Chicago-Kent home page Student portal Faculty portal Staff portal About The Record Current Record headlines Publication deadlines The Record archives

Office of Financial Aid

Office of Financial Aid home page
Weeks of June 14 & 21, 2010

Deadlines: Summer Semester

On March 30, 2010, the Health Care and Education Reconciliation Act of 2010 was signed into law.  This law includes a provision that eliminates the Federal Family Education Loan Program (FFELP) beginning July 1, 2010.  FFELP is the federal student loan program that IIT currently uses to disburse loans for the summer term.  For this reason, we are prohibited from disbursing FFELP loans after June 30, 2010.  Therefore, in order to meet the June 30th disbursement deadline, ALL required loan documentation for the summer semester, including requests for additional disbursements, must be submitted to the Office of Financial Aid no later than Tuesday June 15, 2010.  Please complete your 2009-2010 Free Application for Federal Student Aid (FAFSA) immediately if you have not done so already and if you would like to receive loans for the summer semester.

All summer deadlines are subject to the lenders selected last day of loan processing. Citibank's last day of processing is June 15th. For this reason, we recommend that ALL required documentation for Citibank loans be submitted by June 7th. Please be aware that this is a non–negotiable deadline. Federal regulations prohibit the Office of Financial Aid from disbursing or processing any loans under FFELP after the set deadline.  The Office of Financial Aid is committed to helping students obtain financial aid during this hectic and confusing time.

Please follow these steps to receive Financial Aid for the summer term:

    • Complete 2009-2010 FAFSA immediately.
    • Immediately email the Office of Financial Aid and let us know that you wish to receive federal loans for the summer and that you have just completed your 2009-2010 FAFSA
    • Accept the amount of Summer Aid that you wish to receive.
    • Complete a Master Promissory Note under the FFELP Program. Please contact the Office of Financial Aid immediately if you have been denied a Graduate Plus loan so that we can discuss your options.  Select a lender at the following links:
    • Email the Office of Financial Aid and let us know that you have just completed a Promissory Note for summer and the lender that you have chosen

2010-2011 Financial Aid Instructions

In past academic years, the Illinois Institute of Technology participated in the Federal Family Education Loan Program (FFELP). FFELP allows students to borrow federal student loans from private lenders (usually banks or credit unions). On March 30, 2010, the Health Care and Education Reconciliation Act of 2010 was signed into law. This law includes a provision that eliminates the Federal Family Education Loan Program (FFELP) beginning July 1, 2010. For this reason, beginning in the fall semester of 2010 all Title IV eligible higher education institutions, including IIT, are required to participate in the Direct Loan Program (DL). The Direct Loan Program is a federal student loan program that allows students to borrow funds “directly” from the U.S. Department of Education.  DL Subsidized Stafford, Unsubsidized Stafford and Graduate PLUS loans operate in essentially the same manner as in the FFEL program. Students receive the same fixed interest rates (except the Graduate PLUS has a lower interest rate at 7.9%) and have similar repayment options. Payments made by the borrower are sent directly to the U.S. Department of Education’s servicing company.

 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 new Federal Direct Loan Master Promissory Note(s) (MPN) and Federal Direct Loan Entrance Counseling. If you wish to receive loan funds for the 2010-2011 academic year, you must do the following:

  1. Complete your 2010-2011 FAFSA if you have not already done so. It can take up to 2 weeks to receive a financial aid award notification once your FAFSA is complete.
  2. Log on to the myIIT portal to view your financial aid award.
  3. Complete the Estimated Cost Worksheet. This form helps you determine the amount of Graduate Plus or Stafford loan funds you will need to accept in order to meet your expenses for the academic year.
  4. Accept the amounts of Federal Direct Stafford and Federal Direct Graduate PLUS loans that you would like to receive via the myIIT portal. It is to your advantage to accept the maximum Subsidized and Unsubsidized Stafford loan before you accept the Federal Direct Graduate PLUS loan. Please refer to the Financial Aid Guide on the Chicago-Kent financial aid website for the different types of Federal loans that are available.
  5. Complete a Federal Direct Loan Promissory Note for the corresponding loans that you have accepted. Only one promissory note is needed for both the Subsidized and Unsubsidized Stafford Loan.  
  6. Complete the online Federal Direct Loan Entrance Counseling.
  7. The link to complete the Master Promissory Note(s) and online Entrance Counseling are located at  http://www.kentlaw.edu/depts/finaid/DLforms.html 

Perkins Loan Master Promissory Note

Beginning this year, Perkins loans will be processed by ECSI (Educational Computer Systems, Inc.) on behalf of IIT and Chicago Kent College of Law.  ECSI is a service provider specializing in Perkins loan processing.  With the ECSI service, you will have improved access to your Perkins information in a personal, secure account on the Internet.  In addition, ECSI will provide many enhancements to improve and expedite Perkins processing.  If you are a Perkins recipient, you will receive additional communication and instructions regarding this change in the next few weeks.

Reminder:Direct Deposit

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. The university encourages all student to sign up for direct deposit. Click here for more information on the new TouchNet service.

Lender Deadlines For Summer Term

In order to meet the June 30th disbursement deadline, ALL required loan documentation for the summer semester, including requests for additional disbursements, must be submitted to the Office of Financial Aid no later than the following:

Citibank: June 7th

Access Group: April 14th

Discover: June 15th

Wachovia: June 15th

Please be aware that you are allowed to use any lender of your choice. We will keep you updated on any lender deadline changes.

Update: Federal Loan Exit Counseling Online

For students that missed the group exit counseling sessions last week please complete the Federal Loan Exit Counseling Online on the National Student Loan Database System (NSLDS). Click here for the exit counseling on NSLDS: http://www.nslds.ed.gov/nslds_SA/. The presentation from the exit counseling session is located here. After you complete this requirement you can stop by our office to pick up your loan summary from NSLDS.

For more general information about choosing repayment plans please watch the "Picking your Plan" video. This is a presentaion that was hosted by the Office of Financial Aid and recorded last year. It has general Repayment information that graduating students may find useful.

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.

2010-2011 FAFSA Application Available

The 2010-2011 FAFSA application is available for completion. You can use this FAFSA on the web Worksheet to help with your FAFASA application. http://www.ifap.ed.gov/eannouncements/attachments/FOTWWorkshEn1011.pdf. To complete the FAFSA form go to www.fafsa.ed.gov and list the IIT Downtown Campus school code: E00773.

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.

Using the myIIT Portal to view your Award

For information and instructions about logging into the myIIT portal to view your 2009-2010 and 2010-2011 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


 

CALENDARS

.: Main Chicago-Kent event
   calendar

.: Academic calendar

.: CLE calendar

.: Alumnae/i event calendar

.: Admissions calendar

Chicago-Kent home page Student portal Faculty portal Staff portal About The Record Current Record headlines Publication deadlines The Record archives