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Office of Financial Aid

Office of Financial Aid home page
Week of August 8, 2005

The Loan Disbursement Process: Step-by-Step

All loan funds, both federal and private, are sent directly to the school according to the disbursement schedule listed below.

1. When we receive the funds, we must verify that you are eiligible to receive the funds. This process takes 1-3 business days.

2. The funds are then credited to your tuition account. You will receive an email from the Bursar's Office informing you that billing activity has occurred.

3. If a credit balance exists after the funds have been credited, the Bursar's Office generates a refund check for you. This process takes 5-7 business days.

4. The Bursar's Office will then notify you when the check is ready to be picked up.

If you have any questions regarding the financial aid funds that have been credited to your account, please contact the Office of Financial Aid. If you have any questions regarding the charges on your account or your refund check, please contact the Bursar's Office at 312-906-5160.

Fall 2005 Disbursement Schedule

Law Students

First disbursement: August 12, 2005

Second disbursement (for Fall-only Stafford loans): October 24, 2005

Business Students

First disbursement: September 6, 2005

Second disbursement (for Fall-only Stafford loans): November 14, 2005

MPA Students

First disbursement: August 25, 2005

Second disbursement (for Fall-only Stafford loans): October 21, 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

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.

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

 

CALENDARS

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