Undergraduate Aid
On July 4, President Trump signed the reconciliation bill which contains many changes to federal financial aid programs that are set to go into place on July 1, 2026. Some of the changes in the bill include:
Elimination of the GRAD PLUS loan for graduate students.
New Parent PLUS Loan Limits: $20,000 per year per dependent student and a $65,000 aggregate limit per dependent student (without regard to amounts forgiven, repaid, canceled, or discharged).
New Graduate Loan limits: an annual limit of $20,500 for graduate students and $50,000 for professional students. The lifetime borrowing limit is capped at $100,000 for graduate students and $200,000 for professional students (classifications TBD).
Repayment Plan options for New Borrowers: Borrowers with new loans made on or after July 1, 2026, can be repaid using only two plans: a new standard repayment plan with fixed monthly payments and fixed terms ranging from 10 to 25 years based on the amount borrowed and a new income-based repayment plan, known as RAP.
Based on current information from the U.S. Department of Education, federal loan programs and borrowing rules remain unchanged for the 2025-2026 academic year.
The University Financial Aid Office continues to review the bill’s contents and will provide additional guidance as we learn more from the Department of Education.
The University of Chicago welcomes the brightest minds and boldest thinkers of tomorrow, regardless of their financial background. We believe that no cost should prevent a student from joining our community!
Our Financial Aid counselors are available year-round to work with you and your family in order to create a comprehensive aid package that fits your family's unique circumstances and makes a world-class University of Chicago education affordable. We follow federal, state, and university policies to allow our students to achieve and exceed their educational goals.
We encourage you to use this website as a resource for questions about how to apply for aid, how aid can be used to study abroad or move off campus, and how to update your information if your family’s financial situation changes.
Average need-based scholarship and grant assistance for first-year undergraduate students
University of Chicago students who received financial aid had 100% of their demonstrated need met
Total financial aid budget over $203 million
Free College/Tuition
UChicago guarantees free tuition to students who are the first in their families to attend college and to families with incomes under $125,000* per year (with (typical assets). Families earning less than $60,000* per year (with typical assets) will have tuition, fees, and standard room and meals covered by financial aid**.
Students are evaluated for these financial aid guarantees during their first year only.
*These income figures are minimum funding levels for the guarantees. Families with income that does not fall within these ranges may still be eligible for need-based financial aid.
**Funding guarantees apply only to courses taken during the Autumn, Winter and Spring Terms. Please visit this website for more information on financial aid during the Summer term.
UChicago: No Barriers
The University of Chicago is deeply committed to ensuring that students from every background, regardless of financial need, can find a home here. Our No Barriers policy allows Chicago students to graduate debt-free and prepared for lifelong success -no matter their chosen major or background prior to enrolling in college. We will work with you and your family to create a financial aid package that fits our unique circumstances and ensures that a UChicago education is within your reach. Click here to view our No Barriers brochure.