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Office of Financial Aid

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Week of March 29th, 2010

Direct Loans: Financial Aid Program Change

Illinois Institute of Technology currently participates in the Federal Family Education Loan program (FFEL), which allows students to borrow funds for school from private lenders (usually banks or credit unions). The Illinois Institute of Technology Downtown Campus  will be withdrawing from the FFEL lending program and begin participating exclusively in the William D. Ford Federal Direct Loan Program (DL) for the 2010-2011 aid year beginning in the fall semester of 2010. This change will NOT affect any existing current year (2009-2010) loans.
 
Illinois Institute of Technology has decided to make this change because of the difficulties it has experienced in the FFEL program. For the last two years, many students have had to change their lender several times. Lenders have gone out of business or changed their processing systems, and others have suspended processing loans for our students. These changes have consistently occurred with very little notice or no notice at all, causing significant delays for students who receive funds from these lenders. As a result, it has been a struggle to maintain the timely delivery and availability of student loans.
 
In the Direct Loan Program (DL), students borrow directly from the U.S. Department of Education through their school. DL Subsidized, Unsubsidized and Graduate PLUS loans operate in essentially the same manner as in the FFEL program. Students receive the same interest rates (except Graduate PLUS, which has a lower interest rate than FFEL) and have similar repayment options. Payments are sent directly to the U.S. Department of Education’s servicer.Switching to Direct Loans will provide the following benefits:

  • Eliminates the uncertainty of lenders exiting the FFEL program.
  • Eliminates the need for reprocessing loans for students when lenders leave the program.   
  • Provides one lender and one payment (at the time of repayment) for new borrowers
  • Allows returning borrowers to consolidate FFEL loans with their Direct Loans at repayment
  • Provides a lower interest rate on the Grad PLUS loan.
  • Offers four repayment options for students.
  • Offers interest rate reductions for on-time payments. 
  • Allows students to participate in the Public Service Loan Forgiveness Program.

Because of this change, all students who borrowed loans in 2009-2010 and plan on borrowing federal loans in 2010-2011 will need to complete a new Federal Direct Loan Master Promissory Note (MPN) and Federal Direct Loan Entrance Counseling. Instructions for completing a new MPN and loan counseling will be on the Financial Aid Web <http://www.kentlaw.edu/depts/finaid>  site in late-March 2010.  We will announce via email and the Record Page when the new instructions are available.
 
We believe that using the Direct Loan Program is the best way to ensure that IIT Downtown Campus students receive their loan funds in a timely and efficient manner. For more information regarding the change to Federal Direct Loans, please read our Federal Direct Loans Q&A <http://www.kentlaw.edu/depts/finaid/Final%20DTC%20FAQs%20for%20Direct%20Lending.pdf> available online on the Financial Aid website <http://www.kentlaw.edu/depts/finaid> under Direct Loan Information.

Chase Federal Loan Program Suspended

Please be advised of the following updates relative to Chase's participation in the Federal Family Education Loan Program. Beginning April 17, 2010, Chase will suspend accepting all new FFELP loan applications for the 2009-10 academic year. This includes applications submitted through the Chase platform and all third-party platforms (e.g., Sallie Mae, Great Lakes, AES, ACS, ASA and HESC). FFELP loan applications received prior to April 17, 2010, will continue to be processed, provided that they are set for first disbursement by May 7, 2010. This means that the related loan must:
• Be guaranteed by the Guarantor
• Be certified by the school
• Be credit approved (PLUS loans)
• Have a valid Promissory Note on file, and
• Satisfy all other requirements for disbursement.
This update does not affect the Chase Select private student loans, which remains available for both the 2009-10 and 2010-11 academic years.

 

Attention Spring Graduates: Federal Loan Exit Counseling

Congratulations on your up coming graduation! All students that have applied to graduate in the spring, and have borrowed Federal Stafford Loans at the IIT Downtown Campus are required to complete Federal Student Loan Exit Counseling. We will be holding the following group exit counseling sessions:

Wednesday March 31st
3:00 PM -4:00 PM
Room 590

Wednesday March 31st
5:00 PM -5:50 PM
Room 590

The sessions will cover the information that we are required to provide at loan exit counseling, such as borrower rights and responsibilities. Please bring 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. Please keep in mind that if you are unable to attend any of these sessions we will make accommodations for your to meet this requirement at a later date.

Please RSVP to finaid@kentlaw.edu and let us know which session you plan to attend

New Requirements for the Private Loan

In compliance with Title Z, three disclosure statements will be sent to all students applying for private education loans. These forms will be sent out before the loan can be disbursed. Also, a self-certification form will need to be completed by the student or financial aid office.

