Contact Information

Office of Financial Aid

IIT Chicago-Kent College of Law
565 W. Adams St., Suite 230
Chicago, IL 60661
finaid@kentlaw.iit.edu
P: (312) 906-5180
F: (312) 906-5274

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Federal Loans

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 Unsubsidized 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.

The Office of Financial Aid recommends students borrow conservatively, and does not encourage students to borrow unnecessary federal student loan funds.

1) Federal Direct Unsubsidized Stafford Loan

  • Federal not need-based loan.
  • Interest rate fixed at 6% for the 2017-2018 academic year (Interest is subject to change each July 1 in accordance with the Department of Education regulations).
  • 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.
  • An origination fee is deducted from each loan disbursement from the gross amount accepted on the myIIT portal, please add this fee into your calcualtions when determining how much to borrow.
    • 1.069% loan origination fee charged on Unsubsidized Loans first disbursed on or after October 1, 2016 and October 1, 2017.
    •  Fee is subject to change in accordance with the Department of Education regulations.
    • See the Loan Origination Fee section of our website for more detailed information.

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.

Click here for Unsubsidized Stafford Loan Requirements

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% for the 2017-2018 academic year (Interest is subject to change each July 1 in accordance with the Department of Education regulations).
  • Unsubsidized. Interest begins to accure when loan is disbursed.
  • 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.
  • An origination fee deducted from each loan disbursement from the gross amount accepted on the myIIT portal, pllease add this fee into your calculations when determining how much to borrow.
    • 4.276% loan origination fee charged on Plus Loans first disbursed on or after October 1, 2016 and October 1, 2017.
    • Fee is subject to change in accordance with the Department of Education regulations.
    • See the Loan Origination Fee section of our website for more detailed information. 
  • By accepting the loan you are authorizing a credit check to be performed and the loan to be processed with Direct Loans.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.
  • You must first apply for your maximum loan eligibility through the Unsubsidized loan before the Graduate PLUS Loan can be awarded.
  • Annual limit is Cost of Education minus financial aid.
  • No Aggregate limit.

*Deferment and Forbearance: Allow the student to temporarily postpone payments.

Click here for Plus Loan Requirements