Financial Assistance
KSI is certified by the Department of Education to participate in the Title IV Student Financial Assistance Program. The school offers College Work Study (CWA) and offers loans through the William D. Ford Federal Direct (Stafford) Loan program, in which borrowers obtain loan funds directly from the US Department of Education. Applicants must be a U.S. citizen or eligible non-citizen. Application materials are available from the Administrative Office.

Federal Direct Loan Program

The Federal Direct (Stafford) Loan Program offers low-interest, long-term education loans to qualified students. These loans are made available through a cooperative effort of ISAC, private lending institutions, and the Federal Government. Lenders lend their own funds; and ISAC and the Federal Government back the loans. In order to qualify, the student must: (a) be a U.S. Citizen (including a U.S. National or a permanent resident of the Trust Territory of the Pacific Island, Guam, or the Northern Mariana Islands), or (b) an eligible non-citizen. * (*A U.S. permanent resident who has an Alien Registration Receipt Card (I-151 or I-551), or a non-citizen with a Departure Record (I-94) from the U.S. Immigration and Naturalization Service showing any one of the following designations: (1) “Refugee,” (2) “Asylum Granted,” (3) “Indefinite Parole” and/or “Humanitarian Parole,” or (4) “Cuban-Haitian Entrant.”)
The maximum award depends on length of enrollment and year in school.
Students must sign a promissory note, agreeing to repay the loan.
Under certain conditions, repayment may be deferred (postponed) or cancelled.
Should your enrollment at KSI end before the completion of your studies due to the discontinuation of your studies or failure, all loan dispersals will be sent back to the lender and will not be handed to the student.  Loans given for educational purposes, through KSI, shall only be used towards your studies here at KSI.

For more information about the Federal Direct Loan Program please visit: http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp

Process for Application, Award, and Disbursement

Students interested in borrowing under the Federal Stafford Student Loan Program must: 
1. Complete the basic financial aid application process (file the FAFSA and provide all requested documents to the Financial Aid Office.
2. Complete FAFSA entrance counseling.
3. Complete an Entrance Interview provided by the Financial Aid Office. Entrance and Exit Interviews are conducted with all borrowers and prospective borrowers to help them to understand their rights and responsibilities to the college, lenders, servicers, future students, and to themselves. 
4. Submit a completed Master Promissory Note for Federal Stafford Loans (MPN) to the Financial Aid Office and/or the Department of Education. This can be completed online at studentloan.gov.
5. Notify the Office of Academic Affairs (by completing add/drop forms) of all changes to enrollment (credit hours carried).

Loan Amounts

The academic year loan limits are:

Dependent Students

Annual Loan Limits

First year

$5,500 ($3,500 subsidized/$2,000 unsubsidized)

Second Year

$6,500 ($4,500 subsidized/$2,000 unsubsidized)

Third Year and Beyond

$7,500 ($5,500 subsidized/$2,000 unsubsidized)

Dependent Students

Annual Loan Limits

First year

$9,500 ($3,500 subsidized/$6,000 unsubsidized)

Second Year

$10,500 ($4,500 subsidized/$6,000 unsubsidized)

Third Year and Beyond

$12,500 ($5,500 subsidized/$7,000 unsubsidized)

Graduate or Professional

$20,500 ($8,500 subsidized/$12,000 unsubsidized)

Lifetime Limits:

Dependent Undergraduate

$31,000 (Up to $20,000 may be subsidized)

Independent  Undergraduate

$57,500

Graduate/Professional Study

$138,500 (Up to $65,000 may be subsidized) or $224,000 (for Health Professionals)

Satisfactory Progress Policy

All full-time and part-time students who are degree candidates are expected to maintain a satisfactory grade point average and a satisfactory rate of progress toward the completion of their degree program. An unsatisfactory grade point average and/or lack of a satisfactory rate of progress will result in academic probation or dismissal from the school.

A graduate student is required to maintain a “B” average in the required nine (9) graduate courses for the CIS program or the required ten (10) graduate courses for any chosen area of concentration. Furthermore, students are to maintain a “C” average in any and all prerequisite (300 level) courses. Any student failing to meet these requirements will be placed on academic probation. Any student whose grade average falls below the requirements must raise their grades in the following semester, otherwise, the student may continue only at the discretion of the Dean of Academic Affairs.

A student may proceed toward a degree as either a full-time student or a part-time student. A full-time student is expected to complete the degree program within three calendar years from the time of initial registration earning a minimum of nine (9) credit hours per semester (excluding the summer semester). If during any semester a student’s rate of progress falls below the standard outlined above, the student will be placed on probation. If the student does not bring his/her rate of progress up to the minimum standard, that student may only continue with the permission of the Dean of Academic Affairs.

A part-time student is expected to complete the degree program within eight years from the time of initial registration. If a student’s rate of progress is unsatisfactory, he/she may only continue with the permission of the Dean of Academic Affairs.

Return Of Title IV Funds Policy

KSI participates in the Title IV financial aid programs including Federal Work-Study (FWS), and Federal Direct Loans.  Federal Work-Study earnings are not affected by Title IV regulations concerning the return of unearned federal financial aid.  Only loans are affected by this policy.

The Return of Unearned Title IV Funds Policy applies if the student withdraws from, changes enrollment status from credit to audit or ceases attending all classes before the sixty percent point in the term.  Students who are granted ‘Incomplete’ grades and do not finish in accordance with school policy may also be subject to a Title IV Return calculation.  Completely withdrawing from, auditing or ceasing to attend may result in financial aid repayment.  Withdrawing may also affect future financial aid eligibility. Please speak to a financial aid specialist before withdrawing from classes at KSI.

Withdrawal Information:  Students cannot ‘earn’ all of their financial aid unless they attend and participate in class for at least 60% of the term.  This calculation counts all calendar days, including the first and last day of each term, weekends and holidays.  Students must stay in school through the date calculated at the 60% date for each semester to avoid possible repayment of unearned financial aid. Please speak to an academic advisor, academic affairs staff member or financial aid officer to obtain the 60% dates for each semester.

Unearned Title IV funds are returned to Title IV programs based on a federally mandated formula.  Under this formula, institutions are obligated to return unearned funds collected for institutional charges to the US Department of Education and/or the student loan lender.  Students are obligated to return unearned funds beyond the institutional charges to the Department of Education.

When institutions have to return unearned Title IV funds from institutional charges, the money is returned to programs in the following order:  Unsubsidized Stafford Loan, Subsidized Stafford Loan, PLUS Loans. These unearned Title IV funds are posted to the student’s KSI account and must be repaid.

When a student has to return unearned Title IV funds that he/she received beyond the institutional charges (tuition and fees), the money is returned to programs in the following order:  Unsubsidized Stafford Loan, Subsidized Stafford Loan, PLUS Loans.

If a student owes unearned Title IV funds from a federal loan, the money is repaid to the lender in accordance with the terms and conditions of the promissory note.

The institutional charges (tuition and fees) incurred by the student are considered to be paid by Title IV funds for the purpose of the formula, even if the institutional charges were directly paid by a source other than Title IV funds.

Students can repay the student portion of federal loans under the terms and conditions of the promissory note for the loan.  However, the unearned portion of the loans that KSI must return is posted as a charge to the student account and must be repaid.

VA Benefits

Veterans will receive VA benefits for accredited courses offered by Knowledge Systems Institute, as approved by the Department of Veterans’ Affairs of the State of Illinois.
 

 


Learn More:    
(847) 679-3135