New forms and procedures:

  1. Application Disclosure- You will receive this form as part of the online application process, before you fill out the application. If you apply by phone you will receive this disclosure within  3 days. This contains general information about ranges of rate, terms and fees.

  1. Approval Disclosure- You will receive this form after final approval of the loan by the lender and before the school certification request is sent to the school. It contains specific information about the approved loan, including the approved loan amount, rate and estimated repayment schedule. This disclosure statement must be accepted by you either by calling the lender or logging onto the lenders website. If you do not accept this Approval Disclosure within 30 calendar days of receipt the loan approval or the loan will be cancelled and you will have to reapply.

  1. Final Disclosure- You will receive this form after your Approval Disclosure is received by the lender. It contains previously disclosed on rate, fees, default, and repayment terms. It also gives you the 3 calendar days to cancel the loan prior to the first disbursement date.

    1. Rescission Period- This is your final opportunity to cancel the loan without penalty and gives you time to evaluate your needs for the private loan. You have 3 days after you receive your Final Disclosure. Your loan will not be disbursed until this period is over. The first date the loan can be disbursed is the 7th day from the date the lender mails the Final Disclosure.

  2. Self-Certification Form- Your lender will provide you with a blank Private Education Loan Applicant Self-Certification form. This contains details about federal loan availablility and encourages you to seek out federal loans before applying for federal loans. This form must be completed and signed by the applicant and returned to the lender before the loan can be disbursed. You have 180 days to complete this form back and send it back to the lender, or the loan will be cancelled. If you need help in completing the form please contact our office.

1098T Information

The Bursar’s Office mailed out 1098T forms last week. The 1098T a tax form that lists education expenses and financial aid. The form area also available at a central website that is accessible to all students.

Accessing Your 1098T Form Online

  1. Go to www.1098t.com.
  2. Click “Access My Record” (In the upper left hand corner of the screen).
  3. Enter your Social Security Number and Last Name. Leave PIN box blank .
  4. Enter verification information.
  5. Create a PIN number.
  6. Select “View My 1098T Form” (In the upper left hand corner of the screen).
  • If you are unable to locate your record using your social security number, select the option to access your record by school identification number. Enter your school identification number (if yours begins with an “A”, this must be included). Following the same steps as above, you will be assigned an alpha pin number and guided to your form.
  • Before selecting “View My 1098T Form” in the last step, be sure that the year 2009 is selected for viewing. Previous years may also be available using this tool.

  • Your 2009 1098T form lists education expenses and aid for the calendar year 2009. It therefore might differ from your financial records for the academic year.

Please contact the Bursars Office with questions:

Downtown Campus
bursar@kentlaw.edu
312-906-5160

Spring Semester Scholarship Status

Chicago Kent Full Tuition Scholars and Honors Scholars

Please be aware that full tuition and Honors scholarships for continuing students has been adjusted to match final enollment for the spring semester.

Kent Scholarships Awarded for Continuing Students

Kent Scholarships for the spring 2010 semester have been posted to the accounts of all eligible students.

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.

Update:Spring Disbursement Process: Step-by-Step

All loan funds, federal 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. You will receive an email from the Bursar's Office informing you that billing activity has occurred.

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. Please be aware that the university now allows students the option of having their financial aid refunds direct deposited into their checking or savings account. Click here for more information on the new TouchNet service

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

2010-2011 FAFSA Application Available

The 2010-2011 FAFSA application is available for completion. The priority deadline is April 15th. You can use this FAFSA on the web Worksheet to help with your FAFASA application. http://www.ifap.ed.gov/eannouncements/attachments/FOTWWorkshEn1011.pdf

Also distribution of 2010-2011 Renewal FAFSA Reminders Begins January 15, 2010. Students who are renewal-eligible for 2010-2011 and who qualify for reminders by January 11, 2010 will be sent Renewal Reminder notifications. Eligible students who provided e-mail addresses on their 2009-2010 records will receive 2010-2011 Renewal Reminder e-mails. Renewal-eligible students whose records do not have valid e-mail addresses, or whose Renewal Reminder e-mails are returned as undeliverable, will be mailed 2010-2011 Renewal Reminder letters, provided there is a deliverable mailing address.

Bank of America No Longer Offering Student Loans

Bank of America is longer originating federal student loans as of December18th, 2009. They are no longer accepting loan applications. Fortunately, there will be no disruption of spring loan disbursements for students whose federal student loans have already been processed. However, for the remainder of the academic year (spring and summer terms) if you need to increase an existing Bank of America federal student loan you will have to complete a master promissory note with a new lender.  

US Bank No Longer Offering Bar Loan

The Office of Financial Aid  recently received notification that US Bank is no longer offering  Bar Study Loans to students effective December 18th, 2009.

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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