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Office of Financial Aid

Office of Financial Aid home page
Week of August 21, 2006

Fall 2006 Disbursement Schedule

Law Students

Disbursement: August 18, 2006

Business Students

Disbursement: August 28, 2006

MPA Students

Disbursement: August 24, 2006

Fall Loan Disbursement Process: Step-by-Step

All loan funds, federal, Graduate PLUS 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 eligible to receive the funds. This process takes 1-3 business days. When the funds are released

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 status of your refund check or charges on your account, please contact the Bursar's Office at 312-906-5160.

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.

Perkins Loan Promissory Note News

The Office of Academic Administration and Student Affairs will distribute Perkins Loan Promissory Packets. The Perkins Loan packets will be distributed by this office on the same distribution schedule as the Upasses and New ID's for continuning students.

Distrbution Schedlue is a s follows:

*Wednesday, August 23, 11:00am - 1:00pm, Front Lobby.
*Friday, August 25, 11:00am - 1:00pm, Front Lobby.
*Monday, August 28, 11:00am - 2:00pm, Front Lobby.

If you are receiving a Perkins loan for the coming academic year, you must pick up a packet containing the promissory note for your loan. The packet contains forms you must sign and return. If you are unable to pick your packet up during the distribution times listed, you should pick your packet up in the Financial Aid Office after August 28.

Instructions on how to complete the forms and a return will be included in the packet. Using the return envelope please send the completed promissory noted to the Student Loan Office on Main Campus via interoffice Mail. The interoffice mail slot is located on the second floor behind the Chase ATM machine.

The Perkins is administered by the Student Loan Office on Main Campus.

New Stafford Loan Rates

The new Federal Stafford Loan rate for funds disbusered after July 1 2006 is as follows:

6.80% during in-school, grace, deferment, forbearance, or repayment

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

Applying for Private Loans

If you decide to apply for the private loan instead of the Graduate PLUS Loan, You must do the following:

  1. Notify the Office of Financial Aid via email at or
  2. Apply with your lender. Once your private loan is approved and completed with your lender, the Office of Financial Aid will be notified electronically to complete the school certification request.

If you choose to use a private loan instead of the Graduate Plus Loan and do not notify our office of your decision, we will not certify the private loan.

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:

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.

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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