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 2016-2017 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 Unsubsidized 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 Unsubsidized 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 Unsubsidized 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 180 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:†firstname.lastname@example.org†and phone: (312) 567-3794.
Federal Loan Exit Counseling
All students that have applied to graduate, and have borrowed Federal Loans at the IIT Downtown Campus are required to complete the two-step Federal Student Loan Exit Counseling Process below:
Step 1: Attend the in person Exit Counseling Session: It is very important that you attend the in person loan exit counseling session. By attending the session, you may gain a more in depth understanding of your student loans, your loan repayment options, and realistic loan repayment examples and scenarios. During the session, please take the opportunity to get answers to your student loan questions. You will also obtain your personal Loan Portfolio that lists all of the federal loans that you received while attending the IIT Downtown Campus. Please bring an ID and arrive early to pick up your Loan Portfolio. This will allow the presenter to go through all the material and answer all of your questions. If you already attended a group session or had a one-on-one appointment during the fall 2016 semester, you can skip this step and just complete step 2 below.
Group Session Dates (Room 590):
Tuesday April 11th at 12-1pm & 3-4pm
Wednesday April 12th at 6-7pm
One-on-one appointments (At Financial Aid Office):
Wednesday April 12th
Thursday April 13th
Please RSVP here with your preferred time.
Students that have already attended a session in December can disregard the notice to complete step 1, but please make sure you complete step 2 to finalize your loan exit counseling requirement.
Step 2: After you attend the in-person session you must complete the online requirement. We will take attendance during the in person loan exit session. All students that attend the in person session will receive instructions for completing the online Loan Exit Counseling session. Once the online session is complete, your Federal Loan Exit Counseling requirement will be fulfilled.†
Please RSVP here with your pereferred time.
The Office of Financial Aid understands that this is a very busy time for you but we strongly recommend that you take the time to complete your loan exit counseling requirement now rather than later. We have scheduled the sessions now so that distractions from your finals, job interviews and bar exam studying are minimized. It is our goal that when you graduate you feel informed and more at ease about your loans and your repayment options. Please keep in mind that if you are unable to attend any of these sessions we will make accommodations for you to meet this requirement at a later date.
Complete 2017-2018 FAFSA
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 2017 term requires the 2016-2017 FAFSA. If you already have financial aid for the fall 2016/spring 2017 terms you do not have to do another FAFSA for summer 2017).
You can complete your FAFSA online at†http://www.fafsa.ed.gov.†In order to apply you will need your FSA ID. 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.†
If you need help completing the FAFSA, the†Department of Education†provides several helpful resources with complete instructions, videos, and contact numbers. Additionally, if you have any questions please feel free to call the Office of Financial Aid at (312) 906-5180, or send an email to†email@example.com.
FAFSA Changes Effective 2017-18 Aid Year:
Department of Education Video Announcement
The 2017-2018 FAFSA will collect income information from two years prior versus the previously required one year prior. This means you will use your 2015 income information on the 17-18 FAFSA. We encourage all students to use the IRS Data Retrieval Tool (DRT).
Please note that the Office of Financial Aid will not be able to provide you with a 2017-2018 award notification until March of 2017.
The table below summarizes the changes in detail.†
Yearís Income Required
July 1, 2016-June 30, 2017
(Fall 2016, Spring 2017, Summer 2017)
January 1, 2016-June 30, 2017
July 1, 2017-June 30, 2018
(Fall 2017, Spring 2018, Summer 2018)
October 1, 2016-June 30, 2018
July 1, 2018-June 30, 2019
(Fall 2018, Spring 2019, Summer 2018)
October 1, 2017-June 30, 2019
- You do not need to complete your taxes before filling out the FAFSA.
