Undergraduate Financial Aid Basics
At the University of Chicago, we aim to make a world-class UChicago education affordable to all families. We do so by meeting the full demonstrated need of all applicants through a combination of need-based gift aid and self-help aid.
The student's family has the first responsibility for paying educational costs which is why we first calculate the family contribution using a formula that takes into account household income, size and assets. Need-based financial aid is intended to cover the gap between the family contribution and the actual cost. The difference between the family contribution and the University Cost of Attendance is the demonstrated need that we meet with a combination of gift aid and a self-help component.
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Gift Aid
Gift aid is financial aid that does not need to be repaid. This type of financial aid comes in the form of grants and scholarships either from the University or state & federal funds (depending on eligibility). The majority of the financial aid that your student receives from UChicago will be in the form of gift aid and the amount will remain similar all four years barring any drastic change in family circumstance.
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Self-Help Aid
The most common type of self-help aid at UChicago is student work. All need-based financial aid applicants will have a student work component as part of their financial aid package. This is considered the student's contribution toward their educational expenses.
The student work component represents the amount that the student should reasonably be able to earn through on-campus work during the school year. The student is not required to work, but if they don't the student work portion of the financial aid package will not be replaced with gift aid.
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Merit vs. Need-Based Financial Aid
The student may also receive merit financial aid as part of their financial aid package. Merit financial aid eligibility is determined by the Admissions Office at the time of admission. All admitted students are considered for merit financial aid.
Need-based financial aid is separate from merit financial aid and is based on the family's ability to contribute to the educational costs. Need-based financial aid eligibility is determined by the Office of Financial Aid through a review process that looks at family income, household size, asset value, and other variables.
Students can receive both merit and need-based financial aid, or one or the other. Receipt of merit financial aid will reduce the family contribution and does not affect the student's eligibility for need-based financial aid.
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Dual Degree/4+1 Programs
The University offers several programs specifically for students who would like to pursue both an undergraduate and graduate degree at UChicago. Financial aid is available for students in these programs.
Dual Degree: Some students may want to pursue a bachelor’s and master’s degree simultaneously, often students will begin taking graduate courses in their third year. If the student has not completed their undergraduate degree program, their financial aid is based on undergraduate financial aid guidelines. If a student takes only master's degree level courses during a quarter, they would not be eligible for their undergraduate financial aid. Undergraduate aid is available to students for 13 quarters to help cover some of the costs of graduate work. Subsequent quarters of aid, if for all graduate work, will be subject to graduate aid regulations.
Advanced Scholars (4+1): The Advanced Scholars program is a relatively new program designed to allow 2nd, 3rd, and 4th year students in the College to apply to select graduate programs to begin after they graduate from the College. This program carries a minimum $5,000 scholarship for the graduate year of study, please visit our Advanced Scholars page for more information.
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We Are Here To Help
If you or your family have any questions about financial aid, we encourage you to contact us. Our team of financial aid professionals have many years of experience and can help guide you through the process.
For a tutorial on understanding your financial aid notification, please view the short video below. Select picture-in-picture mode to enlarge the video.
Understanding Your UChicago Financial Aid Award Notification
Get to know the ins and outs of your financial aid award.