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Office of Financial Aid

Office of Financial Aid home page
Week of March 3, 2003

 

SPRING LOAN DISBURSEMENTS...
For Law Students are scheduled for January 13, 2003
For Stuart School Students are scheduled for March 3, 2003

 

Update: Federal Regulation Change ~

As of September 30, 2002, Federal Regulations have required Financial Aid Administrators to process any Federal Loans for students that are for one term only in two separate disbursements within that term. Please make a note of the following disbursement schedules if you have or will be applying for federal aid for one term only:

STUART SCHOOL OF BUSINESS:

WINTER:

1st disbursement - 11/18/02

2nd disbursement - 01/06/03

SPRING:

1st disbursement - 03/03/03

2nd disbursement - 04/07/03

LAW SCHOOL:

SPRING:

1st disbursement - 01/13/03

2nd disbursement - 03/24/03

 

Financial Aid Deadlines:

In order to process financial financial aid for the specified terms, students must have all the required documentation completed and submitted to the Financial Aid Office by the following dates:

LAW STUDENTS:
Fall- December 16, 2002
Spring- May 15, 2003
MBA STUDENTS:
Fall- November 11, 2002
Winter- February 14, 2003
Spring- May 9, 2003
 

Exit Interviews

Attention Graduates! It's that time again...time for all graduating students who have applied for Federal Stafford Loans to complete a mandatory Exit Interview. If you were unable to attend last week's Exit Interview Sessions, you may stop by the Financial Aid Office to pick up your Borrower Loan Profile and complete an Exit Interview Form.

**Again, if you did not attend one of last week's sessions, you still must complete an Exit Interview Form or a hold will be placed on your account which will prevent you from obtaining your diploma! You may complete an Exit Interview online at www.kentlaw.edu/depts.finaid with either lender listed.

 

New Students: ENTRANCE INTERVIEWS

All new students who have applied for Federal Stafford Loans MUST complete an Entrance Interview. You may complete an entrance interview online at www.kentlaw.edu/depts/finaid. You may complete the entrance interview with one of the two lenders listed.

Perkins Loan Recipients

Perkins Loan promissory notes will be available beginning the week of August 26 at the Office of Financial Aid. Perkins Loan promissory notes must be completed each year that a student is awarded a Perkins Loan. Please stop by our office to pick up and complete your promissory note. PLEASE NOTE: in order to ensure that you receive your Perkins Loan, you must bring the address and phone number of both of your parents (if available), the address and phone number of two separate references, and the address and phone number of your employer (if any).

 

Award Letters

Please note that for the upcoming academic year, students will receive Award Letters by both first-class mail and e-mail. Students may access their Award Package at: https://webforsun.cns.iit.edu/ahomepg.htm

Continuing Students

For the 2002/03 academic year, Federal Stafford loans will be processed with the lender that you selected for the current (2001/02) year and will be for the amounts that are listed on each student's 2002/03 Award Letter. If you wish to select a different lender, please notify the Financial Aid Office in writing (an e-mail would suffice).

Joint-Degree Students

If you are a student who is planning on taking both Law and MBA Courses for the 2002-03 academic year, please be advised that this may affect your financial aid.  Please call the Financial Aid Office at (312) 906-5180 and schedule an appointment with a financial aid counselor so we may give you a detailed breakdown of how your loans will be disbursed.

Please be aware that if you are not enrolled in law classes for a given term, then you are not eligible to receive Chicago-Kent College of Law School Scholarships (if awarded). Moreover, if you are not enrolled in any MBA classes for a given term, then you will not be eligible to receive a Stuart School of Business Scholarhips (if awarded).

 

ALL STUDENTS -- Applying for Private Loans

PRIVATE LOAN PROCESSING FOR 2002-2003 (for Summer and Fall-Spring): In order to receive a private loan for Summer 2002 and/or Fall-Spring 2002-03, you must apply for the loan directly with the lender of your choice. You may apply for the loan(s) on-line by going to www.kentlaw.edu/depts/finaid and clicking on "Applying for private loan 2002-03". This will bring you to a lender chart where you may apply directly with the lender of your choice when you click on the hyperlink that will lead you to their website. Or, you may pick up an application at our office or apply over the phone (only with certain lenders). If you complete a paper application, please turn it in to our office.

NOTE: If you apply online for a private loan, and are approved for the loan after a credit history is completed, please keep in mind that the lender will not begin the certification process until they receive all the information necessary in order to process the loan. In other words, the lender will notify the Financial Aid Office only when they receive your completed Application/Promissory Note. Therefore, when calling the lender to check the status of your loan, please confirm that the lender is not missing any information or documentation in order to finish processing your loan.

Please keep the following in mind when applying for a private loan: Summer 2002 is a separate loan period from Fall-Spring 2002-03 and requires a separate private loan application. Therefore, if you want private loans for Summer and Fall-Spring, you need to apply for two loans with your lender.

Also, before you apply, we suggest that you contact your lender to find out the current terms fo their private loan (such as interest rates, fees and repayment options), because some lenders are still using the terms for 2001-02 and have not yet updated their systems with the new 2002-03 terms.

 

FAFSA Information:

For the current (2001/02) academic year, complete the 2001/2002 FAFSA. For the upcoming (2002/03) academic year, complete the 2002/2003 FAFSA or the 2002/2003 Renewal FAFSA.

Begin the federal financial aid application process online using the Department of Education's FAFSA on the Web.  It's free, fast, easy and accurate!!  www.fafsa.ed.gov - Contact the Downtown Campus Office of Financial Aid to find out about additional paperwork that may be required to process your financial aid.

Illinois Institute of Technology- Downtown Campus School Code: E00773

In order to complete your FAFSA online, you must have a PIN number. In order to obtain a PIN number, you may access the following website: www.eac.ed.gov

If you need help completing the Free Application for Federal Student Aid (FAFSA), the Department of Education provides this helpful site with complete instructions, and phone numbers if you need more help:
www.ed.gov/prog_info/SFA/FAFSA

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Tax Benefits for Higher Education

Did you know that there are U.S. tax breaks if you plan to go to college?  Go to the following website to learn about tax breaks for those either planning to go to college, already in school, or for people who have graduated and are paying back loans on their education:  www.ed.gov/offices/OSFAP/

Exit Interviews

Exit interviews may be completed by visiting the following website:

www.kentlaw.edu/depts/finaid

Graduating students or students who have withrawn from the school must complete Exit Counseling. Students who graduated in December and have not received a Borrower Profile may contact the Financial Aid Office.

You may obtain information about your outstanding federal loans by visiting The National Student Loan Data System (NSLDS). NSLDS is the U.S. Department of Education's central database for student aid.  NSLDS provides a centralized, integrated view of Title IV loans that are tracked through their entire cycle: www.nslds.ed.gov 

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Visiting Another Law School

If you are planning to visit another law school for any term, and you would like to apply for financial aid, please submit all of the required paperwork to ensure receiving your disbursements in a timely manner.  If you have any questions regarding this process, please call the Office of Financial Aid. 


 



Office Hours

The Office of Financial Aid is open Monday through Thursday, 8:30 AM to 6:00 PM and Friday, 8:30 AM to 4:30 PM.  We are located on the second floor in Suite 230.  Please feel free to stop in our office during business hours or contact us at (312)906-5180 with any concerns or questions you may have. 

 

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