Spring 2007 Disbursement Schedule
Law Students
Disbursement: January 12, 2007
Business Students
Disbursement: February 26, 2007
MPA Students
Disbursement: January 16, 2007
Spring 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 312-906-516
Graduate PLUS Loan Repayment Answers
Question from Student:
I received a letter from my lender saying that the first
payment on my Graduate PLUS loan is due in March. Is this
true?
Answer:
Many students are receiving notification from their lenders
indicating that the first payment on their Graduate PLUS
Loan is due within the next few months. One of the terms
of the Graduate PLUS loan is that repayment begins 60 days
after the last disbursement of the loan. The last disbursement
for most students’ Graduate PLUS loan for the 2006-2007
academic year is in mid January. For this reason, some lenders
are automatically sending out notification that repayment
begins within the next few months.
The lenders on the Office of Financial Aid’s preferred
lender list are placing our students into in-school deferment
status in the spring term once they receive verification
of enrollment of at least half time for the spring term.
Enrollment verification is automatically sent out by the
university several times a semester. At IIT Half-time status
is enrollment is 6 credits or more. As long as enrollment
in at least 6 credits is maintained repayment will not begin
until after graduation.
In order to be sure that your loan is placed into in-school
deferment status it is advised that you contact your lender
to verify before the end of January. Please keep in mind
that these terms are specifically for the lenders on our
preferred lenders list. If you did not choose one of the
lenders on our preferred lender list, please contact you
lender as soon as possible to find out if they offer an
in-school deferment option.
Question from Student:
If I do not attend class during the summer term will I
have to make payments during the summer?
Answer:
The lenders on the Office of Financial Aid’s preferred
lender list are automatically granting our students in-school
deferment status over the summer term. In order to be sure
that your loan is placed into in-school deferment status
during the summer it is advised that you contact your lender
to verify before the end of the spring term.
Please keep in mind that these terms are specifically for
the lenders on our preferred lenders list. If you did not
choose one of the lenders on our preferred lender list,
please contact you lender as soon as possible to find out
if they offer an in-school deferment option for the summer
term.
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.
Graduate PLUS Loan Information
As you may be aware, earlier this year Congress approved
a new federal loan for graduate students, the Graduate PLUS
Loan. Unlike undergraduate PLUS loans, where the borrower
is the student’s parent, Graduate PLUS loans allow only
the student to be the borrower. Students must meet federal
credit criteria to qualify.
The Graduate PLUS Loan will be beneficial for students
who need additional aid beyond the Federal Stafford and/or
Perkins Loan. Previously, the only option available to these
students was a private loan.
Students in need of additional aid will have to decide
whether to apply for a Graduate PLUS Loan or a private loan
for the 2006 -2007 academic year. Generally, our office
recommends the Graduate PLUS Loan. The primary reason why
this loan is more beneficial to students is the interest
rate, which is fixed at 8.5%. While this may seem like a
high rate when compared with the historically-low Stafford
Loan interest rates of recent years, it is important to
remember that interest rates are rising. The majority of
Chicago-Kent students will not qualify for a private loan
with a rate lower than 8.5%. Even for the few that do, the
Graduate PLUS Loan may still be a better option, since private
loans have variable rates, which are expected to continue
increasing.
Ultimately, the decision to apply for a private loan or
a Graduate PLUS Loan is yours, and it is one that you should
consider carefully. At the following link you can view a
chart that compares the terms of the Graduate PLUS Loan
and private loans.
If you decide to apply for a Graduate PLUS Loan, the application
process is very similar to that of the private loan. Please
visit the following link (http://www.kentlaw.edu/depts/finaid/federalgraduatesloan.html)
to view a list of our preferred lenders and the chart that
compares the private loan to the Graduate PLUS loan.
Click on the lender of your choice to complete a Graduate
PLUS Loan application. You will need to indicate the amount
that you would like to borrow. Please remember that you
must apply for the full academic year, since we will certify
the loan so that the funds disburse equally between fall
and spring. Also, please be aware that the amount of your
PLUS Loan, combined with the rest of your financial aid
package, cannot exceed the cost of attendance that is determined
by our office. To help you determine the amount of Graduate
PLUS loan funds you will need, please download the Estimated
Cost Worksheet.
If you decide to apply for the private loan instead of
the Graduate PLUS Loan, You must do the following:
Notify the Office of Financial Aid via email at finaid@kentlaw.edu
or finaid@stuart.iit.edu. 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.
After your application is complete, your lender will contact
our office for certification of your eligibility.
New Stafford Loan Rates
The new Federal Stafford Loan rate for funds
disbursed 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 www.fafsa.ed.gov
Applying for Private Loans
If you decide to apply for the private loan instead of
the Graduate PLUS Loan, You must do the following:
- Notify the Office of Financial Aid via email at finaid@kentlaw.edu
or finaid@stuart.iit.edu.
- 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: 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.
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
|