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Office of Financial Aid

Office of Financial Aid home page
Week of June 6, 2005

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.

Consolidation information for in-school students

Consolidation information for graduates

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.

Law Students

First disbursement: May 13, 2005

Second disbursement: June 22, 2005

Business Students

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: 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


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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