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Office of Financial Aid

Office of Financial Aid home page
Week of June 29, 2009

New Promissory Note Required for 09-10

Since the IIT school as lender program is currently suspended, all students that used IIT c/o IDAPP for their Stafford Loan during the 2008-2009 academic are required to choose a new Stafford Loan Lender for the 2009-2010 academic year. Please complete a new promissory note with the lender of your choice as soon as possible. The link to the lender list is located here: http://www.kentlaw.edu/depts/finaid/federalstaffordloan.html

Summer Financial Aid Deadline

If you would like to receive financial aid for 2009 summer term you must complete your 2008-2009 FAFSA by June 30, 2009.

Stuart Scholarships for Summer

Please be aware that Stuart Scholarships for the summer term will not be posted until after the drop add date has passed.

Accepting Summer Awards

If you are registered at least half-time for the summer term and have a 2008-2009 FAFSA on file, your award is available to be viewed via the myIIT portal. Please view your award and accept the amount that you want to borrow for the summer term as soon as possible. We cannot process your loans until they are in an accepted status. If you have accepted your loans, you do not need to take any further action. The deadline for completing the 2008-2009 FAFSA is June 30, 2009.

If this is your first time borrowing loans while attending Illinois Institute of Technology Downtown Campus you will have to complete the Federal Master Promissory Note for each loan type you choose to accept. Please visit our website at the following link if you need to complete this requirement: https://www.kentlaw.edu/depts/finaid.

2009-2010 Scholarship Status

If you received a Chicago-Kent scholarship during the 2008-2009 academic year and you expect to receive one again in 2009-2010, please be aware that scholarships for continuing students will not be included in financial aid awards until late July. The Office of Admissions reviews grades and class ranks from the Spring term and determines which students are eligible for scholarship renewal. You will receive a revised award letter in August if your scholarship is renewed. For questions about your scholarship eligibility please contact the Office of Admissions.

2009-2010 Financial Aid Deadline

All Downtown Campus Students

If you would like your financial aid disbursed to your tuition account by the first week of class, we recommend that your file be complete with the Office of Financial Aid by 6/19/2008. To complete your file you must compete the following:

  1. Complete a 2009-2010 FAFSA
  2. Accept the amount of aid that you would like to receive by using your myIIT account. Please be aware that since your initial financial aid award is based on the minimum required enrollment, you may be eligible for an increase in the Federal Graduate Plus Loan. To help you determine how much additional Graduate Plus Loan funds you may need, please complete the Estimated Cost Worksheet. If you wish to have your Graduate Plus Loan increased, please email the Office of Financial Aid with the exact amount that you are requesting along with your enrollment intentions for the fall and spring terms.
  3. Continuing students
    • If you previously received a Stafford and Graduate Plus loan at IIT- DTC, there is no need to complete a new promissory note. If you have never received the loan that you have accepted, please complete the relevant promissory notes (except Perkins) with the lender of your choice.
  4. New Students
    • Complete the relevant promissory notes (except Perkins) with the lender of your choice.
  5. Submit any additional required documentation All required documentation is listed in your myIIT account.

Even if your file is not complete by June 20th you are still eligible to apply and receive financial aid but please be aware that your funds may not disburse by the first week of class. For this reason, we encourage all students take action to complete his/her file by June 19, 2009. If you have questions regarding whether you have to complete a new promissory note please contact the Office of financial aid at finaid@kentlaw.edu or 312-906-5160.

Summer Office Hours

To be announced

Newly Updated Lender List

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 few changes to our Federal Loan lender list which can be found on the financial aid website.  You may access our school’s 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 June 15th 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 in late June. For this reason, we are urging that all requests for lender changes be submitted per steps 1 and 2 above by June 15th so your changes are in prior to our processing of loans.  If you do not do request any changes by June 15th 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 June 15th  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.

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.

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.

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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