Carle Illinois College of Medicine

Counseling with OSFA Staff

The Office of Student Financial Aid (OSFA) is available to answer questions from students through our general counseling line at 217-333-0100 between the hours of 10 a.m. to 5 p.m. or at our front desk between 9 a.m. to 5 p.m., Monday through Friday. We can also be reached by email at finaid@illinois.edu. At different stages of the medical school program, OSFA will invite students to participate in one-on-one individual counseling sessions with our staff. Medical students can also request an individual appointment at any time throughout the year for more in-depth discussions of the financial aid offer, requirements, borrowing history, preparing to repay loans, general budgeting, etc.

These appointments can be scheduled up to one month in advance via MS Bookings. Students can request to conduct their meeting via Zoom, phone, or in-person.

Loan Management Tools

    1. AAMC Education Debt Manager – A debt management document to guide you through financial information, resources, services and tools offered by AAMC.
    2. Managing Loans Upon Graduation – A guideline for soon-to-be-graduates as they transition into residency
    3. Loan Servicer Information –  Find out who your loan servicer is:
      • Go to the Federal Student Aid website
      • Sign in using your FSA ID. (For help finding your FSA Username click here.)
      • Once you are signed in, you can hover over “Manage Loans”
      • Under “About Loan Repayment” you will click on “Who’s my Servicer”
    4. Exit Counseling – This should be completed when the student graduates, drops below half time enrollment or leaves school. This provides information as you prepare to enter repayment on federal student loans.  This also provides information to the federal government to allow them to reach out to you as you enter repayment.
    5. Public Service Loan Forgiveness (PSLF) | Students & Residents (aamc.org) – This is a guide to the Federal Public Service Loan Forgiveness Program.

Debt Management

The Association of American Medical Colleges (AAMC) has a wide array of tools available for Medical Professionals to use while in school, in residency and beyond. OSFA recommends the use of the  MedLoans® Organizer and Calculator (MLOC) to assist as students track their loans and plan repayment in the future.  A walkthrough of the Medloans® Organizer and Calculator may be found here: 2020 AAMC Loan Organizer and Calculator Demo on Vimeo

Money Management and Financial Wellness Tools

    1. Paying for Medical School starts with a good plan.  Make your plan by reviewing the tools offered.
    2. Good money management starts with building a budget.
    3. Money Management Guides and Tools for students and graduates to help you pay for life both in school and beyond.
    4. Know your credit – Protect your credit history – Regularly monitor your credit to ensure you know what is on your credit report.  You can obtain three free credit reports per year, one through each credit bureau (it is recommended to do one every four months.) Go to Annual Credit Report.com to obtain your free credit reports.

Outside Scholarship Resources

If you are interested in seeking private scholarships, please check the resources available below.

Note that OSFA aid cannot guarantee the availability of scholarships, nor are we involved in the selection of their recipients. If you have questions about specific private scholarships, you will have to contact the organization/donor.

When to notify our office

If a private outside scholarship isn’t listed on your Award Letter, you must report the source and amount by completing our Private Outside Scholarship Form. All scholarships checks should be made payable to the University of Illinois and sent to our office with your full name and University Identification Number (UIN) clearly listed. If you’ve received a check from the private outside scholarship, you must attach the endorsed check to the form when you submit it to us.

Class Specific Outside Scholarships
M1 & M2
American Society of Hematology

M3
AMA Medical School Scholarships
Herbert W. Nickens Medical scholarship (nominated)
Kaiser Permanente (Interested in completing residency in Northern California)

M2 & M4
Buckfire & Buckfire Medical Diversity Scholarship (ethnicity/cultural background)

M3 & M4
Oliver Goldsmith, M.D. Scholarship

M1 through M3
Sallie Mae Bringing the Dream Scholarship