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Office of Financial Aid

Financial Aid Requirements (Direct Loans)

MPN-Master Promissory Notes: (Mandatory for Disbursement)

New Students/First Time Borrowers

  • Click here to apply for Direct Stafford and Direct Graduate Plus Loans (Master Promissory Note)
  • New students and/or first time borrowers must complete the online Master Promissory Note/Application in order to receive these funds.
  • Click the green "sign in" button to begin the process. You must use your FAFSA Pin number to sign in. This link will take you to the Department of Education online Direct Loan Electronic Master Promissory Note application. You must sign the MPN electronically on the DOE website. Complete the MPN for the corresponding loans that you accepted on your myIIT portal financial aid award (Stafford Unsubsidized has only one MPN, and Graduate PLUS is a separate MPN). 

Continuing Student Borrowers

  • Students that have borrowed the Stafford Unsubsidized Loans in past acacdemic years at the IIT Downtown Campus are not required to complete a new Direct Stafford Loan MPN.
  • Students that have borrowed the Graduate Plus Loan in past academic years at the IIT Downtown Campus are not required to complete a new Direct Graduate Plus Loan MPN. Direct Loans will run a new credit check for each academic year to make sure you still qualify. If you are approved you do not need to do anything else. If you are not approved, Your options are to add an endorser to the loan or appeal the credit decision. You must also complete a new Federal Graduate Plus Loan Master Promissory Note after you are approved for the loan, before the funds can be disbursed to your student account.
  • If you wish to add an endorser, your endorser must first apply for a PIN online at www.pin.ed.gov. Then log onto: https://studentloans.gov/myDirectLoan/index.action and click the green "sign in" button to begin the process using their FAFSA PIN number to sign in. Select “Complete Endorser Addenda” in the left hand menu “My Loan Documents” section. To submit a paper copy you can choose the “Print Endorser Addendum” from the “PLUS Loan Process” menu on the left hand side, this option can take longer to process. To complete a new Master Promissory Note select “Complete Master Promissory Note” from the “Master Promissory Note” menu.
  • You will need your loan reference number that starts with your social security number followed by the loan ID nubmer:  P12E0183300X and the number of your Graduate Plus Loan request.  For example, if this is your first Graduate Plus Loan request, your loan reference number will end in the number 1, and so on, replacing the X in the example. If you have any questions about your loan status or need assistance applying with an endorser or appealing the credit decision, please contact the Direct Loan Origination Center at 1-800-557-7394.
  • Please allow at least 1 week for these requirements to clear on the myIIT portal. Please be aware that your loan disbursements will not credit to your account until you take action. 

Online Loan Interviews: (Mandatory for Disbursement)

New Students/First Time Borrowers Only

  • Direct Stafford Loan and Direct Graduate Plus Loan Entrance Counseling Interview
    Click the green "sign in" button to begin the process. You must use your FAFSA Pin number to sign in. This link will take you to the Department of Education Online Counseling Page. Select Entrance Counseling and the loan type you are accepting. If you accepted just the Stafford Loan, select the counseling session just for the Stafford Loan. If you accepted the Stafford and Graduate PLUS Loan select the combination Stafford and PLUS Loans counseling. Online Federal Entrance Counseling must be complete before the funds are released to the student. Once the online session is complete, electronic confirmation will be sent to our office. Please allow at least 1 week for the requirement to clear on the myIIT portal.
  • Direct Stafford Loan and Direct Graduate Plus Loan Exit Counseling Interview
    Online Federal Exit Counseling Interview must be complete upon graduation or when enrollment is classified as less than half-time.Click the green "sign in" button to begin the process. You must use your FAFSA Pin number to sign in. Once the online session is complete, electronic confirmation will be sent to our office.

Perkins Loan Promissory Note (Mandatory for Disbursement)

  • If you have been awarded a Federal Perkins Loan, please check your Kent email (or your IIT e-mail address on the welcome screen of your myIIT portal, as communications could be sent there), for information from the IIT Perkins Loan servicer, ESCI, on completing the Promissory Note and Entrance Counseling. This maybe marked as spam in your mailbox, but it is not. You will not be able to complete it online if ECSI does not have your information on file, that is why we ask that you wait untill you receive an email notification. However, if mid-August has past and you have not completed this requirement, please contact ECSI directly at 1-888-549-3274 and state IIT Downtown Campus as your school.

Forms to Download 2012-2013

Forms to Download 2011-2012

 

 

ADDITIONAL INFORMATION


 

 

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