Loans

Student Loans for U.S. Citizens or Permanent Residents

The following information describes the various loan programs available to Chicago Harris students. Students must be U.S. citizens/nationals or permanent residents to be considered for the Federal Education Loan Program (Federal Subsidized Stafford Loan, Federal Perkins Loan, and the Federal Unsubsidized Stafford Loan). Students must also be enrolled at least half time.

Federal Perkins Loan
Applicants who demonstrate financial need on the basis of Federal guidelines may apply for the Federal Perkins Loan Program. Interest is subsidized while the borrower remains registered at least half-time and for a nine-month grace period following graduation, leaving school or dropping below half-time, before repayment begins. Funding is limited and the eligibility requirements are very highly restricted. The maximum loan amount awarded is $6,000 per year, with a total of $40,000 borrowed (in both undergraduate and graduate schools). Students awarded a Federal Perkins Loan for the first time are required to sign the Perkins Master Promissory note at the Student Loan Administration Office.

Federal Unsubsidized Stafford Loan
Students may borrow a maximum of $20,500 (aggregate: $140,500) minus any Federal Subsidized Stafford Loan amount per academic year through the Federal Unsubsidized Stafford Loan program. Unlike the two programs above, the interest is not subsidized while the student is enrolled in school. Depending on the lender, students may choose to defer the interest payments. In-school interest may be paid monthly or capitalized. Payment of principal and interest begins six months after the student graduates, leaves school or drops below half-time. If you choose the University of Chicago as your lender, you will have NO fees deducted from your loan. You will receive 100% of the amount you borrow.

Alternative Loan Program
For information on alternative loans, contact the Office of Student Loan Administration at 773.702.6061 or visit http://sla.uchicago.edu.

Student Loans for International Students

Prodigy Finance
Prodigy Finance offers loans to international graduate students from 150 different nationalities (US citizens and permanent residents ineligible). Prodigy Finance is accepting applications from Harris students. Students may be eligible to borrow up to 80% of Cost of Attendance, depending on each individual application. Interest rate is highly competitive 5.5-8.5% + 3mo US LIBOR. The loan term is 10 years. To begin an application, please visit www.prodigyfinance.com.