The University of Chicago is an excellent university in Chicago, Illinois. The university is an extremely prestigious university, and that can be shown in multiple ways. The university is ranked in the top 10 universities according to rankings by Times and QS World Rankings.
This is an impressive accomplishment considering that there are tens of thousands of universities around the world. In this article, we will be covering scholarships and financial aid that is available at the University of Chicago.
For students that are considering to apply to the University of Chicago, the good news is that their financial aid is very generous. However, the bad news is that the acceptance rate is extremely low, dropping to almost 5%. This means that out of every 20 applicants, only 1 gets accepted.
Cost of Attendance
Without scholarships, the cost of attendance at the University of Chicago is very high. Since the University of Chicago is a private institution, there is no difference in what in-state student will pay compared to what out-of-state students will pay.
The total cost of attendance is approximately $80,000 per year, and this figure includes about $57,000 in tuition, $17,000 in room and board, and the rest is personal expenses.
There are only a few people that pay this whole amount. Most people pay significantly less than the total cost of attendance by getting grants and scholarships at the University of Chicago. So, let’s take a look at these.
Financial Aid Brief Overview
As mentioned before, the financial aid package comes in two major forms: scholarships and grants. Recently, the University of Chicago announced the UChicago Empower initiative.
This initiative promises that students whose family earn less than $60,000 a year with typical assets will receive a fully funded scholarship (full tuition, room, and board covered). Also, families who earn less than $125,000 with typical will receive full tuition scholarships.
Some students might receive more depending on the circumstances. If your family earns more than that, you can still receive need-based aid and might even cover tuition or more. The award amount is not just determined by family income but is also dependent on assets, family size, number of siblings in college, etc.
University of Chicaco Scholarships
There are several scholarships that are available in the University of Chicago. Three main types are merit scholarships, Odyssey Scholarships, and Chicago Commitment Scholarships.
1. Merit Scholarships
Merit scholarships are offered to outstanding incoming freshmen. These scholarships are entirely based on merit, and your need does not factor into play. You truly need to be extraordinary to be given this scholarship because to stand out among such qualified incoming freshmen, you must have something special.
2. Odyssey Scholarships
Odyssey Scholarships are given to students who have demonstrated financial need. They are from low-income families whose total income is typically less than $90,000. Students who are receiving this scholarship have benefits other than the monetary award.
First, they won’t have any loans in their financial package, which means that their financial package does not need to be repaid. Other benefits include networking, assistance with health care costs, Odyssey Internship Program, etc.
3. The Chicago Commitment Scholarships
These are scholarships that are targeted towards students who lived in Chicago and graduated from high schools in that city. To see that list, you can visit this page.
If you want more details on these scholarships, you can visit the Scholarships Page!
Except for a few Chicago Commitment Scholarships, you will be automatically be notified if you do receive these scholarships. There are no separate applications needed to be eligible. You just need to apply for admissions and financial aid.
Now, let’s talk about grants. This form of financial aid most likely will be most of the money that you will receive from the University of Chicago. There are three forms of grants that are available, and those are University Grant, Federal Grant, and Illinois Map Grant.
The University Grant will cover the majority of the grant money that you will receive. This money is from the funds from the university set aside for financial aid.
Federal Aid includes Pell Grants, and these are from the USA government. The maximum that you can get per year is about $6,000 per year. A great perk is that if you do receive Pell Grant, you are eligible for various outside scholarships that require students to receive Pell Grants.
Illinois Map Grant is for students from Illinois that demonstrate financial need. The maximum that you can get per year is around $5,000.
How to Apply for Need-Based Aid at the University of Chicago
To apply for financial aid at the University of Chicago, you need to file several forms. This can be done completely free, or you can submit a small fee. First, you will need to fill out the FAFSA. When you are finished, you can submit it through the school code 001774. Submitting FAFSA is completely free.
Then, you have two options for the second document. You can either submit a free University of Chicago Financial Aid Worksheet or submit CSS Profile for a small fee. Some students submit the free document while others submit the CSS Profile for convenience.
The CSS Profile is administered by the College Board, and it is like the Common Application, where students just have to fill out the application once and can submit the same document in multiple places. So, rather than filling out an additional form, they just submit an already filled CSS Profile and pay a small fee. Either method is perfectly fine with the University of Chicago.
You will also need to submit financial documents such as your parents’ income tax. The deadline to submit these documents varies according to the application period. If you are applying Early Action or Early Decision I, you need to submit these documents by November 15, and for ED II, January 15, and for Regular Decision, February 15.
If you want more information on how to apply for financial aid, visit the Applying Aid Page at the University of Chicago.
I hope that this article on the University of Chicago Scholarships and Financial Aid was helpful. If you are from Illinois, I highly suggest that you look at the Illinois Scholarships Category. If you are not, you should definitely visit the Authority Scholarship Website and view scholarships in your state.