Office of Financial Aid
Financial Aid Application Procedures for Current Students
Continuing students must reapply for financial aid every year. Any student who wishes to receive student loans must complete the following forms:
Application Priority Deadline for Fall: March 28, 2014, by 5 p.m.
Application materials available as of March 5, 2014.
After aid applications have been submitted, you will receive notification if the Financial Aid Office requires additional information. Otherwise, you will receive an email when your award letter is available to view on eCommons. This letter will advise you of your aid eligibility and include instructions of the steps you will need to take to secure your student loans. We encourage you to take a few moments to review your complete award letter and the link with instructions of applying for your loans. If you have any questions once you have reviewed your award letter and followed the loan instructions, please feel free to contact our office.
Loan instructions and requirements will be provided with the award letter email notification. Students should not apply for loans until an award letter notification has been received.
Federal Stafford Loan [Unsubsidized]
All students applying for Stafford Loans are required to complete the FAFSA application. The borrower is responsible for interest that accrues while he or she is in school. Currently the interest rate on Unsubsidized Stafford Loans is fixed at 6.21% per academic year. The program is available for an annual total of up to $20,500. There is a 1.072% origination fee that is taken off the principal loan amount requested.
Grad PLUS or Private Educational Loans
If you need more funding than what is available through the Federal Stafford Loan program, you may wish to borrow a Grad PLUS or private educational loan. Grad PLUS loans have a fixed interest rate of 7.21%. There is a 4.288% origination fee that is taken off the principal loan amount requested. Private loan interest rates are variable and depend on one's credit. Please keep in mind that you can only borrow up to your "budget" (cost of attendance), which is indicated on your award letter, minus any aid or scholarships.
We provide loan instructions for continuing students, which includes information on how to apply for a Grad Plus or private loans directly with a lender. Please keep in mind that you can only borrow up to your "budget" (cost of attendance), which is indicated on your award letter, minus any aid or scholarships. Our office is required to return funds to a lender if a student borrows over their "budget" (cost of attendance), even if you have already received a refund.
Students are responsible for their own expenses such as rent and the purchase of books and supplies prior to the actual disbursing of refunds. The Business Office in the CBA Building, 15th Floor, handles all refunds. They can be contacted at 312.427.2737 ext. 408.