Summer 2005 Financial Aid
The summer term is the first term of the 2005-2006
academic year. Summer financial aid, however, is processed
separately from the regular academic year.
Students must complete the 2005-2006 FAFSA in order to
receive federal loans for the summer term. The Office of
Financial Aid cannot process federal loans for a student
until his or her FAFSA information is received.
In order to receive federal financial aid for the summer
term, students must be enrolled at least half-time. Half-time
status is defined as the following: Chicago-Kent College
of Law (JD & LLM) students must enroll for at least
6 credits; Stuart School of Business students must enroll
for at least 7.2 credits; Master of Public Administration
students must enroll for at least 5 credits.
The Office of Financial Aid will automatically process
summer federal loans for students who are enrolled at least
half-time during the summer term. Law and MPA students will
receive 1/3 of their federal loan eligibility during the
summer term and business students will receive 1/4 of their
federal loan eligibility. Students may choose to borrow
alternative loan funds in addition to their federal loan
funds for the summer term. To do so, they must apply for
a loan directly with the lender of their choice.
Students who are not enrolled at least half-time may choose
to borrow alternative loan funds for the summer term. To
do so, they must apply for a loan directly with the lender
of their choice.
Make-up Loan Exit Counseling Sessions
If you borrowed Federal Stafford Loans and
you plan to graduate in Winter or Spring 2005, you are required
to complete Loan Exit Counseling. The counseling session
will provide you with information regarding loan repayment
and federal loan consolidation. The Office of Financial
Aid be hosting the following Loan Exit Counseling sessions
for students who were not able to attend the sessions that
were offered previously:
Monday, April 25th
6:00 to 7:00pm in Room C50
Tuesday, April 26th
12:00 to 1:00pm in Room 520
Please RSVP to the Office of Financial Aid
Federal Loan Consolidation
In the coming months, we expect that students will
be hearing a lot about federal loan consolidation. In
fact, many of you have probably been contacted by consolidation
lenders urging you to consolidate before interest rates
Please be aware that the interest rate on Federal Stafford
Loans, which is variable, can only be changed by the
federal government once a year on July 1. Therefore,
we urge you not to rush into loan consolidation before
knowing all of the facts. Do not be deceived by some
lenders who will try to convince that you must consolidate
That being said, we do expect the interest rate that
will be set on July 1 to be higher than the current
in-school rate of 2.77%. We encourage students who are
graduating this spring to attend one of the loan exit
counseling sessions listed below. A great deal of time
in the session will be spent on the topic of loan consolidation.
Some students who are not graduating may be eligible
for an in-school consolidation. If you are unsure whether
you are eligible, please contact our office at firstname.lastname@example.org
or email@example.com. You are also welcome to attend
the loan exit counseling sessions even if you are not
graduating in Winter 2004 or Spring 2005.
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: 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.
In order to qualify for federal financial
aid for 2005-2006, you must complete a Free Application
for Federal Student Aid (FAFSA) or Renewal FAFSA for 2005-2006.
In order to complete the 2005-2006 FAFSA you will need
to provide 2004 income and tax information, so we recommend
that you complete your 2004 tax returns before filing
You can complete your FAFSA or Renewal FAFSA
online at www.fafsa.ed.gov
Refund checks are generated by the Bursar's Office
and are available to be picked up at their office
(Room 290) approximately 5-7 business days after a
credit has resulted in a student's account. At this
point in the term, most financial aid funds have been
credited to students' accounts.
The Bursar's Office will send the student an email
when a refund check is available.
- 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