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Office of Financial Aid

Office of Financial Aid home page
Week of August 25, 2008

Attention Edamerica Borrowers

Edamerica contacted our office late last week to inform us that, although the Financial Aid Office had requested that all loans be disbursed to us by August 18th , funding for its loans would not be available until sometime next week.† Therefore, your loan disbursement(s) will be delayed, possibly by up to 2 weeks.† We regret this inconvenience.

If you would like to change lenders because of this situation, please complete a new promissory note today or tomorrow and email our office to let us know that you have changed lenders and submit the name of the new lender that you have chosen. †Please be aware that, if you do decide to change lenders, your loan funds and refund checks may still be delayed because your application with another lender has to go through the customary loan process for approval. †

Below is a sample timeframe for loan processing. This timeframe is typical ONLY IF YOUR FILE IS FULLY COMPLETE; however, this schedule can vary by a few days because the beginning of the term is the busiest time for lenders.

  1. Student completes a Master Promissory Note (MPN) with the new lender on Monday (8/18/08) and click below on† the type of loan that you wish to borrow.
  1. School receives a certification request from the new lender on Tuesday (8/19/08)
  2. Office of Financial Aid certifies the loan on Tuesday (8/19/08)
  3. Lender receives the school certification on Wednesday (8/20)
  4. If the loan has no processing problems on the lenderís end, the school should receive the funds by Friday (8/22)
  5. School disburses loan fund to eligible recipients on Friday or Monday (8/22 or 8/25), dependent upon the time of day the funds arrive.
  6. Please allow 5 to 7 business day for refund check (which is the first week of September)

We understand how important refund checks are to our students. †For this reason, we will make every effort to stay on top of Edamerica for disbursement of the loans or to process your loan with a new lender if you so choose.†

Please contact us if you have any questions (312-906-5180).† You may also want to contact Edamerica directly at 800-337-1009 for further information regarding this situation.

Attention: Bank of America Borrowers

Bank of America has informed our office that they are no longer processing loans under the following lender codes: 806746, 801871, and 824206. If you are a new or continuing student that uses Bank of America for your Federal loans you are required to complete a new promissory note with the new lender code (802176). Please click here to complete a new Master Promissory Note for your Federal Stafford and or your Federal Graduate Plus loan. Please be aware that your loan funds cannot disburse until a new Master Promissory Note has been completed.

Don't Forget to Accept your Awards

If you have not accepted or declined your loans please do so as soon as possible.† You must use your myIIT account to accept/decline your loans. If you do not accept your loans we cannot process them which will can result in a delayed refund check.

Title IV Authorization Form now available!

We were recently informed by IIT that a new version of the Title IV Authorization form will be used this year and we just received the update.† Therefore, all students will be required to complete this new form. †Please complete the form and submit it the Office of Financial Aid as soon as possible. †We apologize for the inconvenience. The form is located here.

Full Tuition Scholars and Honors Scholars Notification

Please be aware that full tuition and Honors scholarships for continuing students are initially based on your enrollment in 12 credits. For this reason, all full tuition and honors scholarship awards for continuing students will be adjusted after the last day to add and drop classes.

Kent Scholarships Awarded for Continuing Students

Kent Scholarships for the 2008-2009 academic year have been posted to the accounts of all eligible students. If you received a scholarship it may have changed the amount of your Federal Graduate Plus or Stafford Loan. For this reason, please use your myIIT account to view your financial aid award and make any necessary changes. If you have not accepted or declined your loans please do so as soon as possible.† Please be aware that we will not process loans unless the award funds are accepted. †

If you have question about your scholarship eligibility or if there seems to be a problem with your scholarship award amount please contact the Office of Admissions at 312-906-5020.

Fall 2008 Disbursement Schedule

Law Students

Disbursement: August 18, 2008

Business Students

Disbursement: August 25, 2008

MPA Students

Disbursement: August 25, 2008

Fall 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.

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 312-906-5160.

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.

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.

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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