06-07 FAFSA Recommended Deadline: March 1st
While we do not require that you file your 2006-2007 FAFSA
by March 1, 2006 in order to receive financial aid for the
upcoming academic year, we recommend that you do so in order
to qualify for as much need-based aid as possible.
Our office has limited Perkins Loan funds available each
year, which we award to eligible students on a first-come,
first-served basis. The earlier you file your 06-07 FAFSA,
the greater the chance that you will receive a Perkins Loan
for 06-07. In past years we have been unable to award Perkins
Loans to students who completed the FAFSA later than early
The Federal Perkins Loan is a subsidized loan, meaning
that no interest accrues while you are in school, with a
fixed interest rate of 5%. With Federal Stafford Loan interest
rates expected to increase again on July 1, 2006, the Perkins
Loan will be the most favorable federal education loan available
If you are unable to file your 2006-2007 FAFSA by March
1st, we recommend that you file as soon as possible thereafter.
You must file an 06-07 FAFSA if you plan to attend the IIT-Downtown
Campus in the summer 2006 term or 2006-2007 regular academic
year and would like to receive federal financial aid.
Attention Spring 2006 Graduates!
Federal Loan Exit Counseling
Federal regulations require that all students who have
borrowed Federal Stafford Loans while attending the IIT
Downtown Campus complete federal loan exit counseling. Our
office will be holding the following group sessions for
students who expect to graduate in the spring:
Tuesday, March 21st, 12:00 to 2:00pm in Room 590 (Lunch
will be served)
Wednesday, March 22nd, 3:00 to 4:00pm in Room 590
In addition to the information that we are required to
provide, this session will also include information about
federal loan consolidation. Since we expect Federal Stafford
Loan interest rates to increase again on July 1, 2006, it
is important to consider consolidating, even if you have
consolidated in the past.
Please RSVP to firstname.lastname@example.org and let us know which
session you plan to attend.
Applying for Private Loans
Whether you are applying for a private loan for the first
time this academic year or you are looking to borrow additional
funds, please keep the following in mind:
Borrowing for the first time this year:
Apply online with any of our preferred lenders here.
Remember to apply for the amount that you want to receive
for the full academic year (fall/spring for Kent students
and fall/winter/spring for Stuart students). Our office
will automatically certify your loan for the full academic
year and split the total loan between all terms.
Borrowing additional funds:
Students who have already borrowed a private loan with
Access Group for the 05-06 school year may complete a loan
amendment form to increase their loan amount. Please stop
by our office in Room 230 to complete this form.
Students who have already borrowed from any other private
lender must apply for an addtional loan. To do so online,
please visit our preferred lender list here.
Please keep in mind that all loans will be certified for
the full academic year, so plan accordingly when requesting
your loan amount.
Please be aware that our office will only certify additional
loan funds for you if you are eligible to receive additional
financial aid. Your total financial aid award for the 05-06
school year cannot exceed your cost of attendance, as calculated
by our office.
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.
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.
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