2017-18 Loan Instructions and Applications:
To borrow a Federal Direct Stafford Loan:
Returning students who have indicated intent to borrow through the Federal Direct Stafford Loan program on the UC Aid Application will receive communication from Financial Aid asking to accept, reduce, or cancel the amount of the Stafford Loan awarded. The loan limits, based on class year, are as indicated:
- 2nd Year: $6,500 in a Direct Stafford Loan, of which no more than $4,500 can be Subsidized
- 3rd or 4th Year: $7,500 in a Direct Stafford Loan, of which no more than $5,500 can be Subsidized
- For more information: types of loans
- Complete the electronic Federal Direct Stafford Loan Master Promissory Note ***
- Complete Entrance Counseling
To borrow a Federal Direct Parent PLUS Loan:
- Complete the Free Application for Federal Student Aid *
In June or later, complete the PLUS Application and obtain a PLUS credit approval online **:
- Sign in at StudentLoans using your Department of Education Personal Identification Number (PIN). Note: a family member must sign in using his/her PIN rather than the student’s PIN.
- Select Request PLUS Loan from the menu on the left.
- Follow the instructions and indicate the amount that you wish to borrow for the 2017-18 academic year. You will be given an immediate response as to whether you are approved or denied.
- If approved, follow the instructions to complete the Master Promissory Note ***
If denied, you have four options:
- Use an Endorser (creditworthy cosigner)
- Appeal the PLUS denial by contacting the Student Loan Support Service Center at 800.557.7394
- Take no action
- Have the student borrow additional Federal Direct Unsubsidized Stafford Loan funds (amount to be determined by Financial Aid with the maximum of $4,000 for first- and second-year students and $5,000 for third- and fourth-year students).
Please note: If a PLUS loan is denied, and the borrower chooses to pursue option one or two, the borrower must also complete PLUS Entrance Counseling.
If you wish to adjust the amount that you previously requested, please contact Financial Aid at 773.702.8666.
*In order to review your eligibility for this program, we must have a completed FAFSA before we can certify a Federal Direct PLUS Loan. If you have not done so already, please complete the FAFSA online using your and your family’s Personal Identification Numbers (PINs) as your electronic signatures. To request duplicate or new PINs visit the Official PIN site. The FAFSA code for the University of Chicago is 001774.
**The credit approval is valid for 90 days, so we urge you not to complete the PLUS Application until early June. However, if you are concerned about being approved, we suggest that you complete the application before then and immediately contact our office.
***Complete the MPNs online using your Department of Education issued Personal Identification Number (PIN). When completing your MPN online, you must “sign in” using the PIN that was assigned to you by the Department of Education. The Stafford MPN must be signed with the student’s PIN, and the Parent PLUS MPN must be signed with the family member’s PIN. To request a new or duplicate PIN visit the Official PIN site. When completing your MPN online, select “UNIVERSITY OF CHICAGO (THE)” as your school.