Accepting and Declining Financial Aid

Federal Work Study

You can accept or decline your full Federal Work-Study (FWS) award directly in the Student Gateway. 

If you would like to accept a reduced amount rather than the full award, you can indicate your preferred amount for the year on the Aid Change Request Form.

Once you’ve accepted Work-Study, your next step is to find a position. Your award is not automatically earned; it is a maximum amount you are eligible to earn through part-time employment. Funds are paid to you via paycheck as you work and are not applied to your student account. Visit the Federal Work-Study page for details on finding a position and managing your award.

Federal Direct Unsubsidized Loan

You can accept, decline, or reduce your Federal Direct Unsubsidized Loan in the Student Gateway. We encourage you to think carefully about how much you need before accepting. You can always accept a reduced amount and request more later if your circumstances change but borrowing less from the start reduces your total repayment obligation.

Important: Once you have accepted your loan in the Student Gateway, you cannot make further changes online. If you need to adjust your loan after accepting it, contact our financial aid office directly.

Your loan will not be disbursed until you complete all required steps. After accepting your loan, you must complete the following at studentaid.gov:

• Master Promissory Note (MPN) — your legal agreement to repay the loan, along with accrued interest and fees. Required for all first-time federal loan borrowers.
• Entrance Counseling — a required online session that explains your rights and responsibilities as a borrower. Takes approximately 30 minutes and is required only once per institution. 

When completing these steps, make sure to select The Chicago School as your institution so the completion information is transmitted to our office. Funds cannot be released until both steps are confirmed.

Federal Direct Graduate PLUS Loan

Important update as of July 1, 2026: Graduate PLUS Loans are no longer available to new borrowers under the One Big Beautiful Bill Act (OBBBA). If you are a continuing student who borrowed a federal direct loan before July 1, 2026, while enrolled in your current program, you may qualify for the legacy provision allowing continued access for up to three years. Please contact our financial aid office to confirm your eligibility before proceeding.

For eligible continuing borrowers:

You must accept the full amount of your Federal Direct Unsubsidized Loan before you can access any Graduate PLUS Loan eligibility. Graduate PLUS Loans cannot be accepted directly in the Student Gateway. You will need to submit a request through our financial aid office.

You do have the right to decline your Graduate PLUS eligibility if you choose not to borrow. A loan that has not yet disbursed will not incur any interest charges or fees. There is no cost to declining.

To request a Graduate PLUS Loan, contact our financial aid office or submit the Aid Change Request Form.

Institutional Scholarships and Grants

If institutional scholarships or grants from The Chicago School are included in your Financial Aid Notification, no additional acceptance steps are required on your part. These funds will be applied directly to your student account automatically at the start of each applicable term, provided you meet the eligibility conditions associated with the award.

If you receive a scholarship or grant from an outside source that is not listed on your notification, you are required to report it to our financial aid office. Outside awards can affect your overall aid package. Specifically, total aid cannot exceed your Cost of Attendance. See the Reporting Additional Aid page for details.

Adjusting Your Aid After Acceptance

Your circumstances may change after you’ve made your initial acceptance decisions. There are options available to you. Here’s what to know: 

Reducing your loan after acceptance, but before disbursement: Contact our financial aid office directly. Changes after initial acceptance cannot be made in the Student Gateway. We will process the adjustment on our end. 

Cancelling a loan after it has already disbursed: You may cancel all or part of a federal student loan even after it has been disbursed, but there are important conditions: 

• The cancellation request must be received no later than 120 days after the disbursement date.
• Our financial aid office cannot be responsible for any interest or fees that accrued on the funds between disbursement and cancellation. This is why we strongly encourage you to make loan decisions carefully before accepting, rather than cancelling after the fact.
• If your loan funds were issued to you as a refund, you are responsible for returning those funds to The Chicago School:
  • If the refund was deposited via direct deposit (EFT/ACH), you will need to repay your student account directly.
  • If the funds were issued by paper check, you may destroy the check if it has not been cashed or return it to the Business Office. 

To request a loan cancellation or adjustment after disbursement, contact the Office of Student Accounts: 

Declining Aid: What You Should Know

Declining aid is always your right. It is worth understanding the implications before you do: 

• Declining a loan means you are choosing not to borrow those funds for the current year. If you change your mind later in the year, you may be able to reinstate declined aid depending on availability and timing. Contact our financial aid office to ask.
• Declining Work-Study means you will not be eligible for a Work-Study position for that award period. If you decline and later wish to convert your Work-Study eligibility to a loan, you may be able to do so using the Aid Change Request Form.
• Declining a scholarship or grant may affect the total aid available to help cover your educational costs, as these forms of aid typically do not require repayment. If you have concerns about a scholarship or grant, including whether it may affect other aid, please contact us before declining.

A Note on Borrowing Responsibly

We want to make sure every student who takes out loans has a clear understanding of what they’re committing to. A few reminders before you finalize your decisions: 

• Interest on Direct Unsubsidized Loans begins accruing from the date of disbursement, even while you’re in school.
• The total amount you borrow, across all years and all loan types, directly affects your monthly payment after graduation. Our Loan Repayment page and the Federal Loan Simulator can help you model what repayment will look like.
• You are never required to borrow the maximum amount offered. Accepting less is always an option.

Learn About Loan Repayment

Use the Federal Loan Simulator

Questions About Your Aid Package? 

If you’re unsure about any component of your award, have a situation that doesn’t fit the standard process, or need help making decisions about your aid, please reach out before you act. It is much easier to get it right the first time than to undo a decision after the fact.