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Office of Financial Aid

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Week of October 12th, 2009

October 13th -"Money Matters" Workshop

Are you worried about your student loans and debt? If so, youíre probably not alone! Youíre making an important investment in yourself. Itís also important that you be able to achieve your financial goals (including repayment of your student loans) once you graduate. But do you have all the financial skills needed to do so?† Having a better understanding of money management and personal finance can help you maximize your educational investment and minimize your debt. †With this in mind, our office will be hosting a workshop called ďMoney Matters".†The workshop is open to all students and alumni. During this interactive seminar, we will focus on:

  • Budget planning and money management strategies that work
  • Developing and maintaining good credit
  • Wise borrowing habits

†The session will be held as follows:

Tuesday, October 13th, 12:00 PM - 2:00 PM, Room 590

Discover Student Loan Program Change

The following loan terms will be effective for Discover federal loans disbursed on or after October 1, 2009.

New Federal Stafford Loan Terms
Zero Federal Default Fee (for schools with TG guaranty)
0.5% Federal Origination Fee
0.25% Auto Debit Reward

New Federal PLUS Loan Terms
Fixed 8.5% interest rate
Zero Federal Default Fee (for schools with TG guaranty)
3% Federal Origination Fee
0.25% Auto Debit Reward

Federal loan disbursed prior to October 1, 2009 will receive the previous advertised terms.

Perkins Loan Promissory Note Information

The Main Campus Student Loan Office has informed our office that all Perkins Master Promissory Notes have been emailed to eligible students. If you have not received your Perkins Promissory Note, please stop by the Downtown Campus Bursars Office (Rm 290).

Perkins Loan Entrance Counseling Requirement

The Main Campus Student Loan Office has contacted all Perkins Loan recipients to complete the Perkins Loan Entrance Counseling. To avoid loan cancellation please complete the entrance counseling as soon as possible.

Financial Aid Title IV Funds Disbursement

IITís general policy for disbursement of Title IV funds is that the money will only be applied towards educational expenses incurred in the same academic period for which the financial aid was processed. 

However, students also have the option to modify the use of Title IV funds so the funds can be applied towards non-educational expenses and/or to cover charges associated with past or future terms.  If a student wishes to modify the use of their Title IV funds, then he/she needs to complete the new Title IV form to opt into any or all of the three options which are listed below:

  • pay for non-educational expenses
  • pay a maximum prior year balance of $200 (which is maximum amount allowed by Dept. of Ed.)
  • pay an upcoming semester's balance with a current credit balance

We are pleased to announce that, beginning Monday August 24, 2009, students can complete the Title IV form on-line by logging into the myiit Portal; the Title IV form is located in the Bursar's Channel.

It should also be noted that students may complete or update the Title IV form at any time during the year and it will go into effect on the date that it is submitted.

For questions regarding this form and its use, please contact the Bursar at 312-567-3794.

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.

Fall 2009 Disbursement Schedule

Chicago-Kent College of Law

Disbursement: August 14, 2009

Stuart School of Business

Disbursement: August 24, 2009

Fall Loan Disbursement Process: Step-by-Step

If Financial Aid file was completed on time your loan funds, federal, and private, were sent directly to the school according to the disbursement schedule listed above. Please contac the Office of Financial Aid if your funds have not disbursed.

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.

Federal Work Study Information

Federal Work Study funds were added to the Financial Aid awards of all eligible Downtown Campus students. Detailed information regarding Federal Work Study can be found on the Office of Fianncial AId website by click here.

Chase Removed from Lender List

Chase recently made changes to their Federal Student Loan Program†that we feel are not beneficial to the studentís of IITís Downtown †Campus. For this reason, Chase Student Loans has been removed for the IIT-Downtown Campus Lender List. The detailed changes are:†

  • Chase no longer offers a co-signer option for its Graduate Plus loan.
  • The Graduate Plus loan application no longer has the option to appeal a credit decision. For this reason, if a student is initially denied credit they no longer have the option to explain the credit issue or correct the credit issue in order to receive an approval.

Please be aware that you have the option to switch lenders if you want. If you choose to change lenders please complete a new promissory note with the lender of your choice and email our office to inform us to your decision. The updated Graduate Plus loan promissory note is located here.

2009-2010 Scholarship Status

Chicago Kent Full Tuition Scholars and Honors Scholars

Please be aware that full tuition and Honors scholarships for continuing students are initially based on your fall enrollment as of July 28th. All full tuition and honors scholarship awards for continuing students will be adjusted to actual enrollment after the last day to add and drop classes.

Kent Scholarships Awarded for Continuing Students

Kent Scholarships for the 2009-2010 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.

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

Did you miss the Repayment Plan Workshop?

If you were unable to attend the "Pick a Plan" workshop, 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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