By using the standard student budget as a start, and incorporating as many cost-saving measures as is possible, one can begin to organize resources to meet the financial requirements. There are a finite number of resource types and the availability and amount available from each type will vary by individual. Normally, 80% of students at Pritzker meet the cost of their education using a combination of five or six of these resources. Typically, a student will manage with a financial arrangement comprised of personal resources and family loans and gifts, private scholarships, Pritzker scholarships and loans, and governmental loans. Eligibility for some of the resources depends on financial need: the shortfall that occurs when available family resources are less than the standard student budget.
Pritzker School of Medicine Loans
The Pritzker School of Medicine is able to offer low interest loans as a result of generous donors. Such donors consist of alumni, faculty, grateful patients, and friends of the University and University Hospitals. Award of these loans is made as part of a financial aid package based on financial need.
Direct Unsubsidized Loans
An Unsubsidized Direct loan is the primary source utilized by students to finance their medical education. Direct Loans are federal loans which have a variable-fixed interest rate which is currently 6.7% for loan disbursed on July 1, 2018 or before June 30, 2019. The Unsubsidized Direct Loan accrues interest while you are in school and is the students responsibility to repay. The Office of Financial Aid will determine your eligibility for these loans.
|Year||Length of Academic Year||Total Loan Amount|
|MS1||10 - Months||$42,722|
|MS2||9 - Months||$40,500|
|MS3||12 - Months||$47,167|
|MS4||12 - Months||$47,167|
*Aggregate loan amounts not to exceed $224,000 including Undergraduate Loans
The Perkins Loan Program, through the University of Chicago, where the government (taxpayer) subsidizes the interest rate and also pays the interest while the student is enrolled at least half-time, is a federal student loan. These loans are only awarded to returning students who received a Perkins loan on or before October 30, 2015 and their program has not changed. Eligibility will be re-determined by the Office of Financial Aid.
Grad Plus Loans
The Grad Plus loan is a federal loan available to graduate and professional students. In the Direct Loans program, Grad Plus loans have a variable-fixed interest rate which is currently 7.6% for loan dibursed on July 1, 2018 or before June 30, 2019. It does not offer a grace period. In addition, the interest on these loans is not subsidized. Email the Office of Financial Aid for more information.
International Student Alternative Loan
The Pritzker School of Medicine does not currently have an alternative loan program for international students.
To request a revision to your loan, please complete the Loan Revision Form.