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Office of Financial Aid

Office of Financial Aid home page

Week of April 25, 2016

Summer Financial Aid

Students who plan to take summer term courses at Chicago-Kent College of Law, or at an approved visiting school may be eligible for either federal or private loans. Students that plan on attending a summer study abroad program sponsored by Chicago-Kent or another school are encouraged to check in with our office. In order to be eligible you must have completed a 1516 FAFSA and have completed all required documents. We encourage students who are eligible for federal loans to accept these loans before considering private loans. Please note that anticipated loans and scholarships for the upcoming fall semester cannot be used to pay summer tuition.

At Least Half -Time Status
If you are registered at least half-time for the summer term (3 credits), you will be automatically offered federal loans. Once you accept your award(s) we will automatically process the federal loans under your current federal loan promissory note, as long as we have received your correct FAFSA information. 

If you have already used your entire $20,500 Federal Stafford Loan eligibility during this past fall and spring semesters, you can only be offered the Federal Plus Loan up to the cost of attendance budget limit for the summer term. If you have remaining Stafford Loan eligibility, this will be offered to you first before a Federal Plus Loan is offered up to the cost of attendance limit. Students will be awarded based on a cost of attendance budget that equates to approximately 3 months of living expenses plus summer term tuition charges.

Awarding for summer typically starts in mid to late April of each calendar year. Following that, approximately one week after you register for at least half-time you will be offered a summer term financial aid award package. You will receive an email award notification that will direct you to the myIIT portal to view and accept your award(s).

Less Than Half-Time Status
If you are registered less than half time for the summer term (less than 3 credits), you are ineligible for federal loans. You will not be offered an award if you are registered less than half time. You may apply for a private loan on your own if you wish or make payment arrangements with the Student Accounting Office. Some lenders offer private loans to students that are in less than half-time status during the summer term. In order to receive a private loan you must apply for the loan directly with the lender of your choice and inform our office in writing via email that it is your intention to use a private loan for summer term. Private loans are not automatically renewed. To apply for a private loan online with the lender of your choice, please visit our website for private loan information.

Federal Stafford and Federal Graduate Plus Loan Procedures
Once you have accepted your loan(s) via the myIIT portal, we will automatically process the loan(s) using your current promissory note(s) from the previous Fall and Spring semesters. If you have not borrowed a Federal Stafford Loan at IIT Downtown Campus, you will need to complete the loan requirements listed on our website. Even though you may not be required to complete a new promissory note, the Department of Education may be required complete a new credit check for the Federal Plus Loan, if your initial loan was approved more than 90 days ago. Also, if your initial Federal Plus Loan has an endorser, you will have to complete a new Master Promissory Note (MPN) and your endorser will need to complete the endorser application in order to receive the loan funds. See our website for Plus Loan credit information.

Summer Disbursement Schedule

Summer Loans will disburse according to the following schedule:

  • 10 days before classes start: Students with completed files for the summer term will receive their funds disbursed to their student accounts at this time. Our office must verify your enrollment and eligibility before the funds can be credited to your tuition account. This process may take approximately 1-3 days beyond the scheduled disbursement date. 
  • Refunds: Please contact the Student Accounting Office for refund estimation times. Their contact information is email: sa@iit.edu and phone: (312) 567-3794 option 5.

 

Federal Loan Exit Counseling Online Requirement

All students that have applied to graduate, and have borrowed Federal Loans at the IIT Downtown Campus are required to complete Federal Student Loan Exit Counseling. Students that attended a group session need to complete the final step of the exit counseling process online. If you attended the group session but did not complete the online requirement you will have a missing requirement on the myIIT portal until this is complete. If you were not able to attend a group session, you may complete the online session.

Follow the steps below to complete the online loan exit counseling session:

1. Go to https://studentloans.gov to complete the Online Federal Loan Exit Counseling.
2. Click “Log In” to begin the process using your FSA ID.
3. Select “Complete Exit Counseling” and Illinois Institute of Technology, Downtown Campus (001691-01) as your school.

The website will take you through the process one section at a time with questions to answer after each section. Once the online session is complete, electronic confirmation will be sent to our office fulfilling your Federal Loan Exit Counseling requirement. No financial data will be sent to our office, just the confirmation that you have completed the requirement. Please allow sometime for the requirement to show as cleared in your myIIT portal.

 

2016-2017 FAFSA Reminder

In order to qualify for financial aid each upcoming academic year you must complete a new Free Application for Federal Student Aid (FAFSA) each calendar year. The priority completion date is April 1st. 

