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Office of Financial Aid

Office of Financial Aid home page
Week of May 2, 2005

Spring 2005 Financial Aid Deadlines:

Law Student

If you are applying aid for Spring 2005, your file must be complete with the Office of Financial Aid by 5/15/2005.

Stuart Student

If you are applying aid for Spring 2005, your file must be complete with the Office of Financial Aid by 6/1/2005.

 

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.

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 are raised.

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 right now.

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 finaid@kentlaw.edu or finaid@stuart.iit.edu. 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.

2005-2006 FAFSA

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 your FAFSA.

You can complete your FAFSA or Renewal FAFSA online at www.fafsa.ed.gov

REFUND CHECKS

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.

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

 

 


 

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