- Since tax data from two-years prior will be readily available upon application, the IRS Data Retrieval Tool (DRT) easily allows applicants to access the IRS tax return information needed to complete the FAFSA, and transfer the required information directly into the FAFSA from the IRS. The FAFSA includes a link to the IRS if an applicant is eligible to use the IRS DRT. It is a fast and most accurate way to input income and tax information into the FAFSA. Use of the IRS DRT will dramatically reduce the likelihood of your FAFSA being selected for verification.
Deadline for Spring Aid: April 28th
The deadline to accept financial aid and turn in any missing documentaiton (except for exit counseling) for the spring semester is April 28, 2017. If you still have not accepted or declined your loans, please do so as soon as possible using your myIIT portal account.† 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.
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. You can still accept loans later in the academic year. If you decline them now you will need to simply email our office to reinstate them. If you leave them in the offered status you can go back to the myIIT portal and accep them later in the academic year. Please keep in mind that tuition is due to the Student Accounting Office when classes start according their billing schedule.
Click here for deadlines to accept loans for each semester.
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 Registrarís 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†Registrarís 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).
Chicago-Kent Scholarship Eligibility
If you are in your last year and are taking less than 12 credits per semester, no action is required of you to receive your scholarship. Your scholarship will be posted to your student account, but the total amount of scholarship funds cannot exceed your tuition.
2L Student: Awarding changes from 1L year
Your financial aid award will be less than the financial aid package you received your 1L year. Please read the below and if you need to make changes please emails us with the required information below.
These are the awarding differences going from 1L to 2L:
- 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:
- Exact dollar amount that you need
- Number of credits that you intend to take in both semesters
- If you are declining FWS
Please note, the Office of Financial Aid cautions students against borrowing up to the Cost of Attendance limit.
1L Students: Your Award Breakdown
Financial aid is awarded for the entire academic year. Not per semester. This means you will receive an equal half of your accepted aid for the fall semester and the other half for the spring semester, minus the loan origination fee.
The tuition billing for first year students is based on a flat rate of 30 credits for the year. Students have a set registration schedule of 16 credits for the fall semester and 14 credits for the spring semester (unless they opt to do the 1L Your Way alternative). Tuition is billed per credit hour per semester. This means your charges for the fall and spring semester will not be equal, but your financial aid disbursements will be equal. As a result, your accepted financial aid may not cover all of your charges or provide you with the refund amount you were expecting.
We strongly recommend students plan accordingly and have created this form to help you determine your aid and refund per semester.
Loan Origination Fee Increase
As of October 1, 2016 the Federal Direct loan origination fees has increased for the remainder of the 2016-2017 academic year and will remain effective until October 1, 2017.
New Loan Origination (effective 10/1/16-10/1/17):
Federal Direct Unsubsidized Stafford Loan: 1.069%
Federal Direct Plus Loan: 4.276%
The new loan fee percentages will apply only to loans where the first disbursement of a loan is made on or after October 1, 2016. This means, if your loan was already disbursed for the fall semester it will not be affected. The second disbursement for spring will still have the prior fee and will not be increased.
2016-2017 Student Loan Interest Rates
Federal Direct Loan interest rates have decreased for the 2016-2017 academic year. The interest rates will be fixed for the life of the loan. Since 2013 interest rates on federal student loans have been set annually according to the 10-year Treasury note rate, plus a fixed percentage that differs by loan type.
Federal Direct Unsubsidized Loan: 5.31%
Federal Direct Plus Loan: 6.31%
See our website for more information.
Federal Work Study
There is a new eligibility requirement for Federal Work Study (FWS). The cut off EFC (Expected Family Contribution) from the FAFSA will be $9,000 for the 2016-2017 academic year. You can view your EFC on the FAFSA Student Aid Report sent to you by the Department of Education after you complete the FAFSA. Students that have an EFC over this amount may not be eligible. This is in addition to all other criteria:
1. Complete the FAFSA
2. Answer "Yes" to FAFSA question 31.
3. Accept the FWS award on the myIIT portal.
See our website for more information.
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. Additional 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.
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 Registrar'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.
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.
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.