SPS Undergraduate Programs

Students should apply for financial aid once they have been admitted into the SPS Undergraduate program. Please see Application Steps for financial aid application deadlines according to your term of enrollment for specific dates.

See the Tuition section for updated costs and fees.

There are several components taken into consideration when determining a student's financial need. A student's Expected Family Contribution (EFC) is determined by information provided on the FAFSA. The EFC is then subtracted from the student's cost of attendance, which is an estimate of the expenses a student will incur during the academic year. The end result is the student's financial need.

The financial aid office typically offers students financial aid to cover tuition and books.

Federal and State grants are available to degree-seeking students who qualify for them based on their  FAFSA. SPS degree-seeking students may also apply for SPS scholarships which are outlined on the SPS website. Additionally, students should look into outside sources such as scholarship search engines and local libraries regarding outside scholarship opportunities. You can also search for outside scholarships online at FinAid website.

Federal grants are disbursed at the beginning of the academic term. State grant assistance is disbursed on the Monday or Tuesday following the end of the Add/Drop period, which is the second Saturday of the quarter.

The Federal Direct Loan program is available to students that are US citizens, permanent residents, or other eligible non-citizens who are enrolled at least half-time (two one-unit courses) and are not in default on any previous federal loans. The two loans within the Federal Direct Loan program are the Subsidized Direct Loan and the Unsubsidized Direct Loan.

Subsidized Stafford Loan:

• The government pays the interest while the student is in school
• The subsidized Stafford loan has a maximum amount based on your year in school (Senior, Junior, etc).
• Students go into repayment six months after graduation or dropping below half-time.

Unsubsidized Stafford Loan:

• The interest accrues at a fixed rate of 6.8% while the student is in school. Students do have the option of paying the interest instead of allowing it to capitalize.
• The unsubsidized Stafford loan has a maximum amount based on your year in school (Senior, Junior, etc).
• Students go into repayment six months after graduation or dropping below half-time.

Private Student Loans are usually offered to students that are enrolled less than half-time (one (1) one-unit course) or if their federal aid eligibility is not sufficient to cover their tuition and fees. Private loans are also subject to lender credit approval. The interest rate is determined by the lender and interest begins accruing once the loan is disbursed to the student's account.

International students interested in financial aid are offered private student loans after completing the University Aid Application. Most lenders require a US co-signer for International student applicants. The interest on private student loans begins to accrue once the loan has been disbursed to the student's account. Students typically go into repayment six months after graduation.

Students that are enrolled in one course are not eligible for federal loans. The financial aid office offers students enrolled less than half-time private student loans which are subject to credit approval. Please contact the financial aid office if your enrollment differs from the information provided on your University Aid Application.

Students must enroll in a minimum of 1.5 units in a quarter in order to be eligible for federal loans. Please contact the financial aid office if your enrollment differs from the information provided on your University Aid Application.

No. Students may not request a refund via CAESAR until the first day of class.

If a student has completed all required documents and their term has officially started but their funds have not disbursed, they may come to the Office of Financial Aid with their Wild Card to request a cash advance. The maximum amount of cash advance per month varies per program. The cash advance will appear as a charge against the student's anticipated credit.

If a student rejected a portion of their loan assistance at the beginning of the year and decides later that they need those funds, they can request that the Office of Financial aid reinstates their originally offered loan amounts if the student is still eligible for those funds. Students may be required to complete additional loan applications or documents depending on the loan type. If students accepted 100% of the aid they were offered in their financial aid award, they are generally not eligible to receive additional federal loan but may be able to apply for a private loan.

If a student has accepted 100% of their loan assistance, the Office of Financial Aid may be required to return an equal portion of their loan assistance to make room in the cost of attendance for the outside scholarship. If a student has declined a portion of their loan assistance equal to or greater than the amount of the scholarship, their other aid will not be affected.

Scholarship checks should be sent to the Office of Financial Aid at 710 N. Lake Shore Drive, Suite 629, Chicago, IL 60611.

1. Are you over the age of 24 as of January 1 of this year (or last year if you are only applying for aid for winter/spring/summer)?
2. Are you married?
3. Do you have children for whom you provide 50% or more of their financial support?
4. Do you have other dependents for whom you provide 50% or more of their financial support?
5. Are you a Veteran of the United States Armed Forces?
6. Are you currently on active duty in the United States Armed Forces?
7. Are/were you an orphan or ward of the court?