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Office of Financial Aid

Office of Financial Aid home page
Week of April 17, 2006

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. Consolidation is available to students whether still in school or after graduation and there are benefits to both situations.

Recently, the Office of Financial Aid has received many inquiries regarding consolidation. Students have been bombarded by different lenders advertising the urgency and need for consolidation. For this reason, many students are unsure whether consolidation is something they should pursue and confused by the many details of the process.

With that in mind, our office will be hosting a Federal Stafford Loan Consolidation Information Session for all students. The speaker is a consolidation expert with over 20 years experience in the financial aid industry. This session will be very informative and it will give you a chance to get answers to all of your consolidation questions. Here are examples of questions that will be addressed at session:

Sample Questions

Which loans are eligible for federal student loan consolidation?
Why should I consolidate my eligible federal student loans?
I've already consolidated my federal student loans. Can I consolidate again?
If I am still in school, is it beneficial for me to consolidate my eligible federal loans through federal student loan consolidation?

The session will be held on Tuesday April 18, 2006 12:00 PM-2:00 PM in Room 370. We are planning to provide lunch during the session. It is very important that you RSVP to finaid@kentlaw.edu and let us know if you plan to attend. We need to make sure that we order enough food for everyone.

2006-2007 FAFSA

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

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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