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Office of Financial Aid

Office of Financial Aid home page
Week of March 5, 2007

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 studentsí 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 Aidís 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 Aidís 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:

  1. Notify the Office of Financial Aid via email at finaid@kentlaw.edu or finaid@stuart.iit.edu.
  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: 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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