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
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