(The summer 2016 term requires the 2015-2016 FAFSA. If you already have financial aid for the fall 2015/spring 2016 terms you do not have to do another FAFSA.)

You can complete your FAFSA online at http://www.fafsa.ed.gov. In order to apply you will need your Personal Identification Number (PIN). Please remember to include our school code, E00773, when completing your FAFSA and keep in mind that the school name will be listed as Chicago-Kent College of Law. 

Awarding for the new academic year typically begins mid to late March. Continuing students will receive a award notification email after this time if the FAFSA applicaiton is complete. FAFSA applications received after the start of the awarding period will be processed within 1-2 weeks.

The Department of Education has created a series of YouTube videos called FAFSA: Apply for Aid for an easy to understand step by step guide to the FAFSA process. The links to each video are below:

3L Students: May not be eligible for courses over 87 credits

In order to receive federal financial aid at Chicago-Kent College of Law you must meet certain enrollment criteria. Students that do not meet these criteria are not eligible for federal financial aid. The enrollment criteria are as follows:

  • Be enrolled at least-half time in courses that count toward the 87 credits required for graduation.  Any credits taken above the 87 credits required for graduation are not eligible for federal financial aid.
  • According to the Registrar’s Office, at least half time enrollment is considered to be: 6 credits for fall and spring semester and 3 credits for the summer term. For more information about registration, see the Registrar’s Office.
  • If you plan to take between 6 and 11 credits, it is best to send your fall and spring enrollment intentions to our office via email. This will prevent delays of your disbursements and refunds. Once we receive your enrollment intentions, we will customize your cost of attendance budget to reflect your projected enrollment. It is best to let us know your enrollment intentions at least 3 weeks before classes start to ensure your financial aid is not delayed.

We understand that you may be close to graduation and not need as many credits as in past semesters. However, you must still demonstrate at least half time enrollment to maintain your federal financial aid eligibility. If you do not meet the enrollment criteria your options are make to payment arrangements with the Student Accounting Office or to apply for a private educational loan (tuition only).

Scholarship Eligibility

If you are taking less than the minimum credits required for your program and are in your last semester, your scholarship eligibility will be reviewed by the Admissions Office before it can be applied to your student account. Please contact the Office of Admissions for further confirmation.

Bar study loan information

Bar Examination loans are intended to assist students in paying for bar preparation courses and meeting other financial needs while studying for the Bar Exam.

Students may submit the application for the Bar Exam Loan funds during their last year before graduation. The terms, conditions, and credit criteria for Bar Examination Loans are similar to those for alternative loan programs. Unfortunately, students with negative credit ratings are generally not eligible for Bar Exam loans.

To apply for a Bar Examination Loan, review the Bar Loan Information, on our website. Once you are approved, the lender will contact our office to certify your loan. The funds will be disbursed directly to you from the lender.

See our website or stop in the office for more information.

Don't Forget to Accept Your Awards

If you still have not accepted or declined your loans, please do so as soon as possible.  You must use your myIIT account to accept/decline your loans. If you do not accept your loans, we cannot process them. That is why we urge you to accept them now to avoid delays with disbursement. If you do not wish to wish to receive any of the funds, you may decline the loan(s) using the myIIT portal.

Please select one of the options below on the myIIT portal at: https://my.iit.edu/cp/home/displaylogin.

Accept: If you wish to receive any portion of the loans still listed as offered, you must accept the funds. Also, please be aware that you may be required to complete a Master Promissory Note and Loan Entrance Counseling with Direct Loans at studentloans.gov before the funds can be disbursed. Please refer to your 'Requirements' section on the myIIT portal, and see our website for more information about loan requirements.

Decline: If you do not wish to receive any of the funds still listed as offered please decline the loan(s) using your myIIT portal.

Information for 2L Students

Q: It looks like my 2015-2016 financial aid package is a lot smaller than the financial aid package that I received as a first year law student, is this correct?

