General Financial Aid FAQ 
GradPLUS FAQ

What is the School-as-Lender Program?
Authorized under the Higher Education Act (HEA) by the U.S. Department of Education, the School-as-Lender Program allows you to choose The Chicago School to be the lender for your graduate Stafford Loans. While The Chicago School will originate your loan, all loan servicing will be provided by Citibank.

What at the benefits associated with this program?

• Zero origination fees; The Chicago School pays the origination fee for you so you have more money going toward your education.
• Interest rate reduction of 0.25% when your loan payments are automatically withdrawn from their bank account and receive electronic statements.
• Another 2.00% interest rate reduction with CitiExtras Savings after you make your first 48 consecutive monthly payments on-time.

Why did the Chicago School choose to use this type of student loan program?
Because of the benefits it provides students. As mandated by the Higher Education Act, net premiums earned from the loan are used by The Chicago School to fund campus-based scholarships and grants, help reduce loan burden, and keep tuition costs down.

Does the School as Lender Program mean we can have our loan limits increased?
No. The federal government regulates the loan limits on the Federal Stafford Loan Program.

Will this loan program have any effect when I go into repayment since I may have multiple lenders?
No. Most graduates choose to consolidate their loans after graduation; therefore, all your loans would eventually end up with one lender/servicer. The Chicago School will work with Citibank and its consolidation center to provide debt management and loan consolidation services to our students.

How do I sign up for the School-as-Lender Program?
Complete the Chicago School-as-Lender Promissory Note. You will be directed to create a new user account, apply for the loan and e-sign the note.  The Master Promissory Note is your contract agreement to borrow the loan.

How does this affect the internal administration of Stafford Loans?
No changes are necessary as we continue to process loans electronically.

What if I chose a Stafford Loan lender other than The Chicago School?
Students may choose to use any Stafford Loan lender of their choice. To do so, simply list your lender selection on Institutional Financial Aid Application. Contact your lender directly for instructions on completing a promissory note.