November 8th. Loan Repayment and Personal Budgeting Workshop.
Are you worried about your student loans and debt? If so, you're probably not alone! You're making an important investment in yourself. It's also important that you be able to achieve your financial goals (including repayment of your student loans) once you graduate. Do you have all the financial skills needed to do so? Having a better understanding of money management and student loan repayment can help you maximize your educational investment and minimize your debt. With this in mind, our office will be hosting a workshop about loan repayment and person budgeting. The workshop is open to all students. Please be aware that attendance is mandatory for December graduates as a part of the Federal Loan Exit Counseling requirement. During this interactive seminar, we will focus on:
* Public Service Loan Forgiveness & Income Based Repayment
* General Loan Repayment
* Personal Financial Management
The session will be held as follows:
Tuesday , November 8th, 12:00 PM - 2:00 PM, Room 370
Space is limited so please RSVP to firstname.lastname@example.org as soon as possible. Seats will fill up fast! There will be pizza and gift card prizes!
A Note For 2L Students
Q: It looks like my 2011-2012 financial aid package is a lot smaller than the financial aid package that I received as a first year law student, is this correct?
A: Yes, for most students this is correct!
Fortunately, most students have the option to have their award amounts increased. Below is an explanation of the continuing student Cost of Attendance Budget along with instructions for having the loan increased.
The total amount of financial aid funds (loans, scholarships and work study) that you receive from all sources cannot exceed your Cost of Attendance (COA) budget. Your COA has a tuition charge allocation as a well as allocation for living expenses and fees.
A one-time lap top allowance is included in your first year COA only. This line item is not included in the COA of continuing students.
The total living expense allocation for 2011-2012 is not smaller than the living expense allocation for the 2010-2011 academic year. The reason for the difference in the cost of attendance between this year and next year is the tuition charge allocation.
As a first year JD student, your COA is based on a flat rate tuition charge. As a continuing student your COA is based on a per credit tuition charge.
Initially, we base your financial aid award and cost of attendance on your registration in the minimum credits required for your program and enrollment status. As an evening student, we base your COA on your enrollment in 6 credits per term. As a full-time day student, we base your COA on your enrollment in 12 credits per term.
If you are taking more than the minimum credits and the initial financial aid award that you have received is not enough, we can increase your loans. We can customize your COA to reflect your actual enrollment rather than the minimum credits.
Once we customize the tuition portion of your COA, your total COA will increase. Once you COA amount increases, your loan eligibility increases as well. Be advised, If your registration for the fall and spring terms is not for the same number of credit hours, your financial aid refund will not be for the same amount each term. Therefore, we ask that you budget accordingly.
We are aware that the average student takes more than the minimum credits required for their program. Unfortunately, we cannot base your initial COA on average enrollment for the following reasons: If you take fewer credits than the average student does, we may be required to reduce your financial aid. This reduction in financial aid may result in a tuition balance due to the school.
The Office of Financial Aid cautions students against borrowing up to the Cost of Attendance limit. However, if you need more loan funds than have been offered on your 2011-2012 financial aid award, please send an email to the Office of Financial Aid. In your email, please specify the exact dollar amount that you are requesting and the number of credits you intend to take in both the fall and spring semesters. Be advised, should you take less than the minimum number of credits, your financial aid may be returned and you may incur a balance. Any resulting balance would be due to Kent immediately.
A Note For 3L Students
Q: Are you a full-time graduating JD student that is planning to take less than 12 credits in either fall 2011 or spring 2012? If yes, please read the information below and follow the instructions to ensure that your financial aid disbursements for 2011-2012 are not delayed.
A:Your financial aid award and cost of attendance are based on your registration in the minimum credits required for your program and enrollment status. As a full-time day student, your initial cost of attendance is based on your enrollment in 12 credits per semester. We are aware that many full-time students take less than 12 credits in their last 2 semesters. For this reason, if you are taking less than 12 credits please be aware of the following:
In order to be eligible for federal loans you must be enrolled at least half time. Half-time for JD students is 6 credits. Unfortunately, if you plan to take less than 6 credits you are ineligible for federal loans and you must make alternative arrangements to pay your tuition balance.
Generally, in order to be eligible for your scholarship you must be enrolled in at least 12 credits. Fortunately, in some cases, the Office of Admissions allows graduating students to receive their scholarship when taking less than 12 credits. Please contact the Office of Admissions for further confirmation.
If you plan to take between 6 and 11 credits, it is best to send your enrollment intentions, for both the fall and spring semesters, to our office via email to prevent delays of your disbursement and refunds. Once we receive your enrollment intentions, we will customize your cost of attendance budget to reflect your projected enrollment. It is best to let us know your enrollment intentions at least 3 weeks before classes start to ensure that your financial aid is not delayed.
The Office of Financial Aid cautions students against borrowing up to the Cost of Attendance limit. Be advised that if you do not register for the credits that you have stated your financial aid may be reduced, resulting in a tuition balance due to the school immediately.
If your registration for the fall and spring terms are not for the same number of credit hours, your financial aid refund will not be for the same amount each term. Therefore, we ask that you budget accordingly.
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. Please keep in mind the minimum 5 day waiting period once your loan is originated by our office, after you accept it. Your funds will not post until at least 5 days after we originate your loan. 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/. It is to your advantage to accept the Stafford Subsidized Loan first (interest free while in school and 6 months after graduation), then Stafford Unsubsidized (interest charged from disbursement at 6.8%0, and lastly the Graduate Plus Loan (credit based and interest charged from disbursement at 7.9%).
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 https://studentloans.gov/myDirectLoan/index.action, 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:
- Log into the Illinois Institute of Technology's myIIT portal at the following link: https://my.iit.edu/.
- Select the 'Finances' tab from the menu.
- 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 (not loan application) 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 were awarded the Perkins Loan this academic year 2011-2012, 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. Students that competed this requirement last academic year 2010-2011 are not required to complete this requirement again. 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. Also, for more information see the Bursar's Office website at:
Reminder: Direct Deposit Available
Please be aware that the university 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.
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. Once your are approved, the lender will contact our office to certify your loan. The funds will be disbursed directly to you from the lender.
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
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
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.
- 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