Federal Direct Loan online entrance counseling session requirement:
Please refer to the Financial Aid Handbook for instructions for completing the Online Entrance Counseling Session.
Additional online entrance counseling session information for Kellogg Full-Time 1Y MBA students, 2Y MBA students and 2Y MMM students
In addition to the information provided to students during the online entrance counseling session, we are providing the following information in order to help you understand all the terms and conditions of your loan as well as provide you with the necessary resources when questions arise regarding your federal student loans.
The debt of students who borrow through the Federal Stafford Loan and/or Federal Grad PLUS Loan programs vary by program of study and the amount of loan funding accepted by the student. Below you will find information regarding the repayment amounts for several debt levels, ranging from $25,000 to $200,000.
Using the debt figures in the chart below as an example, we have calculated what an average monthly payment would be using sample interest rates of 6% and 7%. The figures are based on a standard repayment term of 10 years for each loan option and do not include interest that would have accrued on any portion of the debt coming from the Unsubsidized Stafford Loan and/or the Grad PLUS Loan.
|Interest rate at 6%|
|Loan Amount||Monthly Loan Amount||Total Interest Paid||Total Loan Repayment|
|Interest rate at 7%|
|Loan Amount||Monthly Loan Payment||Total Interest Paid||Total Loan Repayment|
If you have any questions regarding borrower’s rights and responsibilities and loan terms and conditions, please feel free to contact our office:
Associate Director of Financial Aid Kellogg
Office of Admissions and Financial Aid
We strongly encourage students to read the student loan section of The Guide to Federal Student Aid located here. The guide, published by the U.S. Department of Education, provides a wealth of information, including loan repayment schedule and terms, federal loan program deferment, forbearance and cancellation provisions.
For loan deferment and enrollment verification purposes, student status is defined as follows during regular terms and summer school:
- Full-time: enrolled in at least three units per quarter or the equivalent.
- Half-time: enrolled in at least two but fewer than three units per quarter or the equivalent.
- Evening & Weekend: enrolled in fewer than two units per quarter or the equivalent (also referred to as less than half-time).
It is very important for students to contact the appropriate offices when withdrawing from the University. Students who withdraw must immediately file a withdrawal form, available at the Kellogg Office of Student Affairs and Registration, located at Kellogg Global Hub, 2211 Campus Drive, First Floor.
The completed form must bear the required signatures from representatives from the appropriate university offices. Signatures are required from Dean Fran Langewisch, Assistant Dean and Director of Student Life, firstname.lastname@example.org, and Assistant Director and Registrar, Kimberly Richards, email@example.com. The form will then be submitted to the Office of the Registrar at 633 Clark Street Evanston, Illinois 60208-1118 by the Kellogg Registrar, Kimberly Richards.
Please also notify the Office of Financial Aid, Julie Israel, Director of Financial Aid, firstname.lastname@example.org that you are withdrawing from the University.
If you reside in Engelhart Hall, please also notify Carolyn Wharton, Coordinator of University Housing, email@example.com that you are withdrawing from the University.