Financial Matters

9.1 AUTOMATIC TELLER MACHINES

An ATM is located on the Lower Level, down the main staircase, in the hallway directly in front of the Law Journal Offices.

ATMs are also available in the Reynolds Club Basement, the International House, the University Bookstore, the Business School, the Goldblatt Pavilion (in the Hospital), and in the Citibank branch (at the Ellis Avenue entrance, next to the Hospital). Other ATMs in Hyde Park include those located at Hyde Park Produce, Treasure Island, Kinko’s, Market in the Park, Chase Bank, and Walgreens.

9.2 BILLS 

The Associate Director of Admissions & Financial Aid is the best person at the Law School to ask about the University’s bills.

In general, though, bills are generated by the Bursar’s Office. Approximately six weeks before the beginning of each quarter, the University will send a bill for the next quarter. Scholarship and loan support is generally credited on each bill. Students are expected to pay the difference before the deadline. A second bill will arrive about two weeks after registration.

If you are unable to pay your bill, you must call Tuition and Billing (773-702-7086) in order to receive an extension. They are usually very accommodating when reasons for delay involve a loan processing problem or a personal problem. If you have difficulty with your bill after it is due, e.g., a returned check, call 773-702-7086. Do not wait to resolve a problem.

Late Payment Fees: Failure to pay the first bill will result in late payment fees. In some cases, the Dean of Students may request that the late payment fee be waived. This will only be done if the student can establish in writing that there were circumstances beyond the student’s and the student’s family’s control.

Unsettled Accounts: A student who fails to make settlement of any account due to the University will not be considered to be in good standing. Students with unsettled accounts will have their registration restricted. Until the restriction is lifted, a student cannot register, forfeits all library privileges, cannot access transcript or placement services, cannot have a valid Chicago Card, and cannot receive a degree. In addition, the student loses health insurance coverage and may encounter problems with his or her bar applications.

Any of the following unsettled charges trigger a restriction: tuition, room and board, rental charges for University housing, charges imposed for violation of University rules (such as library fines, parking fines, or late registration fees). Also included are loans from the University (whether derived from its own sources or under governmental programs). The University reserves the right to waive the application of this rule in appropriate cases.

9.3 FINANCIAL AID

The Associate Director of Admissions & Financial Aid or the Student Loan Administration (SLA) will assist you with financial aid issues. Students should contact SLA with loan questions and the Associate Director of Admissions & Financial Aid with all other questions regarding financial aid.

Student Loans: Loan determinations are made by the Student Loan Administration (sla.uchicago.edu), which is located on the 4th floor of the Bookstore Building, (970 East 58th Street). All questions regarding the awarding of student loans and loan applications should be directed to that office at student-loans@uchicago.edu or 773-702-6061.  

All loans are disbursed at the beginning of each quarter. Federal Direct Unsubsidized, Direct PLUS and Perkins loans must be paid out in three equal disbursements. Your loan will be applied to your tuition account, and any excess funds will be refunded to you for living expenses deposited directly to the checking or savings account of your choice if you sign up for direct deposit.  If you don't sign up for direct deposit, refund checks will be mailed to your current address on file.  Most refunds are available during the first week of the quarter. 

Disbursement of Federal Direct Unsubsidized, Federal Direct PLUS and Alternative Loan Funds: The timing of loan disbursements is contingent upon the timeliness of your application to the Student Loan Administration.  Once loan funds are received at the University, your tuition account will be credited for the amount of the loan.    The Bursar's Office will generate a refund when loan funds applied to your tuition account exceed your costs. These funds are generally available during the first week of classes. Refunds are either sent to your personal bank account (if you have signed up for direct deposit) or the Bursar will mail a check to your address on file. Funds received after the quarter begins will be applied to your tuition account as they arrive. Please visit the Bursar's web site at http://bursar.uchicago.edu/students.html for more information on the direct deposit service.

NOTE: Federal regulations require that the institution return loan funds to the lender within 10 days of receipt, if loan funds are not disbursed to the student.  If your funds are being held because you have not completed your entrance interview, you have a financial aid hold, a restriction on your tuition account, or you are not registered, you must rectify the situation so that your funds are not returned to your lender. You may be required to re-apply for loans that are returned due to this time limit.

Disbursement of Federal Perkins Loan Funds: If you have been awarded a Federal Perkins Loan for the first time at the University of Chicago, you will need to complete the following with SLA in order to receive the funds:

  • Federal Perkins Master Promissory Note (MPN)
  • Entrance Counseling
  • Borrower Reference form

The Student Loan Administration will notify you when the MPN is ready for your signature.  You may complete the entrance counseling requirement online at www.mappingyourfuture.org/oslc.  The Borrower Reference form is available on the Student Loan Administration website at https://sla.uchicago.edu.  You may fax the form to Student Loan Administration at (773) 702-3238 or return it by regular mail, or bring it with you when you come in to sign the MPN.

After completing the required documents, the Federal Perkins Loan funds will be transferred to your tuition account on a quarterly basis. Your signature is required only once.

Returning students who have been awarded Perkins loan funds for the academic year, and that have previously received Perkins funds at this institution, do not need to complete any further documents. Perkins funds will be disbursed to your tuition account once you are registered for the quarter.   

Prior Education Loan Deferment: Students who have education loans from undergraduate or graduate study prior to entering the Law School may be eligible for deferments of interest and principal payments on these loans while they attend the Law School. Students with such loans should confirm with their lenders that their loans are eligible for educational deferment.

Additional Information: If you run into an unexpected financial emergency, please see the Associate Director of Admissions & Financial Aid or the Dean of Students. Temporary emergency funds or loans may be available.

As an additional resource, students should visit the Law School Financial Aid web page at http://www.law.uchicago.edu/students/financialaid or the Student Loan Administration web page at  https://sla.uchicago.edu/.