budget is replaced with an off campus living allowance. Your financial aid is determined by subtracting your family contribution from the cost of attendance. The budget consists of tuition and fees, room and board, and books and personal expenses. The off campus budget is approximately $1,730 less than the on campus budget.
Q: What happens if I change dorms or meal plans?
A: There is one room and board allowance added into the budget of every student. This amount represents what students typically spend for room and board and is not individualized per student. Changing dorms or choosing a more or less expensive meal plan will not change your financial aid award.
Study Abroad
Q: I will be studying abroad next year. How does this affect my financial aid?
A: If you are participating in a University of Chicago sponsored program you will be charged regular tuition as if you were enrolled on the Chicago campus. There will be a program fee charged to your account which usually includes room and board abroad. The $500 deposit fee and travel expenses to and from your destination are not considered in your financial aid decision. The allowance for books and personal expenses will be the same if you were enrolled on campus.
If you are participating in a non-University sponsored program you are considered as taking a leave of absence and are not eligible for financial aid through the University of Chicago. Therefore, your quarters of eligibility will not be affected with this type of enrollment.
Enrollment Criteria
Q: Do I need to be enrolled Full Time in order to receive financial aid?
A: To be eligible to receive grant assistance from the College, you must register for a minimum of three full time courses (300 units) each quarter. University assistance is not available if you enroll in less than three courses, though you may still be eligible for federal and state aid if you are enrolled part time.
Q: Is financial aid affected by academic progress?
A: Yes. A first year student must complete at least 9 classes in order to be eligible for financial aid for the following year. Each subsequent year a student must complete at least 75 percent of all classes attempted cumulatively throughout enrollment.
Q: What happens if I drop a class or withdraw from the University?
A: If you drop a class within the add/drop period and your enrollment status changes from full time to half time, your financial aid will be adjusted to reflect half time status. This means, you will lose all of your grant funds. If you drop a class and receive no tuition refund, you will be allowed to keep your grant funds since you have been charged for a full time course load. If you completely withdraw from the University, all of your aid will be removed if you are not being charged for classes during the quarter in question. In any instance where you are thinking of dropping a class or withdrawing from the University you may want to speak with a counselor in the Office of College Aid before doing so.
Self-Help Expectation
(Student Work and Borrowing)
Q: I am a first year student and my Federal Stafford Loan has not disbursed.
A: Lenders will disburse your funds to the University to be applied to your account at the beginning of the academic year. The University must wait 30 days after autumn quarter begins to disburse Federal Stafford Loan funds to first time borrows for only one quarter. You should plan your bill payment and other financial needs in accordance with your lender’s disbursement schedule.
Q: How do outside scholarships affect my award?
A: Outside awards are additional resources that reduce or replace your expectation to work and borrow. They will reduce your self-help expectation (which is the combination of earnings from the summer and academic year and student loans) by the amount of the outside award. Outside scholarships do not replace your parental contribution or other expected family resources.
Q: Why has my Perkins loan not disbursed?
A: The Student Loan Administration (SLA) administers the Federal Perkins Loan, you may contact that office with disbursement questions. In order for your Federal Perkins Loan to apply to your account you must complete the following:
- Perkins Promissory Note (in person),
- Reference Form (www.uchicago.edu/student/loans/Reference_Revised_.pdf), and
- an entrance interview (www.mapping-your-future.org)
If you have completed these steps with SLA and your loan still has not disbursed, follow up with the Office of College Aid.
Q: What is the difference between Federal Work/Study and Term-time employment?
A: Federal Work-Study is a federally subsidized financial aid program which provides funds for part-time jobs. Students awarded these funds have their wages paid by the department that hired them and by funds the University receives from the Department of Education for students that demonstrate the greatest level of need. Term-time employment has the same expectation for students to work, but the department pays 100 percent of the students’ wages. A number of employment opportunities are available to both those that qualify for Federal Work/Study and those that do not. Visit the student employment website to learn more about all employment opportunities.
Q: How are earnings paid? Do my wages get deposited directly to my student account?
A: Student employees generally receive biweekly paychecks directly from their employers. These earnings do not appear as credits on any bill received from the Office of the Bursar. Instead, a paycheck will be given to the student and the money earned may be used to purchase books and personal items.
Miscellaneous
Q: How will I pay for books and personal expenses?
A: Students are expected to use money earned from work opportunities to purchase books and cover personal expenses and entertainment. Generally, autumn quarters books and personal expenses are covered by your parents’ payment and your summer earnings.
Q: Am I required to purchase health insurance?
A: You are only required to purchase health insurance if you are not covered under your family’s health plan or if your current insurance is not adequate. Students who are covered by equivalent group health and hospitalization insurance may waive this requirement by completing the "waiver" section of the Student Insurance links on cMore. Please call 773-834-9710 for more information.
Q: Are there additional resources to help meet the family contribution?
A: In the event there are additional unmet expenses that cannot be met with current income or savings there are long-term financing options available. These resources are not included in the aid award but are available to meet the difference in the cost of attendance and the financial aid awarded. For additional information about loan options visit the loans and lenders for prospective students page or the loans and lenders for upperclass students page.
