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Office of Financial Aid

Office of Financial Aid home page
Week of July 28, 2008

Updated Loan Lender List

Over the last several months the financial aid industry has experienced widespread changes due to the U.S. credit crunch and recently implemented federal regulations. As a result of these unforeseen circumstances, numerous student loan companies have gone out of business or drastically adjusted their product offerings.

 Student loan lenders have the right to change their benefits structure whenever they choose, in order to remain in business, and a significant number of lenders have done so.

 Examples of the types of changes include:

 Many lenders are no longer paying the 1% origination fee for Federal Stafford loans on behalf of students

  • Lenders and most student loan guarantors are no longer paying the 1% default fee for both Federal Stafford and Federal Graduate Plus Loans on behalf of students. (The 1% default/guarantor fee is a fee that is charged to cover the costs of defaulted student loans. This fee can be paid by the lender or the guarantor on behalf of the student. The guarantor is the agency responsible for approving student loans and insuring them against default. There are a couple of guarantor agencies that are paying the default fee on behalf of the student. We have been working with lenders to switch the guarantor agency for all of the loans for our continuing students; this will ensure that you will receive the maximum loan disbursement that you borrowed for the year. Please be aware that your loan will not be impacted if you are a continuing student and the guarantor that we use this year is different from the one we used in previous years. Your loan servicer will be the same, and therefore your bills will be from the same place).
  • Many lenders are no longer offering notable interest rate reductions
  • Many lenders are no longer offering principal balance credits

We recommend that you contact your lender(s) directly for the most current information about the terms of your loan(s) for the 2008-09 academic year.

 Also, as a result of these industry changes the Financial Aid staff has done extensive research to ensure that our students are receiving the best loan products available. This has resulted in a considerable change to our preferred lender list which can be found on the financial aid website.  You may access our school’s preferred lender list on our website at http://www.kentlaw.edu/depts/finaid/  and click “Apply for Federal Stafford Loan” and/or “Apply for Federal Graduate Plus Loan“ to see the most current information we have received-to-date from various lenders.

In order to make certain that both new and continuing students have the opportunity to choose the lender that best fits their needs, we urge you to contact your lender directly and also review the new preferred lender list and decide if you would like to keep or change your lender for the upcoming academic year.  If you decide to switch lenders, please complete the following steps (by July 28th as noted below): 

  1. Complete an online Master Promissory Note with the lender of your choice (see link above)
  2. Email our office and indicate that you would like to change lenders and specify the name of the new lender (Chicago-Kent and MPA students: finaid@kentlaw.edu; Stuart School students: finaid@stuart.iit.edu).

Our office will begin to process loans for the fall term after July 28, 2008. For this reason, we are urging that all requests for lender changes be submitted per steps 1 and 2 above by July 28th so your changes are in prior to our processing of loans.  If you do not do this by July 28th we will assume that you do not want to switch lenders and will begin processing your loans with the Master Promissory Note that we have on file.  It is important that you make your lender selection by the suggested deadline, since changes after July 28th  may delay the disbursement of your fall loans.

Please contact us directly via email (at the email address shown in “item 2” above) or call us at 312-906-5180 if you have any questions.

Title IV Authorization Form

A new Title IV Authorization form will be available by mid august. We will contact all students when this form becomes available. Please be aware that this form does not prevent loan disbursement.

Fall Financial Aid Reminder

If you need financial aid for the fall term, and you have not completed your 2008-2009 FAFSA, please complete it as soon as possible. The fall term is approaching fast and the financial aid process can 4-6 weeks from start to finish. The process can take even longer if there are complications or if Department of Education selects your file for some form of verification.

If you want to receive financial aid for the 2008-2009 academic year you must use your myIIT account to accept your loans. Please be aware that if you do not accept your loans our office will not process your loans which can delay the receipt of your refund check this fall.

If you received a Federal Stafford or Graduate Plus loan last year and you do not want to change lenders you do not need to complete a new master promissory note. Once you accept your loans for 2008-2009 our office will process your aid using the promissory note on file from last year.

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.

Summer Office Hours

Monday-Thursday ~ 8:30 a.m. to 6:00 p.m.

Friday ~ 8:30 a.m. to 2:00 p.m

Kent Scholarship Status for Continuing Students

If you received a Chicago-Kent scholarship during the 2007-2008 academic year and you expect to receive one again in 2008-2009, please be aware that scholarships for continuing students will not be included in financial aid awards until August. In July the Office of Admissions reviews grades and class ranks from the Spring 2008 term and determines which students are eligible for scholarship renewal. You will receive a revised award letter in August if your scholarship is renewed.

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.

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 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.

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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