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Office of Financial Aid

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Week of September 21, 2015

Change in Loan Origination Fee Starts Oct.1: Pending Loans Impacted

As of October 1, 2015 the Federal Direct loan origination fees on the Federal Direct Stafford and Federal Direct Plus Loan will decrease for the remainder of the 2015-2016 academic year and be effective until October 1, 2016. The new loan fee percentages will apply only to loans where the first dibsursement of a loan is made on or after October 1, 2015. This means, if your loan was already dibursed for the fall semster it will not be effected. However, if you request a loan or loan increase after Oct. 1st, it will be charged the new fee. For more detailed information see our†website.


Due to this change in the fee structure, our office will suspend loan origination processing starting on September 25th and resume loan origination processing as normal on/after October 1st. In addition, loans that are still pending for the first disbursement on September 25th will be cancelled and reprocessed by our office on/after October 1st. Effected students will be notified via email.

Current Loan Origination Fees (expires 10/1/15):

Federal Direct Stafford Loan: 1.073%

Federal Direct Plus Loan: 4.292%

New Loan Origination (effective 10/1/15, and subject to change):

Federal Direct Stafford Loan: 1.068%

Federal Direct Plus Loan: 4.272%

We understand that this can be confusing to sort out, and that is why we have created these forms to help you determine how much you need to borrow:

Estimated Cost Worksheet

Refund Calculation Worksheet

This is a mandatory fee charged by the U.S. Department of Education Federal Direct Loan Program for borrowing a Federal Stafford or Plus Loan. The loan origination fee is a percentage of the amount of each loan you receive, and is subtracted proportionately from each loan disbursement you receive. This means that the amount you accept on the myIIT portal will be less due to this automatic fee taken out by Direct Loans before the funds are posted to your student account.

We strongly urge students to keep add this fee to their calculation when accepting their requested loan amount(s) on the myIIT portal. If your loan accepted amount totals the exact amount you owe on your student account, you may not have borrowed enough and will have to account for this fee.†

Perkins Loan Changes and Revised Deadline To Accept September 22nd

The Department of Education has implemented a wind-down policy for the Federal Perkins Loan Program. This will terminate the loan program. However, some students may be eligible for the loan if they meet criteria (see below).

New Update: Continuing students that meet the criteria have received an email from our office about Perkins Loan eligiblity. Students are required to respond back to the email by September 22, 2015 stating if they want to receieve the Perkins Loan for the 2015-2016 semester. Email confirmations received after this time will not be accpeted. Please note, the deadline has been shortened due to the pending wind-down of the program.

Students may continue to be eligible for the Perkins Loan beyond the 2015-2016 academic year (up to 5 years, through 2020) only if they meet all of the following grandfathering provisions:†

a. Had a Perkins Loan during the 2014-2015 academic year or prior

b.†Attended Chicago-Kent when their last Perkins Loan was disbursed

c. Attended the same academic program as when they received their last Perkins Loan

d. Have a zero Expected Family Contribution (EFC) on the FAFSA †

e. Complete the FAFSA before March 1st

Please be aware that these changes are subject to change if the Higher Education Act is reauthorized before September 30, 2015.

2015-2016 Continuing Student Scholarships

Guaranteed renewable partial†Chicago-Kent scholarships have been automatically included in financial aid award packages for the 2015-2016 academic year. If your renewable scholarship does not appear in your financial aid package, please contact the Office of Admissions.

Merit based scholarships†are now included in financial aid award packages. For questions about your scholarship eligibility, please contact the Office of Admissions.

Full scholarships†are initially based on your enrollment in the minimum number of credits required for the program (12 credits for day division and 6 credits for part-time/evening), and are adjusted to reflect actual semester enrollment as of the first day of class and again after the add/drop period. At this time all scholarships reflect current student enrollment status.

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:

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 Master Promissory Note and Loan Entrance Counseling with Direct Loans at before the funds can be disbursed. Please refer to your 'Requirements' section on the myIIT portal, and see our website for more information about loan requirements.

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.

FAFSA Reminder 2015-16

In order to qualify for financial aid for the 2015-2016 academic year, you must complete the 2015-2016 Free Application for Federal Student Aid (FAFSA).†The FAFSA must be completed each academic year, and is available after January 1st of each calendar year.

