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About Financial Aid
A Stritch education is a significant financial investment with immeasurable dividends. More than 85 percent of our student body receives financial assistance, usually a combination of loans and scholarships. In most cases, students, and their families are expected to shoulder a portion of the financial responsibility. The Stritch School of Medicine’s 2013-2014 tuition is $48,200. Living expenses, books, supplies, and transportation average around $22,794 a year. The Office of Financial Aid tries to create a package of funding sources for students to help them meet their financial obligations at a realistic cost. Also, students may seek outside loans, scholarships, and grants by visiting their local library or browsing the Web. Some good Web sites include:
- www.fastweb.com (for scholarships)
- www.finaid.org (for scholarships and terms of available loan programs)
- www.ed.gov (for terms of available loan programs)
Financial Aid Process
Students who are admitted to the Stritch School of Medicine can submit a financial aid application beginning the January prior to matriculation. Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov no later than March 1 prior to matriculation. Our school code is 001710. This is the school code for Loyola University Chicago. Our financial aid office carefully examines each student’s application and awards funding based on the financial situation of the student, his or her spouse, and parents. Medical students must reapply for financial aid every January. Individual counseling and financial aid seminars are offered during the four years of medical school to assist students in managing their educational debt.
Sources of Funding
Individuals with an excellent credit history can take advantage of a variety of loans. Loan eligibility requirements vary; for example, interest rates, maximum loan amounts, application procedures, and repayment plans differ from loan to loan.
Many scholarships are available for students who meet certain criteria or are willing to provide needed medical services after graduation. The National Health Services Corporation, for instance, offers scholarships for students who are willing to complete at least two years of primary care service after graduation, while the Armed Forces will cover tuition and most fees for eligible students who agree to serve in the military after graduation. Visit our Office of Financial Aid site for more information about the financial aid process and descriptions of the loan, scholarship, and grant programs administered through Stritch.