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PAYING FOR COLLEGE
Parents are expected to assume a share of the support of their student’s education, as an investment in their student’s future. The Office of College Aid assists qualified students who would not otherwise be able to attend the University of Chicago. A financial aid package, which typically includes some combination of grant aid, loans, student earnings, and parental contribution, is available to full-time Chicago students on the basis of need. Students must reapply for financial aid by mid-April each year. Please note that aid eligibility may be jeopardized if a student is not making progress toward a degree. To requalify for financial aid students must complete nine courses each year and, cumulatively, 75 percent of their courses with a grade point average of 1.75 or higher. A family may appeal an aid decision or complete a late application if financial circumstances change significantly. Parents who are unsure about the status of a student’s financial aid or who need further information should contact the Office of College Aid. Students who receive scholarships from agencies outside the University may be required to sign scholarship checks at either the Office of the Bursar or the Office of College Aid. These offices will notify students via electronic mail when scholarships requiring signatures have arrived at the University. To apply Federal Stafford or Federal Perkins loans, PLUS funds, and loans from other lenders to payment of bills, students and parents should follow the procedures described in the brochure mailed with the aid decision. Further information on student employment is available at www.uchicago.edu/docs/studentmanual/. The Office of College Aid determines eligibility for the Federal Work/Study Program and notifies students about the amount they are eligible to earn. Eligible students can obtain information about part-time and summer jobs on the Work/ Study Office’s web page http://studentemployment.uchicago.edu. Students who are not eligible for Work/Study may link to information about other part-time jobs, on and off campus, through the same web page. In all cases students apply directly to employers. These offices do not place students in positions. Parents often ask how much money students will need for incidental expenses. The Office of College Aid creates an annual budget that estimates the cost of books and personal expenses. Because those costs vary, it is difficult to predict what each student will require. Telephone and entertainment expenses easily get out of hand if not carefully monitored. Students should also be warned that overreliance on credit cards, to pay for the direct and indirect costs of attending college, places them at risk of graduating with significant consumer debt over and above other education loans. The Office of the Bursar issues and makes all adjustments to students’ bills. Bills are sent to the student at the parent’s address. Billing dates for the academic year are available on the web. The University offers two installment plans: a tenmonth 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. Apart from the Student Health and Wellness Fee and health insurance fee (if required), quarterly bills include a student activities fee, an Orientation fee for entering students, and fees for certain laboratory and art courses. Other fees (see below) may also be included. 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, and 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 the responsible person pays bills on time and that students meet all other personal obligations to the University on time. |
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