A: Yes, for most students this is correct and here are the reasons why:

  • A one-time lap top allowance is included in your first year Cost of Attendance (COA) budget. This line item is not included in the COA for continuing students.
  • As a first year JD student, your COA is based on a flat rate tuition charge. As a continuing student your initial COA is based on a per credit tuition charge. The tuition component of the COA is based on a minimum of 12 credits per term for full time and 6 credits for part time students.
  • Eligible continuing students are awarded Federal Work Study (FWS). It is a need based employment program that requires students to earn their award amount through work. FWS reduces the amount a student can borrow in federal student loans. If you do not plan on participating in the program and need additional funds you may email to request the amount be converted into additional loan funds.
  • If your current cost of attendance does not meet your financial requirements please send your fall and spring enrollment intentions, and if you are authorizing a FWS conversion, via email to the Office of Financial Aid. In your email, please specify the following in your email authorization request:
  1. Exact dollar amount that you need
  2. Number of credits that you intend to take in both semesters
  3. If you are declining FWS

Please note, the Office of Financial Aid cautions students against borrowing up to the Cost of Attendance limit.

Planning to Study Abroad?

In order to determine if your study abroad program/course is eligible to receive financial aid please stop by the Office of Financial Aid. If you've been granted permission to study abroad through Chicago-Kent College of Law and are borrowing educational student loans to meet your educational costs, please contact the Office of International Law and Policy and you will be provided an electronic application to complete via Google Docs. The financial aid process for the study abroad program can take 4 to 6 weeks.

If credit is approved by home school (Chicago-Kent), the student may be considered enrolled at the home school for financial aid purposes. You must still follow the same eligibility criteria as if you were taking classes at Chicago-Kent. You must complete a FAFSA, be enrolled at least half time, be degree seeking, and the credits must count toward the required credits required for graduation. Student registered in credits over the graduation requirement (87 credits) may not be eligible for federal financial aid for those credits. See the headline, "Information for 3L Students". Please be aware that your Cost of Attendance during your study abroad term will be based on the living expenses and tuition charges of the program, not the standard Chicago-Kent budget. Additonal fees may be charged by the program.

The Office of Financial Aid does not determine the Cost of Attendance for study abroad programs. For this reason, it is very crucial for each student to thoroughly research the programs charges and costs of living prior to their departure. It is the students responsibility to budget themselves until their financial aid is processed.

Planning to Visit Another Law School?

If you have been granted permission to study at another law school for credit toward your Chicago-Kent law degree and are borrowing educational loans to meet your educational costs, you must notify the Financial Aid Office as soon as possible. You must complete the Financial Aid Request Form to Visit Another Law School, if you wish to use federal student loans.

We will ask the host school's Financial Aid Office to complete a Consortium Agreement with cost of attendance amounts, and their Registar's Office to provide enrollment verification with dates of attendance, and credit hours.

Once we receive all the required documentation from the visiting school, we will finalize your financial aid award, and you can accept the loans you wish to borrow on the myIIT portal. The funds will be scheduled to disburse to your student account according to your enrollment period at the visiting school. If you are expecting a refund, the Student Accounting Office will process it. It is the student's responsibility to pay tuition at the visiting school. Please be sure that you have set up direct deposit of your refund.

The Office of Financial Aid does not determine the Cost of Attendance for host schools. For this reason, it is very crucial for each student to thoroughly research the host school's charges and costs of living prior to their departure. It is the students responsibility to budget themselves until their financial aid is processed.

NASFAA Financial Literacy Report

The Opportunities to Improve the Financial Capability and Financial Well-being of Postsecondary Students report describes current efforts to enhance financial education among students to help them make informed decisions about choosing where and how to finance postsecondary education, and to aid students in making sound financial decisions when enrolled and beyond. Key topics include:

  • Policies and resources to help students make decisions on college choice and financing;
  • Tools for navigating the college search and decision-making process;
  • Tools for navigating postsecondary education financing and repayment;
  • Financial decisions facing currently enrolled students and recent graduates;
  • Institutional efforts to improve the financial capability of enrolled students;
  • Recommendations and next steps for higher education institutions

Free Credit Report

Did you know that you are now able to receive a free credit report once every 12 months? We encourage students to review their credit reports annually to check for inaccuracies and identify any suspicious activity.

To receive your free credit report, please visit the following link: http://www.annualcreditreport.com. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

Please be aware that other sites may advertise free credit reports, but this is the only site that is sponsored by the federal government and the three nationwide credit reporting agencies. Other sites may charge fees.

Financial Aid Contact Information

The Office of Financial Aid is dedicated to assisting students in financing their education and making financially informed and responsible decisions. Please feel free to contact our office at any time during the office hours listed below.

Normal Office Hours - Suite #230

Monday-Thursday ~ 8:30 a.m. to 6:00 p.m.

Friday ~ 8:30 a.m. to 4:30 p.m

Phone: (312) 906-5180 - Fax: (312) 906-5274

Email: finaid@kentlaw.iit.edu


 

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