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 enrollment must be at least half time, this is 4.5 hours. This means you must be attending all courses simultaneously totaling at least 4.5 hours. 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 additional lender information:
How to Apply
1. FAFSA- All students applying for federal financial assistance must complete the 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.
2. myIIT portal- All students must accept the financial aid they wish to borrow via the myIIT portal. Click here for the myIIT portal instructions.
3. Loan Entrance Counseling- All first time borrowers are required by the Department of Education to complete loan entrance counseling before receiving any federal loan funds. Click here to complete this requirement.
4. Master Promissory Note- All first time IIT Downtown Campus borrowers should review the Federal Stafford Loan Comparison Chart, and the Graduate Plus Loan Comparison Chart, if they wish to accept both loan types. Select a lender and complete the Master Promissory Note for the Stafford Loan and Graduate Plus Loan. These are separate one-time requirements. The IIT Downtown Campus with code 001691-01 must be selected as the school.
Continuing Students:
Federal Stafford loans will be processed with the same lender that was selected for the past year and for the dollar amounts that are accepted on the myIIT portal. If you wish to select a different lender, please notify the Financial Aid Office in writing (an e-mail would suffice).
Renewal borrowers, students with an outstanding balance on a previous student loan, may choose to retain their current lender or select a new lender. In general, we encourage students to use one lender for all student loans to avoid confusion in repayment. If you intend to use the same lender you do not need to complete a new Master Promissory Note each academic year. However, for the Graduate Plus Loan the lender will run your credit history to determine if you still meet the credit criteria. You may select a new lender if you have not been satisfied with the service you have received or prefer the options, services, and/or benefits of another lender. A new Master Promissory Note would be required for the new lender. Please remember that it is your responsibility and right to select your student loan lender.
Additional Information
Types of Federal Financial Aid
Forms
Verification Worksheets 2009-2010 (complete only if selected for verification)
Estimated Cost Worksheet (complete if requesting an increase in the Graduate Plus Loan)
Release of Information Form- FERPA
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.
