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Office of Financial Aid

Office of Financial Aid home page

Week of May 23, 2011

New Exit Counseling Sessions

Congratulations on your graduation! We have scheduled 3 more exit counseling sessions to accommodate the students that missed the earlier sessions. If you applied to graduate in the spring, and have borrowed Federal Stafford Loans at the IIT Downtown Campus, you are required to complete Federal Student Loan Exit Counseling.

The student loan industry has changed greatly over the last 4 years due to the economy and numerous regulatory updates.  These changes have affected your loans in many ways. For this reason, we ask that you make every effort to attend the new sessions. It is our goal that when you graduate you feel informed and more at ease about your loans and your repayment options.

We will be holding the following group exit counseling sessions. Times and Room updates below:

Tuesday May 24th
1:00 PM -2:30 PM
Room 520

Tuesday May 24th
3:15 PM -4:45 PM
Room 520

Tuesday May 24th
5:00 PM -6:30 PM
Room 520

Please RSVP to finaid@kentlaw.edu and let us know which session you plan to attend.  If we do not receive enough confirmations for a particular session we will have to cancel the session.

Continuing Students Scholarships for 2011-2012

If you received a Chicago-Kent scholarship during the 2010-2011 academic year and you expect to receive one again in 2011-2012, 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.

Deadlines Summer Semester

Summer

The summer 2011 semester is a part of the 2010-2011 academic year. For this reason, if you wish to receive federal loans for the summer term you must have a complete 2010-2011 FAFSA on file. The Deadline to complete the 2010-2011 FAFSA is June 30, 2011.

Summer Term Financial Aid Information

Students who plan to take Summer courses at IIT-DTC or at an approved visiting school may be eligible for either federal or private loans. We encourage students who are eligible for federal loans to accept these loans before considering private loans. Please note that anticipated loans and scholarships for the Fall 2011 semester cannot be used to pay Summer 2011 tuition.

At Least Half -Time Status
If you are enrolled at least half-time, 3 credits, you are eligible to receive federal loans. Once you accept your award 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 2010-2011 FAFSA information.

If you have remaining Stafford Loan eligibility from the 2010-2011 academic year, this will be offered to you before a Federal Graduate Plus Loan is offered. If you have used your entire $20,500 Stafford Loan eligibility during this past fall 2010 and spring 2011 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 plus summer tuition charges.

Starting later this week you will be offered a summer financial aid award package once registered at least half-time. You will your award an email that notifies you that your award is available to be viewed 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 promissory note.

Less Than Half-Time Status
If you are enrolled less than half time you are ineligible for federal loans. You will not be offered an award if you are registered less than half time. Some lenders offer private loans to students who will be enrolled for less than half-time status. In order to receive a private loan for the Summer 2011 semester you must apply for the loan directly with the lender of your choice and inform our office that it is your intention to use a private loan for summer. 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

Federal Stafford and Federal Graduate Plus Loan Procedures
Once you have accepted your loan(s) via the myIIT portal, we will automatically process the loan using your initial promissory note(s) from the previous Fall
and Spring semesters. Even though you may not be required to complete a new promissory note, the Department of Education may require completing a new Graduate Plus Loan credit check if your initial loan was approved more than 90 days ago. Also, if your initial Graduate Plus loan has an endorser/co-signer, you will have to complete a new loan promissory note and endorser application in order to receive the loan funds.

Summer Disbursement Schedule

Summer Loans will disburse according to the following schedule:

  • May 13th: Chicago-Kent students with completed files for the summer will receive their funds disbursed to their student accounts.
  • June 6th: Stuart School students with completed files for the summer will receive their funds disbursed to their student accounts.
  • Refunds: Please contact the Bursars Office for refund estimation times.

Summer Federal Work Study

There are no Federal Work Study funds available for employment between the last day of the spring 2011 semester through June 30th. You can begin to use your summer work study funds starting July 1, 2011. Please keep in mind that the summer Federal Work Study funds are a part of your 2011-2012 financial aid award.

 If you do not wish to do Federal Work Study this summer, please use the myIIT portal to decline it on your summer financial aid award. Also, if you need to borrow additional funds for the summer and are declining Federal Work Study, you may increase your loan up to the same amount. You may email your request to our office. 

Bar Study Loan Information

Bar Examination loans are intended to assist students in paying for bar preparation courses and meeting other financial needs while studying for the Bar Exam.

Students may submit the application for the Bar Exam Loan funds during their last year before graduation. The terms, conditions and credit criteria for Bar Examination Loans are similar to those for alternative loan programs. Unfortunately, students with negative credit ratings are generally not eligible for Bar Exam loans.

To apply for a Bar Examination Loan, review the Bar Loan Comparison Chart, select one of the lenders, and complete their on-line application.

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, Wednesday, Thursday ~ 8:30 a.m. to 6:00 p.m.

Tuesday ~ 8:30 a.m. to 7:00 p.m.

Friday ~ 8:30 a.m. to 4:30 p.m

Phone: (312) 906-5180 - Fax: (312) 906-5274


 

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