You can complete your FAFSA online at††In order to apply you will need your Personal Identification Number (PIN). Please remember to include our school code, E00773, when completing your FAFSA and keep in mind that†the school name will be listed as Chicago-Kent College of Law.†

If you need help completing the FAFSA, the†Department of Education†provides several helpful resources with complete instructions, videos, and contact numbers. Additionally, if you have any questions please feel free to call the Office of Financial Aid at (312) 906-5180, or send an email to†

New: Plus Loan Counseling Requirement

The Federal Direct Plus Loan is a credit based loan. By accepting the loan on the myIIT portal you are authorizing a credit check to be performed and the loan to be processed with Direct Loans.Generally, students with an adverse credit history may be denied. However, in most cases if there are no other extenuating credit conditions, a student may be able to appeal the credit decision or provide an endorser for the loan to be be approved. For more information about the†terms and conditions of Federal Direct Plus Loan click here.†

Due to new federal regulations as of March 29, 2015 if a student is approved by way of appeal or endorser, the student also must complete the new†Plus Loan Counseling†requirement online with Direct Loans in order to recieve the loan.†The credit check approval will remain valid for 180 days.

This Plus Loan Counseling is distinct and not the same as the first time borrower Loan Entrance Counseling requirement. The Plus Counseling must be done in one log in session, as it cannot be saved to be finished at a later time. The Plus Counseling is only valid for the credit check approval period of 180 days. If a student chooses to accept another Plus Loan after 180 days, they are authorizing another credit check to be peformed by Direct Loans. If the credit check results in another denial and the student will need to repeat the entire process by either appealing the credit decision or adding an endorser, and completing the Plus Loan Counseling again.†

First time borrowers that are denied the Plus Loan but scessfully appeal or add an endorser will have to complete both types of counseling: the Loan Entrance Counseling and Plus Loan Counseling. Both requirements must be satisfied with Direct Loans online at††

Plus Loan Denial Checklist†

1. Contact Direct Loans at 1-800-557-7394 or go to††to find out if you are eligible to appeal the credit decision or add an endorser to the loan.†

2. Once you are approved by way of appeal or endorser you must complete the Plus Loan Counseling requirement†and†a new Master Promissory Note online at††

3. The requirements will be cleared on your myIIT portal within 1 week. Please allow some time for your myIIT portal to be updated.†

4. The loan funds will disburse to your student account usually within 1-2 weeks after you complete your approval process and requirements, or on the scheduled disbursement date if it has not passed yet.†

You will recieve an email disbursement notification when the funds have been posted to your student account. You will be able to view this on the myIIT portal. If you are expecting a credit refund as a result of excess in loan funds, the†Student Accounting Office†will process it accordingly for you. You may set up†direct deposit†of this refund on the myIIT portal. All questions about refund status should be directed to the Student Accounting Office by email at††or by phone at 312-567-3794 option 5.

NASFAA Financial Literacy Report

The Opportunities to Improve the Financial Capability and Financial Well-being of Postsecondary Students report describes current efforts to enhance financial education among students to help them make informed decisions about choosing where and how to finance postsecondary education, and to aid students in making sound financial decisions when enrolled and beyond. Key topics include:

  • Policies and resources to help students make decisions on college choice and financing;
  • Tools for navigating the college search and decision-making process;
  • Tools for navigating postsecondary education financing and repayment;
  • Financial decisions facing currently enrolled students and recent graduates;
  • Institutional efforts to improve the financial capability of enrolled students;
  • Recommendations and next steps for higher education institutions

Information for 3L Students

In order to receive federal financial aid at Chicago-Kent College of Law you must meet certain enrollment criteria. Students that do not meet these criteria are not eligible for federal financial aid. The enrollment criteria are as follows:

  • Be enrolled at least-half time in courses that count toward the 87 credits required for graduation.† Any credits taken above the 87 credits required for graduation are not eligible for federal financial aid.
  • According to the Registrarís Office, at least half time enrollment is considered to be: 6 credits for fall and spring semester and 3 credits for the summer term. For more information about registration, see the†Registrarís Office.
  • If you plan to take between 6 and 11 credits, it is best to send your fall and spring enrollment intentions to our office via†email. This will prevent delays of your disbursements 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 your financial aid is not delayed.

