Federal Loan Program Required Documents For Disbursement
1. Master Promissory Note (MPN)
Federal Direct Stafford and Plus Loan
New and first time borrowers must complete the MPN. This is a one time requirement. Complete the MPN for the corresponding loans that you accepted on your myIIT portal financial aid award (The Stafford Loan and Plus Loan have separate MPN's). You must sign the MPN electronically in order to complete the process.
You must submit a separate signed MPN for the Stafford and Plus Loan to the Department of Education in order to receive the Federal Loans funds.
Please allow at least 1 week for the requirement to clear on your myIIT portal. Also, the requirement will not clear if you have not accepted your loan. Once your loan is accepted and you have a completed Master Promissory Note on file, your myIIT portal will clear the requirement in a few days.
Please be aware that the Federal Direct PLUS Loan requires credit approval before the funds can be disbursed to the school. The Department of Education will run your credit after you accept your Plus loan via the myIIT portal.
There is no Direct Plus Loan Online Application Request to complete. That function has been turned off for Chicago-Kent. The Master Promissory Note is the official legal agreement between you and Direct Loan to promise to repay the loans you borrow.
- Plus credit approval is valid for 180 days.
Plus Loan Credit Information
- Students that have borrowed the Direct Stafford Loan or a Direct Plus Loan in past academic years at the IIT Downtown Campus, are not required to complete a new MPN.
- Direct Loans will run a new credit check for your Plus Loan each academic year to make sure you still qualify. If you are approved you do not need to do anything else.
- Students that were denied and then reapplied with an endorser or appealed the credit decision the previous academic year need will need to complete a new Master Promissory Note and the new Plus Loan Counseling requirement with Direct Loans online. See below for more details:
Plus Loan Denial: New and Continuing Students
If your credit is not approved, your options are to add an endorser to the loan or appeal the credit decision (if no other extenuating circumstances exist) to Direct Loans.
If you wish to add an endorser, your endorser must first apply for an FSA ID on the Direct Loan website to sign in and begin the application process. Then select "Complete Endorser Addenda" in the left hand menu "My Loan Documents" section. To submit a paper copy you can choose the "Print Endorser Addendum" from the "PLUS Loan Process" menu on the left hand side, this option can take longer to process.
You must complete a new Federal Plus Loan Master Promissory Note (MPN) after you are approved for the loan, before the funds can be disbursed to your student account. To complete a new Master Promissory Note select "Complete MPN" from the "Master Promissory Note" menu.
- You must complete the new Plus Loan Counseling requirement online with Direct Loans if you are approved with an endorser or an appeal.
- You will need your loan reference number that starts with your social security number followed by the loan ID number: P16E0183300 for the 15-16 academic year, or P17E0183300 for the 16-17 academic year and the number of your Plus Loan request. For example, if this is your first Plus Loan request, your loan reference number will end in the number 1, and so on for any future loans within the same academic year. If you have any questions about your loan status or need assistance applying with an endorser or appealing the credit decision, please contact the Direct Loan Origination Center at 1-800-557-7394.
Please allow at least 1 week for these requirements to clear on the myIIT portal. Please be aware that your loan disbursements will not credit to your account until you take action.
Plus Loan credit approval is valid for 180 days.
2. Federal Loan Entrance Counseling
New and first time borrowers must complete Loan Entrance Counseling. This is a one time requirement.
Must complete the combined Federal Stafford Loan and Federal Plus Loan counseling.
Must be completed before the funds are released to the student.
Please allow at least 1 week for the requirement to clear on the myIIT portal.
Please note that the Financial Awareness Counseling (FAC) is different from Federal Loan Entrance Counseling. FAC provides tools and information to help students understand their financial aid and assist them in covering the basics of financial literacy. However, FAC counseling session will not satisfy the "Loan Entrance Counseling" requirement for your federal loans at Illinois Institute of Technology–Downtown Campus.
4. Perkins Loan Promissory Note
The Perkins Loan is a federal student loan that is normally serviced by the university that awards the funds. IIT contracts an outside company, ECSI, to administer the Perkins Loan. ECSI will contact students with more information about completing this requirement. However, if mid-August has past and you have not been contacted to complete this requirement, please contact ECSI directly and state IIT Downtown Campus as your school. Any questions regarding the Perkins Loan Master Promissory Note should be directed to ECSI at 888-549-3274 or to the Student Accounting Office at (312) 567-3785. Click here for the Student Accounting Office website.
Procedures for receiving this loan money are different from those you followed to receive Federal loans.
In order to receive your loan, you will have to complete paperwork, including a Master Promissory Note and Entrance Interview with ECSI, our institutional loan processor. To initiate this process, accept the award on the Finances tab of your myIIT portal as usual. You will be contacted by ECSI via e-mail with information on completing the requirments online. Please be sure to check your @iit email address for this communication.
Please allow several days after accepting your award on the myIIT portal before contacting ECSI to ensure that they have your information on file.
5. Federal Loan Exit Counseling -
Graduating/Withdrawn/Less than half-time Students
Students that borrowed Federal Stafford or Federal Plus Loans at the IIT Downtown Campus, Chicago-Kent College of Law must be complete Federal Loan Exit Counseling upon graduation or when enrollment is classified as less than half-time. A student in a graduating/withdraw/less than half time status is considered to be in their 6 month grace period for Federal Loans obtained at the IIT Downtown Campus, Chicago-Kent College of Law, as of the new status date. After the 6 month grace period the repayment period will begin. To view your loan servicers and loan history log into the National Student Loan Database System using your FSA ID to log in.
Even if a student plans on re-enrolling in the future at Chicago-Kent or another school this requirement is stil mandatory.
- It counsels the student on their rights and responsibilities of repaying their loan debt.