Welcome to the Office of Financial Aid IIT Downtown Campus, Chicago-Kent College of Law website! The information on our site is meant to provide new and continuing students with information and documents needed to finance their education.
We understand that our students are making a major investment in their law school education. Our goal is to make the process as simple as possible so that you can focus on your studies, not your financial aid paperwork.
The Office of Financial Aid is dedicated to assisting students in financing their education and making informed financially informed and responsible decisions. A variety of scholarships and loans are available to help students in achieving their goals.
Our FAFSA school code is E00773
Office of Financial Aid
New & Important Annoucements:
Effective October 1st: Loan Origination Fee IncreaseAs of October 1, 2014
The Federal Direct loan origination fees on the Federal Direct Stafford and Federal Direct Plus Loan will increase for the remainder of the 2014-2015 academic year and be effective until October 1, 2015. The new loan fee percentages will apply only to loans where the first dibsursement of a loan is made on or after October 1, 2014. It is subject to change according to the U.S. Department of Education policy. For more detailed information see our website.
Current Loan Origination Fees (expire 10/1/14):
Federal Direct Stafford Loan: 1.072%
Federal Direct Plus Loan: 4.288%
New Loan Origination (effective 10/1/14, and subject to change):
Federal Direct Stafford Loan: 1.073%
Federal Direct Plus Loan: 4.292%
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:
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.
Effective July 1st: Increased Student Loan Interest Rates
As a result of the Bipartisan Student Loan Certainty Act of 2013 federal student loan interest rates have been increased for the 2014-2015 academic year, and any summer 2014 loans first disbursed on or after 7/1/2014 and before 7/1/2015 to the following:
Federal Direct Stafford Loan: 6.21%
Federal Direct Plus Loan: 7.21%
The interest rates on federal loans first dibusred on or after 7/1/2013 and before 7/1/2014 were: 5.41% on the Federal Direct Stafford Loan and 6.41% on the Federal Plus Loan.
The new law amends the Direct Loan interest rate section of the Higher Education of 1965. It is subject to change according to the U.S. Department of Education policy. For more information see the Department of Education website: https://studentaid.ed.gov/types/loans/interest-rates
FAFSA 2014-2015 Reminder
In order to qualify for financial aid for the 2014-2015 academic year (fall 2014, spring 2015, summer 2015), you must complete the 2014-2015 Free Application for Federal Student Aid (FAFSA).
You can complete your FAFSA online at http://www.fafsa.ed.gov. 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. It can take up to 1-2 weeks for your FAFSA to be processed by our office. You will receive an award notification email (fist year students also receive a letter in the mail) when your financial aid award is ready to be viewed and accepted on the myIIT portal.
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 Department of Education at 1-800-433-3243.These representatives have full access to your FAFSA and are trained to specifically answer FAFSA questions.
Federal Work Study Awarding Changes
If you plan on receiving federal financial aid for the upcoming 2014-2015 academic year, please note the change in the awarding policy for Federal Work Study (FWS).
FWS is an employment program that requires students to earn their award amount through work. It is a need based, self-help financial aid program. Students must demonstrate financial need in order to be eligible. The FWS program is a way for students to gain work experience while earning money to help pay educational expenses. Funds are limited and awarded on a first come, first serve basis each academic year.
How the FWS change in awarding policy will impact you:
- FWS only awarded to students that answer "yes" to question 31 on the FAFSA: "Are you interested in being considered for work-study?"
- Students that answer "no" will not receive a FWS award as a part of their financial aid award
Exceptions to the new FWS awarding policy:
- Students that answered "no" but are already working in an FWS approved position
- Students that answered "no" but want to participate in FWS during any part of the 2014-2015 academic year
You must contact the Office of Financial Aid if you answered “no” to FWS FAFSA question 31, but want to participate in FWS during the course of the 2014-2015 academic year. If you answered “no” and do not contact our office and are working in a FWS position, you may not be eligible for compensation under FWS.