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Office of Financial Aid

Office of Financial Aid home page
Week of February 20, 2006

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 March.

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 next year.

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 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: 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.

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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