There are two federal student loan programs available to students at the IIT Downtown Campus: the Perkins Loan, and the Direct Loan Program. The Direct Loan Program includes the Stafford Loan and the PLUS loan. When you complete a FAFSA you will automatically be offered all of the loans that you are eligible to apply for. You are required to actively accept or decline your loans on the myIIT portal.
1) Federal Direct Unsubsidized Stafford Loan
- Federal not need-based loan.
- Interest rate fixed at 6.80%.
- Unsubsidized. Interest begins to accrue when loan is disbursed to school.
- Repayment begins 6 months after student graduates or is not enrolled at least half-time.
- Origination fee of 1% is deducted prior to disbursement from the gross amount accepted on the myIIT portal.
Stafford Loan Academic Year Maximum Amount: $20,500
Maximum Lifetime Federal Direct Stafford Loan Limit: $138,500
**Deferment and Forbearance: Allow the student to temporarily post-pone payments.
2) Federal Direct Plus Loan
The Federal Direct Plus Loan is beneficial for students who need additional aid beyond the Federal Direct Stafford and/or Perkins Loan.
- Federal not need-based loan.
- Fixed interest rate at 7.9%.
- Origination fee of 4% is deducted prior to disbursement from the gross amount accepted on the myIIT portal.
- Credit-based. Generally, a student with an adverse credit history may be denied. Students may appeal the credit decision or provide an endorser/co-signer the Department of Education if denied.
- Unsubsidized. Interest begins to accrue when loan is disbursed.
- You must first apply for your maximum loan eligibility through the Stafford loan before the Graduate PLUS Loan can be awarded.
- Annual limit. Cost of Education minus financial aid.
- Aggregate limit. None.
- Repayment starts immediately once the student graduates or ceases to be enrolled at least half time. However, if a student has also borrowed the Federal Direct Stafford Loans, repayment is automatically aligned with the six month grace period, and starts once this expires.
*Deferment and Forbearance: Allow the student to temporarily postpone payments.
3) Federal Perkins Loan
The Federal Perkins loan is a campus-based federal student loan that is awarded to students who demonstrate a zero Expected Family Contribution (EFC) on the FAFSA. Perkins Loan funds are limited and awarded on a first come, first serve basis. The FAFSA deadline to be considered for the Perkins Loan is March 1st. The Financial Aid Office will award up to $2,000 per academic year to all eligible.
- Federal need-based loan. Student must demonstrate financial need in order to be eligible.
- Awarded on a first-come first-serve basis.
- Fixed interest rate of 5%.
- Subsidized. Interest does not accrue while student is in-school at least half-time or during eligible deferment periods.
- Amount awarded is $1,000 per semester.
- Annual limit of $2,000.
- Aggregate limit of $40,000.
- Repayment begins 9 months after student graduates or is not enrolled at least half-time.
- Minimum repayment rate is $40 per month
The following students are not eligible to receive the Perkins loan:
- Students who are visiting another law school not paying IIT tuition
- Honors Scholars
- Students receiving full tuition scholarships
- IIT Staff who receive tuition remission.
First time borrowers must complete the Perkins Loan requirements, including a Master Promissory Note and Entrance Interview with ECSI, the loan servicer on behalf of IIT. To initiate this process, the borrower must accept the offered award via the myIIT portal. ECSI then contacts the borrower via e-mail with information on completing requirements the Promissory Note and Entrance Counseling. If you do not receive e-mail communication to your kentlaw e-mail address, please check your @iit e-mail address on the welcome screen of your myIIT portal, as communications could be sent there. Please allow several days after accepting your award on the myIIT portal before contacting ECSI to ensure they have your information on file. You will complete the requirement on the ECSI website: www.ecsi.net/prom7g/.
If you have any questions regarding the Perkins Loan Master Promissory Note please call ECSI directly at 888-549-3274 or call the Student Accounting Office at (312) 567-3785 option 5.
*Deferment and Forbearance: Allow the student to temporarily post-pone payments.