Office of Financial Aid
Newly Admitted Students
Loan and Financial Aid Application Procedures for Entering Students
- Financial aid application packets are mailed to accepted applicants after March 1 for fall applicants or after October 1 for January applicants.
- The financial aid application packet includes the FAFSA Worksheet and the JMLS Financial Aid Institutional Form. Both forms must be completed before the Financial Aid staff can determine your aid eligibility. Please do not submit a JMLS Financial Aid Institutional Form until after you are accepted for admission. Doing so will only delay the processing of your financial aid. Fall applicants should submit materials by July 2.
- After all Financial Aid applications have been received, you will receive an email notification to view your award letter on eCommons. You must accept or reject your loans via eCommons, and complete the financial aid requirements by clicking on "apply for loans."
- The Business Office, CBA Building 15th floor, 312.427.2737 ext. 408 handles all refunds. Please note, students will be responsible for their living expenses and books prior to the disbursement of refunds.
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 5.41% 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.
Our office is required to return funds to a lender if a student borrows over their Cost of Attendance, even if you have already received a refund.