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Office of Financial Aid

Office of Financial Aid home page
Week of April 27, 2009

Attention Spring Graduates: Federal Loan Exit Counseling Group Sessions

Congratulations on your upcoming graduation! Federal regulations require that all students who have borrowed federal loans while attending the IIT Downtown Campus complete federal loan exit counseling. Our office will be hosting the following group federal loan exit counseling sessions at the following times:

Tuesday, April 28th:  Noon - 1:30 pm, Room C40
Wednesday, April 29th: 3pm-4:30pm, Room 510
Thursday, April 30th: 5pm-6:30pm, Room 170

Each session will cover the information that we are required to provide according to federal regulations, such as borrower rights and responsibilities. You will be completing an Exit Counseling Interview Form at the end of the session that will satisfy your federal loan exit counseling requirement. In order to complete the form, you will need to bring with you the contact information for at least 2 references (name, address, and phone number). One reference should be your nearest relative, preferably your parent(s), and another personal reference. 

During this economic climate we realize that many students are concerned about their ability to pay back student loans once finished with school. We strongly encourage you to attend one of these sessions to learn about the various loan repayment options available. We apologize for the late notice, we were awaiting confirmation from our presenters. Please RSVP to finaid@kentlaw.edu and let us know which session you plan to attend.  Handouts of your aggregate loan history will be provided when you RSVP.

Did you miss the Repayment Plan Workshop?

If you were unable to attend the "Pick a Plan" workshop hosted by our office a few weeks ago, you can view the video of the session by clicking here. You must have Real Player installed on your computer.

Click here to download the PowerPoint presentation to follow along with the session. If you have any questions please contact our office at 312-906-5180.

Summer Awarding Information

In order to receive federal Stafford loans for the summer semester, you must be enrolled at least half-time. Half-time status is defined by the Registrarís Office. Please contact the Registrarís Office to determine the number of credits that define half-time status. They can be contacted a 312-906-5082. Detailed information about the summer loan process for both at least half-time and less than half-time enrolled students is located below.

At Least Half -Time
If you are enrolled at least half-time you are eligible to receive federal loans. We will automatically process federal loans for you if you are enrolled at least half-time during the summer semester, as long as we have received your 2008-2009 FAFSA information. The deadline for completing the 2008-2009 FAFSA is June 30, 2009.

If you have remaining Stafford Loan eligibility from the 2008-2009 academic year, this will be offered to you before a Federal Graduate Plus Loan is offered. If you used your entire $20,500 Stafford Loan eligibility during this past fall 2008 and spring 2009 semesters, you will only be offered a Federal Graduate Plus Loan. Students will be offered a cost of attendance budget that equates to approximately 3 months of living expenses.

Once you register for summer classes you will be offered a summer financial aid award package and notified via email that it is available to view on the myIIT portal. †Once you accept the amount of loan funds that you would like to borrow we will process the loan with your current federal loan lender.

Less Than Half-Time
If you are enrolled less than half time you are ineligible for federal loans. Your only loan option is a private educational loan. In order to receive a private loan for the Summer 2009 semester you must apply for the loan directly with the lender of your choice. Private loans are not automatically renewed. To apply for a private loan online with the lender of your choice at please visit the following website for further information: http://www.kentlaw.edu/depts/finaid/privateloaninformation.html

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 June. Is this true?

Answer:

Some graduating students may be receiving notifications 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. There is technically grace period for this loan.

At your request most lenders will align your first Graduate Plus payment with your Stafford Loans, which have a 6 month grace period. If you take advantage of this option then the payments on your Graduate Plus and Stafford Loans will not begin until December or January. All of the lenders on the Downtown Campus lender list offer this 6 month forbearance/alignment option. In order to be sure that your Graduate Plus Loans are not due until December please contact your lender directly to verify or request this option as soon as possible.

If you did not choose one of the lenders on our lender list, please contact you lender as soon as possible to find out if they offer a forbearance/alignment option.

Question from Student:

If I do not attend class during the summer term will I have to make payments during the summer?

Answer:

To bridge the gap bewteen the spring semester and the following spring term the lenders on the Office of Financial Aidís 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 If you are graduating at the end of the psring term you will not be eligible for this summer term in-school deferment status. You will be be placed into repayment upon graduation. Please contact your lender directly to discuss other options to defer payments after graduation.

Please keep in mind that these terms are specifically for the lenders on our lenders list. If you did not choose one of the lenders on our 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.

2009-2010 FAFSA Application Available

The 2009-2010 FAFSA application is available for completion. In order to ensure that your aid is processed on time for the fall 2009 term please complete your FAFSA application by April 15th.

May 1st Spring Financial Aid Deadline

If you need financial aid for the spring term, and you have not completed your 2008-2009 FAFSA, please complete it as soon as possible. The financial aid process can take 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.

Once you receive your financial aid award and 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 as well.

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.

In order to receive aid for the spring term your FAFSA application and corresponding documentation must be submitted to the Office of Financial Aid by May 1st.

Using the myIIT Portal to view your Award

For information and instructions about logging into the myIIT portal to view your 2008-2009 financial aid award please click here.

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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