General Financial Aid FAQ

How can I obtain additional funds to help finance my education?
The Chicago School encourages students to apply for a GraduatePLUS Loan (GradPLUS) from Direct Lending at studentloans.gov you must complete an application and master promissory note in order to receive the funds

• Fixed interest rate
• Liberal credit approval
• Eligible for consolidation
• Eligible for in-school deferment
• Eligible for discharge upon death of borrower
• Eligible for discharge if borrower becomes totally and permanently disabled

Are there any fees associated with the GradPLUS loan?
GradPLUS Loans are disbursed with a fixed interest rate and 3% origination fee.

When should I apply?
We recommend students to apply no earlier than one month prior to the term for which the loan is intended. It is also recommended that Financial Aid receives certification requests from Direct Loans prior to the term for which funds will be used.

How much am I eligible to receive?
The funds you are able to obtain vary individually and are based on your overall cost of attendance. It is recommended that students apply for as much as they need. The Chicago School will do its best to certify as close to the requested amount as possible based on the student’s overall cost of attendance.

How are the funds scheduled to be disbursed?
GradPLUS Loans are scheduled to be disbursed the first week of the term for all terms of the loan period. You may review your “award letter” via the ePortal to determine your current loan period. Typically a loan period is two or three academic terms.

How do I know I have been approved for the loan?
You will receive a notification from Direct Loans regarding your status.

When will my loan request be certified?
The Chicago School will certify GradPLUS Loan requests before the first day of the semester (and adjacent staff holidays), the close of the add/drop period, and one time per week for the remainder of the term following the add/drop period. Once a GradPLUS Loan has been certified, students may expect to see their funds post to their student account within two weeks.

I anticipate a refund, when can I expect to receive it?
Once GradPLUS funds have been posted to your student account it generally takes approximately five to seven days until a student may expect a refund to be available. If you are not set up for direct deposit, we will notify you via e-mail once your refund check is available to be picked up in Financial Aid.

How can I monitor my loan approval and disbursement progress?

• Review the ePortal periodically.
• If you see your GradPLUS loan amount listed on your “award letter,” your loan has been certified.
• If your loan has been certified, you may expect to see your funds post to your student account within two weeks.
• If you see your GradPLUS funds have posted to your student account and you do not have an outstanding balance, students may expect to receive a refund within two weeks.