Federal Loan Consolidation Session
On July 1, 2006, the variable interest rate on Federal
Stafford Loans is expected to 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 decided to host a Federal Stafford
Loan Consolidation Information Session. The speaker is a
consolidation expert with over 20 years experience in the
financial aid industry. This session will be very informative
and will give you a chance to get answers to all of your
Tuesday April 18, 2006 12:00 PM-2:00 PM in Room 370
Please RSVP to firstname.lastname@example.org and let us know if you
plan to attend.
In order to qualify for federal financial
aid for 2006-2007, you must complete a Free Application
for Federal Student Aid (FAFSA) or Renewal FAFSA for 2006-2007.
In order to complete the 2006-2007 FAFSA you will need to
provide 2005 income and tax information, so we recommend
that you complete your 2005 tax returns before filing your
FAFSA. However, we also recommend that you complete your
FAFSA as soon as possible to receive full consideration
for financial aid.
You can complete your FAFSA or Renewal FAFSA
online at www.fafsa.ed.gov
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.
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