We understand that you may be close to graduation and not need as many credits as in past semesters. However, you must still demonstrate at least half time enrollment to maintain your federal financial aid eligibility. If you do not meet the enrollment criteria your options are make to payment arrangements with the†Student Accounting Office†or to apply for a†private educational loan†(tuition only).

Information for 2L Students

Q: It looks like my 2015-2016 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 and here are the reasons why:

  • A one-time lap top allowance is included in your first year Cost of Attendance (COA) budget. This line item is not included in the COA for continuing students.
  • As a first year JD student, your COA is based on a flat rate tuition charge. As a continuing student your initial COA is based on a per credit tuition charge. The tuition component of the COA is based on a minimum of 12 credits per term for full time and 6 credits for part time students.
  • Eligible continuing students are awarded Federal Work Study (FWS). It is a need based employment program that requires students to earn their award amount through work. FWS reduces the amount a student can borrow in federal student loans. If you do not plan on participating in the program and need additional funds you may email to request the amount be converted into additional loan funds.
  • If your current cost of attendance does not meet your financial requirements please send your fall and spring enrollment intentions, and if you are authorizing a FWS conversion, via email to the Office of Financial Aid. In your email, please specify the following in your email authorization request:
  1. Exact dollar amount that you need
  2. Number of credits that you intend to take in both semesters
  3. If you are declining FWS

Please note, the Office of Financial Aid cautions students against borrowing up to the Cost of Attendance limit.

Planning to Study Abroad?

In order to determine if your study abroad program/course is eligible to receive financial aid please stop by the Office of Financial Aid. If you've been granted permission to study abroad through Chicago-Kent College of Law and are borrowing educational student loans to meet your educational costs, please contact the Office of International Law and Policy and you will be provided an electronic application to complete via Google Docs. The financial aid process for the study abroad program can take 4 to 6 weeks.

If credit is approved by home school (Chicago-Kent), the student may be considered enrolled at the home school for financial aid purposes. You must still follow the same eligibility criteria as if you were taking classes at Chicago-Kent. You must complete a FAFSA, be enrolled at least half time, be degree seeking, and the credits must count toward the required credits required for graduation. Student registered in credits over the graduation requirement (87 credits) may not be eligible for federal financial aid for those credits. See the headline, "Information for 3L Students". Please be aware that your Cost of Attendance during your study abroad term will be based on the living expenses and tuition charges of the program, not the standard Chicago-Kent budget. Additonal fees may be charged by the program.

The Office of Financial Aid does not determine the Cost of Attendance for study abroad programs. For this reason, it is very crucial for each student to thoroughly research the programs charges and costs of living prior to their departure. It is the students responsibility to budget themselves until their financial aid is processed.

Planning to Visit Another Law School?

If you have been granted permission to study at another law school for credit toward your Chicago-Kent law degree and are borrowing educational loans to meet your educational costs, you must notify the Financial Aid Office as soon as possible. You must complete the Financial Aid Request Form to Visit Another Law School, if you wish to use federal student loans.

We will ask the host school's Financial Aid Office to complete a Consortium Agreement with cost of attendance amounts, and their Registar's Office to provide enrollment verification with dates of attendance, and credit hours.

Once we receive all the required documentation from the visiting school, we will finalize your financial aid award, and you can accept the loans you wish to borrow on the myIIT portal. The funds will be scheduled to disburse to your student account according to your enrollment period at the visiting school. If you are expecting a refund, the Student Accounting Office will process it. It is the student's responsibility to pay tuition at the visiting school. Please be sure that you have set up direct deposit of your refund.

The Office of Financial Aid does not determine the Cost of Attendance for host schools. For this reason, it is very crucial for each student to thoroughly research the host school's charges and costs of living prior to their departure. It is the students responsibility to budget themselves until their financial aid is processed.

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 Information, on our website. Once you 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 suspicious activity.

To receive your free credit report, please visit the following link: 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.

Financial Aid Contact Information

The Office of Financial Aid is dedicated to assisting students in financing their education and making financially informed and responsible decisions. Please feel free to contact our office at any time during the office hours listed below.

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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