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Office of Financial Aid

Office of Financial Aid home page

Week of August 15, 2011

Orientation Week workshops: Federal Loan Programs 101

During the Orientation Week, there will be workshops for new students covering basic financial aid information. These workshops will cover information regarding federal loan programs, including federal loan types, amounts, interest rates, repayment plans, and new federal policies.

The schedule is as follows: Monday August 15th 1pm-2pm and 2pm-3pm & Tuesday August 16th 8:50pm to 9:30pm.

Fall 2011 Disbursement Schedule

News Update: Please note that if you accepted your loans after August 5, 2011 your fall 2011 semester loan funds may be delayed (this delay will not effect your spring 2012 disbursement). This is due to the Department of Education’s Loan Disclosure Statement mailing schedule. Anytime you accept a loan on the myIIT portal, you will receive a Loan Disclosure Statement from the Department of Education’s Direct Loans Program. This delay is in effort to ensure that students receive information regarding their loan disbursement before their funds are posted to their school student account. The Department of Education wants to make sure that students are aware of their loan obligations before they receive the funds. As a result, if you accept your funds 5 days before, or anytime after the scheduled disbursement date, your funds will not disburse to your student account until 5 days after your loan is originated by the Office of Financial Aid.

Law Students

Disbursement: August 12, 2011

Stuart Students

Disbursement: August 22, 2011

Fall Loan Disbursement Process: Step-by-Step

All loan funds, federal, and private, are posted directly to the student’s account according to the disbursement schedule listed above.

  1. On the scheduled disbursement date, we must verify that you are eligible to receive the funds. This process can take 1-3 business days.
  2. The funds are then released and credited to your student account.
  3. If a credit balance exists after the funds have been credited, the Bursar’s Office will process your refund. If you have direct deposit set up your refund will be deposited into your personal bank account, if not, it will be mailed (not held for pick up) by the Bursar’s Office. The university encourages all students to sign up for direct deposit on the myIIT portal.

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 or in room 290.

If you have any questions regarding the financial aid funds that have been credited to your account, please contact the Office of Financial Aid at 312-906-5180 or in suite 230.

December 2011 Graduates: Please Notify Our Office of Your Enrollment Intentions

If you are planning to graduate in the December 2011 semester, please notify our office as soon as possible of your enrollment intentions and credit hours, if you have not done so already. Your award will need to be revised for the fall semester only. Please send us an email at finaid@kentlaw.edu.

Fall Scholarship Status

Scholarships for day division students enrolled in less than 12 credits for the fall semester will be posted after the Office of Financial Aid receives approval of your scholarship from the Admissions Office.

Full tuition scholarships are based on current enrolled credits as of August 12, 2011. Revisions to scholarship amounts for increased/decreased credits will occur after the add/drop period for the fall semester. You will receive a revised award notification email when it is finalized.

Don't Forget to Accept Your Awards

If you still 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. That is why we urge you to accept them now to avoid delays with disbursement. If you do not wish to wish to receive any of the funds, you may decline the loan(s) using the myIIT portal.

Please select one of the options below on the myIIT portal at: https://my.iit.edu/cp/home/displaylogin.

Accept: If you wish to receive any portion of the loans still listed as offered, you must accept the funds. Also, please be aware that you may be required to complete a Promissory Note and Loan Entrance Counseling with Direct Loans at www.studentloans.gov before the funds can be disbursed. Please refer to your 'Requirements' section on the myIIT portal.

Decline: If you do not wish to receive any of the funds still listed as offered please decline the loan(s) using your myIIT portal.

Missing Required Documentation

To avoid delays, please submit any requested documentation as soon as possible.
Please follow the steps below to see if you still have missing requirements:

  1. Log into the Illinois Institute of Technology's myIIT portal at the following link: https://my.iit.edu/.
  2. Select the 'Finances' tab from the menu.
  3. Required documents are listed in the Financial Aid Requirements channel.

You may download some of the required forms and links to promissory notes on our website at http://www.kentlaw.edu/depts/finaid/DLforms.html.

Once you complete your Master Promissory Notes and Entrance Counseling via the Department of Education's website, it may take up to 2 weeks for your required document status on the myIIT portal to reflect this. If it has been over 2 weeks since your completion of a Promissory Note or Entrance Counseling and your documents status on myIIT is still showing not received, please contact our office.

If you have been awarded a Federal Perkins Loan, please check your Kent email (or your IIT e-mail address on the welcome screen of your myIIT portal, as communications could be sent there), for information from the IIT Perkins Loan servicer, ECSI, on completing the Promissory Note and Entrance Counseling. This maybe marked as spam in your mailbox, but it is not. You will not be able to complete the promissory note online if ECSI does not have your information on file that is why we ask that you wait until you receive an email notification. However, if mid-August has past and you have not completed this requirement, please contact ECSI directly at 1-888-549-3274 and state that you are attending the IIT Downtown Campus.

Still haven't received your 2011-2012 Financial Aid Award?

Has it been 3 weeks since you completed your FAFSA and you have not received a financial aid award for the 2011-2012 academic year? If so, follow these instructions to make sure your FAFSA information is sent to the DTC Office of Financial Aid.

  1. Go to www.fafsa.ed.gov and view your Student Aid Report (SAR).Make sure the Downtown Campus school code is listed on your FAFSA. The DTC school code is E00773 (Listed as Chicago Kent, this is the correct school code for both Kent and Stuart Graduate School of Business.) Once you update the school code to the correct school code it will take 1 to 2 weeks to receive a Financial Aid award notification.

  2. If you have the correct school code listed on your FAFSA, check your SAR comments. Your SAR comments will let you know if the data that you entered on your FAFSA has caused an error that prevents your FAFSA information from being transmitted to the school. If there is a problem with the data that you entered on your FAFSA, please update the data elements requested. Once you update the information, it will take 1 to 2 weeks to receive a Financial Aid award notification.

  3. If your comment codes are showing no problems and you have E00773 listed as your school code please contact the Office of Financial Aid so that we can find out why you have not received an award.

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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