Below are the types of Direct Loan programs offered to students at the university. The due date for all out-of-pocket payments will be posted each semester at iit.edu/student-accounting. All students who are registered for one billable hour are required to purchase the student health insurance policy or to submit proof of equivalent insurance before the end of the first week of classes. Most degree programs provide financial support for teaching assistants (TAs) who help with instruction, and research assistants (RAs) who work on funded research projects. Different tuition fees are charged to domestic and international students. It is ranked as #116 in Best National University. Students with outstanding university debt may be suspended from current term classes. The Federal Work-Study (FWS) program provides campus-based job funding for students with demonstrated financial need. Qualified expenses are defined by the IRS and include tuition and required fees, and/or books, supplies, and equipment required of all students in the course. All other published tuition and fee information should be considered an estimate and not the official published rates. All first time applications for graduate admission must be accompanied by a non-refundable fee. Students purchase books at either the university bookstore location or Barnes and Noble online and the charge is applied to the student account directly. The U.S. Department of Education has established the formula used to calculate the EFC based on the FAFSA information provided by a student and (if applicable) his/her family. Students can access their account information directly online by logging into the MyIIT portal ( my.iit.edu ) and clicking on the Manage My Account icon located in the menu bar. To be able to register for the next term, students should pay their accounts in full. The office operates from 9 a.m. – 5 p.m., Monday through Friday. The average tuition fees applicable for the academic year 2020- 2021 is given below: Please leave your information to get the best suggested colleges and free counseling. Although an outstanding international student may receive some award from the university, most students must provide independent finances for their first year of graduate study. For review or other non-credit courses, tuition is computed by considering the number of class meetings per week as equivalent to the number of credit hours. As of July 1, 2017, disclosures were made available online for each program on the individual program page. Students can access their account information directly online by logging into the MyIIT portal (my.iit.edu) and clicking on the Manage My Account icon located in the menu bar. TS funding cannot be applied toward other charges. This application is available at fafsa.ed.gov beginning October of the academic year prior to the academic year in which the student plans to attend. Graduate students registered for nine credit hours or more are considered full-time. Students should consult iit.edu/registrar for the last day to add or drop a class without a penalty. The funds for these loans come from the federal government. A scholarship/fellowship used for expenses other than qualified expenses is taxable income and includes payments that are used for living and incidental expenses such as room and board (housing), travel, research, clerical assistance, or equipment and other expenses that are not required for enrollment or attendance. Students acknowledge that any outstanding balance due on their student account that is not paid when due is subject to service charges in the amounts or at the rates established and published by the university from time to time and that they will be prevented from registering for additional courses or obtaining official documents such as diplomas or transcripts until that outstanding balance has been paid in full. Any balance due to the university as the result of adjustments made to estimated or confirmed financial aid, the refusal to apply for any or all of the student's financial aid, or the inability to complete the financial aid verification become the student’s responsibility for payment. This hold will prohibit a student from obtaining official transcripts and/or registering for future-term classes until the account balance is paid in full. A student may incur other fees and charges that are both mandatory and non-mandatory. If students pay less than the total amount due by the respective due date, they will be assessed a monthly late payment fee of two percent on the remaining unpaid portion. Illinois Institute of Technology participates in the Direct Loan program with the Department of Education. If a student’s financial aid, including any disbursements of Title IV funds such as Pell grants or federal loans, creates a credit balance on their student account, they will be refunded any such overage. Private loans are also available and are based on credit approval from the lender. The deadline to enroll in a plan will be posted each semester at web.iit.edu/student-accounting. A restrictive hold will be placed on the account to prevent registration for subsequent terms, as well as prevent students from obtaining any official paperwork from the university. The history of establishing the institute dates back to 1890 when Chicago minister Frank Wakely Gunsaulus called to collect $1 Million from donations to establish a college that can provide education to students of all backgrounds to become leaders in the industrial community. All university mandatory and non-mandatory charges are published regularly. In some circumstances, undergraduates enrolled in fewer than six credit hours will be eligible for federal or state grants. Students awarded FWS are paid the current federal minimum wage or higher depending on the type of work performed. All students parking in campus parking lots must register their vehicle with Access, Card, and Parking Services and pay a parking fee at the beginning of the semester. The Subsidized Stafford Loan is awarded to undergraduate students based on demonstrated financial need. If any non-financial aid payments that are made results in an overpayment of the charges on a student’s account, the university will hold these credits on the student account to be applied towards future charges, unless the student contacts the Student Accounting Office to request a refund of the overpayment, or ceases to be enrolled. One of the principles of need-based assistance is that students and their families are expected to help pay some of a student's educational expenses. New students should not wait for a final admission decision before filing the FAFSA. Illinois Institute of Technology's Office of Financial Aid provides institutional and federal financial assistance for students and families. The Unsubsidized Stafford Loan is a non-need based loan awarded to both undergraduate and graduate students. Students are encouraged to file a FAFSA at their earliest convenience because some state and campus-based awards are awarded on a first-come first-served basis.
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