Frequently Asked Questions
The Office of Finanical Aid receives numerous questions each semester from students. The most-frequently asked have been answered below. Please contact us with further questions.
Click a question below to show the answer.
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Tuition, fees, and living expenses information is available through the admission web pages.
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To request a change to your existing loan amount, please email the Office of Financial Aid at law-finaid@uic.edu.
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Students interested in deferring their loans should first review the loan deferment information available online through the Registrar’s Office. Students can contact the Registrar’s Office at law-registrar@uic.edu.
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National Student Loan Data System (NSLDS):
You can find a full history of your federal student loans through the National Student Loan Database System (NSLDS).
Access to this system requires the same FSA ID and password used for FAFSA. You can create a new FSA ID here:https://fsaid.ed.gov/npas/index.htm.
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Consolidation is a process through which you can combine several different federal educational loans together into one consolidation loan. Advantages of this program are:
- If you have loans held by several different lenders, you can pay them all in one place.
- You can reduce your monthly payment by extending your payments over a longer period of time.
- You can research and compare the availability of a low fixed interest rate.
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Lifetime Learning Credit:
What is it?
According to the IRS website, the “Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses—including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.” You can access more information by visiting www.irs.gov/Individuals/LLC.
Who qualifies?
You may be eligible for this credit if you pay the tuition and related expenses of higher education for an eligible student whom you claim as an exemption on your tax return. You can claim this credit even if you pay these educational expenses with the proceeds of a loan. You must have tax liability (Form 1040, Line 42 or Form 1040A, Line 28 is greater than zero) to benefit from this credit. Eligibility for this credit is income-contingent and is phased out as your income becomes larger. The phase-out occurs between the following income levels: $41,000 to $51,000 for single filers; $82,000 to $102,000 for joint filers. You cannot claim this credit if you are married filing separately or if you are filing a 1040EZ.
How do I claim it?
To claim the Lifetime Learning Credit, you must complete IRS Form 8863 and submit it with your Form 1040 or 1040A.
Deduction of Qualified Higher Educational Expenses
What is it?
This deduction may benefit you if you cannot claim the Lifetime Learning Credit. This is an adjustment to income, not a Schedule A deduction. More information can be found on the IRS website at www.irs.gov/Individuals/Qualified-Ed-Expenses.
Who qualifies?
You may be eligible for this deduction if you pay the tuition and related expenses of higher education for an eligible student whom you claim as an exemption on your tax return.You can claim this deduction even if you pay these educational expenses with the proceeds of a loan.Eligibility for this deduction has an income ceiling of $65,000 for single filers or $130,000 for joint filers.You cannot claim this deduction if you are claiming the Lifetime Learning Credit.
How do I claim it?
Complete the tuition and fees deduction worksheet included with your 1040 or 1040A.
Student Loan Interest Deduction
What is it?
The information provided by the IRS states, “Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, if your modified adjusted gross income (MAGI) is less than $80,000 ($160,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2014.” For more information please visit the IRS website at www.irs.gov/publications/p970/ch04.html.
Who qualifies?
You may be eligible for this deduction if you paid any interest on an eligible educational loan during the year.Eligibility for this deduction is income-contingent and is phased out as your income becomes larger.The phase-out occurs between the following income levels: $50,000 to $65,000 for single filers; $100,000 to $130,000 for joint filers.You cannot claim this deduction if you are married filing separately or if you are filing a Form 1040EZ.
How do I claim it?
Figure the deduction using the “Student Loan Interest Deduction Worksheet” in the Form 1040 or Form 1040A instructions.
There are many other provisions to the Taxpayer Relief Act.Please consult with your tax advisor to be sure you are eligible for any of these taxpayer benefits.
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UIC Law is a self-supporting college that does not receive any direct state appropriations. Accordingly, students who are also employees of the University of Illinois system are not eligible to receive tuition and fee waivers from UIC Law based on their employment status. University of Illinois employees may be eligible to be considered for merit-based scholarships awarded by the Law School under the same eligibility requirements as other law students.