As a student, through the application process and via this website, you will be provided with the following important pieces of information:
- What financial aid programs are available
- An explanation of each program in your financial aid award
- Application deadlines, procedures and forms for those programs
- How your financial assistance is disbursed, how distribution decisions are made and what the basis behind these decisions is
- What resources (such as parental contribution, other financial assistance, and personal assets) were considered in calculating your need
- What portion of the financial assistance you receive must be repaid and what portion is grant aid
- The interest rate, total amount to be repaid, and repayment procedures (including when repayment begins and the length of repayment) for any federal loan borrowed (private lenders will provide this information for other loans)
- How UChicago determines whether you are making satisfactory academic progress, and what happens if you are not
- What happens to your financial aid when you withdraw
As a financial aid recipient, you are responsible for:
- Supplying accurate information on your applications
- Being aware of—and complying with—deadlines for assistance applications and reapplication
- Promptly returning or submitting all additional documentation, corrections, and/or new information requested by Financial Aid
- Keeping Financial Aid informed of changes in your financial situation, living arrangements, and enrollment status
- Notifying Financial Aid of any assistance (scholarships, grants, stipends, etc.) received from outside sources
- Knowing the University’s refund policy
- Knowing the appeal procedure for financial assistance
- Notifying the University of address changes via my.uchicago.edu
- Checking UChicago e-mail for official communication from Financial Aid
Estimated tax payments are due to the IRS and Illinois Department of Revenue by September 15, 2017
What is an estimated tax payment?
If you have income that is not subject to federal or state income tax withholding at the time you receive it (for example, nonqualified scholarships, stipends, University-paid student health premiums, and fellowship payments), you may be required to make quarterly estimated income tax payments to both the IRS and the state of Illinois. These are payments of the estimated tax you owe on these sources of income, paid quarterly in advance of the date you file your personal income tax return.
How do I know if I need to make an estimated tax payment?
Federal: You can make these determinations by completing the IRS 1040-ES form. In general, if you are, for tax purposes, a domestic student or foreign resident and estimate that you will owe more than $1,000 in federal tax for 2017, you will need to make an estimated payment. Foreign nonresident aliens already have a federal withholding of 14% and should not be required to submit a federal estimated tax payment.
Illinois State: You can make these determinations by completing the Illinois IL-1040-ES form. In general, if you are, for tax purposes, a domestic or foreign student and estimate that you will owe more than $500 in Illinois state income tax for 2017, you will need to make an estimated payment. Income received after June 30, 2017 is subject to an Illinois Income Tax rate of 4.95% (formally 3.75%). As a result, you should recompute your estimated tax rates for the 2017 tax year using the Blended Income Tax Rate Schedule on page 3 of the IL-1040-ES form.
Where do I find more information?
Information on making payments, payment mailing address, payment deadlines, and making the estimated calculations can be found within the form and instructions on both the IRS and the state of Illinois websites. Please note that if you are required to make estimated tax payments but fail to do so or do so late, then you may owe penalties in addition to the tax.
The University is providing this information to make you aware of your personal tax obligations. The University cannot provide personal tax advice to individual students, but if you need help obtaining additional information, please refer to IRS Publication 970, The Bursar's Office page on Educational Tax Benefits, or contact Angie Gleghorn at firstname.lastname@example.org