Exit Counseling Sessions for Spring Graduates
All students that have applied to graduate in the spring,
and have borrowed Federal Stafford Loans as a student here
at the IIT Downtown Campus are required to complete Federal
Student Loan Exit Counseling. We will be holding the following
group exit counseling sessions:
Tuesday, March 6th from 12:00 to 1:30pm in Room C50 (Lunch
will be served)
Tuesday, March 6th from 4:00 to 5:30pm in Room 240
Wednesday, March 7th from 3:00 to 4:30 in Room 520
The sessions will cover the information that we are required
to provide at loan exit counseling, such as borrower rights
and responsibilities. Please bring information for at least
2 references (name, address, and phone number). One reference
should be your nearest relative, preferably your parent(s),
and another personal reference. Please keep in mind that
if you are unable to attend any of these sessions we will
make accommodations for you to meet this requirement at
a later date.
Please RSVP to finaid@kentlaw.edu and let us know which
session you plan to attend.
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.
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 2007-2008, you must complete a Free Application
for Federal Student Aid (FAFSA) or Renewal FAFSA for 2007-2008.
In order to complete the 2007-2008 FAFSA you will need to
provide 2006 income and tax information, so we recommend
that you complete your 2006 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
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