Federal and State Loans
Eligibility
A student receiving federal financial aid loan funds must be a U.S. citizen or an eligible non-citizen, enrolled in a degree-seeking program or a certificate program that is approved by the Department of Education, attending at least half-time, and demonstrate reasonable academic progress toward graduation or completion.
To receive federal financial aid for the fall/spring enrollment must be at least half time, this is 4.5 hours. This means you must be attending all courses simultaneously totaling at least half time. Please budget yourself accordingly until your disbursement arrives.
International students do not qualify for federal student loans. Private loans are the only option, most lenders require a creditworthy US citizen or permanent resident to be a co-signer. Click here for general information on private loans.
How to Apply for 2011-2012 Academic Year (Fall 2011, Spring 2012, Summer 2012)
New Students:
1. FAFSA- All students applying for federal financial assistance must complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov each academic year and enter the IIT Downtown Campus school code E00773. It will be listed as Chicago-Kent College of Law. The FAFSA should be filed as soon as possible after January 1 of the calendar year that the student plans to attend IIT Stuart. It takes about 2 weeks for your FAFSA information to be received by our office.
2. myIIT portal- Once your FAFSA is received by the Office of Financial Aid, you will be awarded financial aid on the myIIT portal. An email notification is sent out to all students when this is available online. All students must accept the financial aid they wish to borrow via the myIIT portal. Click here for the myIIT portal instructions.
3. Federal Direct Loan Entrance Counseling- All first time Direct Loan borrowers at the IIT Downtown Campus are required by the Department of Education to complete loan entrance counseling before receiving any federal loan funds.
4. Federal Direct Master Promissory Note- All first time Direct Loan borrowers at the IIT Downtown Campus will need to complete the Federal Direct Loan Master Promissory Note for the Federal Direct Subsidized/Unsubsidized Loan and Federal Direct Graduate Plus Loan, if they wish to accept both loan types. These are separate one-time requirements. The IIT Downtown Campus with code E01833 must be selected as the school.
Since the Federal Graduate Plus Loan is credit based, if an endorser is used, then you will need to reapply with a new Master Promissory Note each time you request funds.
5. Federal Perkins Loan- Students with a "0" Expected Family Contribution (EFC) on the FAFSA may qualify for a Perkins Loan. Funds are limited and students are encouraged to complete the FAFSA before March 15th for full consideration. Students with Perkins Loan awards will be notified to complete the loan entrance counseling and promissory note, by the Perkins Loan servicer for IIT, ECSI. Please check your IIT email and follow the instructions.
Continuing Students:
1. FAFSA- All students applying for federal financial assistance must complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov each academic year and enter the IIT Downtown Campus school code E00773. It will be listed as Chicago-Kent College of Law. The FAFSA should be filed as soon as possible after January 1 of the calendar year that the student plans to attend IIT Stuart. It takes about 2 weeks for your FAFSA information to be received by our office.
2. myIIT portal- Once your FAFSA is received you will be awarded financial aid on the myIIT portal. An email notification is sent out to all students when this is available. All students must accept the financial aid they wish to borrow via the myIIT portal. Click here for the myIIT portal instructions.
You do not need to complete the Loan Entrance Counseling Interview and Master Promissory Notes again if you accepted the same loan types last academic year 10-11. However, if you used an endorser for your Federal Graduate Plus Loan last year, you may be asked by Direct Loans to do it again this year 11-12.
5. Federal Perkins Loan- Students with a "0" Expected Family Contribution (EFC) on the FAFSA may qualify for a Perkins Loan. Funds are limited and students are encouraged to complete the FAFSA before March 15th for full consideration. Students with Perkins Loan awards will be notified to complete the loan entrance counseling and promissory note by the Perkins Loan servicer for IIT, ECSI. This will occur once ECSI has your loan request on file. Please check your IIT email and follow the instructions. If you do not get an email notification by end of August please let us know.
Additional Information and Resources
Announcements & News Updates
Free Application For Federal Student Aid (FAFSA)
PIN (Personal Identification Number to sign FAFSA)
Financial Aid Guide 2011-2012
Types of Federal Financial Aid
Federal Work-Study Program
Federal Perkins Loan Program
Financial Aid Process Flow Chart 2011-2012
Joint Degree Information
Checklist and Helpful Hints
Title IV Tuition Refund Policy
National Student Loan Database System (life time loan history for Stafford, Graduate Plus and Perkins Loans)
Financial Aid Glossary
Forms
Verification Worksheet 2011-2012 (complete only if selected for Verification)
Supplemental Worksheet 2011-2012 (complete only if selected for Verification)
Estimated Cost Worksheet (complete if requesting an increase in the Graduate Plus Loan)
Release of Information Form- FERPA
Power of Attorney Form
Continued Eligibility for Financial Assistance
Students receiving federal financial aid funds must demonstrate reasonable academic progress toward graduation from IIT Stuart. Reasonable academic progress includes satisfactory cumulative grade point average and sufficient credit hours earned each semester toward completion of a degree program. Failure to comply with the schools Reasonable Academic Progress Policy will lead to a loss of eligibility for financial aid assistance.
