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Office of Financial Aid

Office of Financial Aid home page
Week of January 07, 2008

Chicago Kent Spring Disbursement

Disbursement Process: Step-by-Step

All loan funds, federal 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

Spring 2007 Disbursement Schedule

Law Students

Disbursement: January 14, 2008

Business Students

Disbursement: February 25, 2008

MPA Students

Disbursement: January 22, 2008

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.

Perkins Loan Promissory Notes

Students awarded the Perkins Loan must see the Bursar in room 290 to sign the Perkins Loan Promissory Note once contacted by the Student Loan Office. No funds will be applied without this important document on file.

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.

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: http://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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