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Office of Financial Aid

Office of Financial Aid home page
Week of September 22, 2008

Full Tuition Scholars and Honors Scholars Update

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. This has been completed.

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.

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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