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Office of Financial Aid

Office of Financial Aid home page
Week of May 5, 2008

Summer Aid- Univeristy Loan Mistakenly Disbursed

If you had accepted your IIT University loan prior to Wednesday May 7th you may have noticed that the loan funds were disbursed to your tuition account and then later reversed. The funds were mistakenly released to tuition accounts and we were required to reverse the transaction. In order to receive the IIT University Loan you must sign a Promissory Note. The Main Campus Student Loan Office will be contacting you with instructions for completing the promissory note. We apologize for the confusion.

Graduating Students- Exit Counseling Requirement

All graduating students who borrowed Federal loans must complete online Exit Counseling for in order to comply with the terms of their loan(s).

Please follow the link below to complete your online Federal Stafford Loan Exit counseling requirement. Once you have completed your exit counseling you may come to our office to pick up your loan portfolio. Your loan portfolio lists all of the loans that you have receive while attending Chicago Kent. Your loan portfolio will be available for pick up at the Office of Financial Aid until the last day of finals. After May 16th they will be mailed to your home. If after completing your Exit counseling you have question about loan repayment please stop by the Office of Financial Aid at your earliest convenience.

Please keep in mind that the Perkins Loan Exit Counseling is separate from the Stafford Loan Exit counseling and is administered by the main campus Student Loa office. If you received a Perkins loan while attending Chicago Kent the Student Loan office will be contacting you to fill this requirement.

Click here to complete Exit Counseling.

Using the myIIT Portal to view your Award

For Information and instruction about logginf into the myIIT oirtal to view your 2008-2009 financial aid award please click here.

Graduating Students- Upcoming Loan Payments

If you have received Graduate Plus loans while attending Chicago Kent and you are graduating next month, your first payment will be due as early as May or June. If you used one of the Graduate Plus loan lenders on the Office of Financial Aid's preferred lender list you have the option to place your loans in a 6 month forbearance to prevent entering immediate repayment. To be sure that the forbearance is in place well before your payment is due, please contact your lender as soon as possible with your request.

Please keep in mind that during forbearance your interest still accrues. Also, if you place your Graduate Plus loans in forbearance, you may loose your repayment incentives. For example, if a lender advertises a 1% interest rate reduction if you make 24 months of on time payments and you place your Graduate Plus loan in forbearance, you no longer qualify for the interest rate reduction.† For this reason please ask your lender the following questions before requesting forbearance:

  1. Do I still qualify for my repayment incentives if I use a forbearance option?
  2. Will I still qualify for my repayment incentives if I request a forbearance more than one time over the life of the loan?

Also, if you consolidated your Federal Stafford loan while attending Chicago Kent, your 6 month grace period was waived and your first payment will be due as early as May or June as well. If you are unable to make payments please contact your lender to request an economic hardship or unemployment deferment. To be sure that the deferment is in place well before your payment is due, please contact your lender as soon as possible with your request

Summer '08 Financial Aid Information

If you plan on attending the summer 08 semester please click here for information about financial aid.

Graduate PLUS Loan Repayment Answers

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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