New Stafford Loan Rates
The new Federal Stafford Loan rates for the
period from July 1, 2005 to June 30, 2006 have been set.
The rates are as follows:
4.70% during in-school, grace, or deferment
5.30% during repayment
Federal Student Loan Consolidation
On July 1, 2005, the variable interest rate on Federal
Stafford Loans will increase by nearly two percentage points.
In order to take advantage of the current low interest rates
on Federal Stafford Loans, students should consider federal
student loan consolidation. Federal student loan consolidation
allows students to lock-in a low fixed interest rate on
federal student loans.
Recently, the Office of Financial Aid has received many
inquiries regarding consolidation. Many students are unsure
whether consolidation is something they should pursue. With
that in mind, our office has created the following information
regarding the "pros and cons" of federal loan
consolidation, both for students who are in-school and those
who have graduated. Please click the appropriate link below
for this information.
for in-school students
Please note: You are considered in-school even if you are
not attending during the summer session.
Summer 2005 Disbursement Schedule
According to federal regulations, all Federal
Stafford loans must be disbursed in two seperate disbursements.
The disbursement schedule below applies to all Federal Stafford
loans. Private loans will be disbursed once at the beginning
of the summer term.
First disbursement: May 13, 2005
Second disbursement: June 22, 2005
First disbursement: June 20, 2005
Second disbursement: July 25, 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.
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