Financial Information

Financial Aid

Website: web.iit.edu/financial-aid

Illinois Institute of Technology's Office of Financial Aid provides financial assistance for students and families.

Comprehensive Aid Program

Illinois Institute of Technology administers a comprehensive financial aid program which includes federal, state, and institutional funds for full- and part-time undergraduate students. Federal programs include grants, loans, and work-study employment. State programs include grant funds. Most federal and state funds are based on demonstrated financial need. Institutional funds include need-based grants and loans, as well as merit scholarships based on academic and service achievements.

Student Eligibility Requirements to Receive Federal and State Financial Assistance

Students must be U.S. citizens or eligible non-citizens, be enrolled in a degree-seeking program at least half-time (six credit hours or more per semester), and demonstrate academic progress towards graduation to qualify for federal and state aid. Satisfactory Academic Progress (SAP) includes a minimum grade point average and sufficient credit hours earned each semester towards the completion of a degree program. The university has an established SAP policy in compliance with federal and state regulations. Failure to comply with the university's SAP policy will lead to a student losing their eligibility for federal and state financial assistance. International students are not eligible for federal financial aid.

Federal Financial Aid Application Process

All students applying for financial assistance must complete the Free Application for Federal Student Aid (FAFSA). 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. The Illinois Institute of Technology Title IV School Code is 001691. The priority date for financial aid consideration at the university is February 7. All federal financial assistance is awarded on an annual basis; a FAFSA must be filed each academic year. The amount of financial aid a student receives each year depends on demonstrated financial need and the availability of funds. Students applying for federal financial aid will be required to submit tax information upon request.

New first-year students should not wait for a final admission decision before filing the FAFSA due to the February 7 deadline for complete financial consideration. For the same reason, new transfer students should not wait for a final admission decision before filing an original or renewal FAFSA.

Determining Financial Need for Assistance

Financial need is the difference between a student’s total annual cost of attendance at the university and the amount the student and the student’s family are deemed able to contribute toward the cost of education. The total cost of attendance at the university includes tuition, mandatory fees, room and board, books and supplies, transportation, loan fees, and personal expenses. The amount the student and family are deemed able to contribute is called the expected family contribution (EFC).

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 family. The EFC is subtracted from the cost of attendance and what is left over is considered to be the demonstrated need for financial assistance. One of the principles of need-based assistance is that students and their families are expected to help pay some of the cost of education.

Federal Financial Aid Programs

Federal Pell Grant

The Federal Pell Grant is a federal grant that does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. Pell Grants are awarded based on demonstrated financial need. Students apply for a Pell Grant by filing the FAFSA.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is a federal grant that does not have to be repaid. This grant is for undergraduate students who demonstrate exceptional financial need. FSEOG funds are limited and awarded on a first-come, first-served basis. The final need criteria for this award are determined each year by the Office of Financial Aid.

Federal Perkins Loan

The Federal Perkins Loan is a low-interest federal loan for students with exceptional financial need who received a previous Perkins disbursement on or before June 30, 2015. This loan is made with governmental funds and serviced by the university. No interest is charged while the student is enrolled in school. When a student leaves school or drops below half-time, the loan enters a nine-month interest-free grace period before the student begins repayment. Once repayment begins, the loan accrues five percent of the principal each year. Perkins Loan funds are limited and awarded on a first-come, first-served basis. The final need criteria for this award are determined each year by the Office of Financial Aid.

As of early 2016, the Perkins Loan Program is operating because Congress passed the Perkins Loan Program Extension Act of 2015. This act extended the program through the 2017-2018 school year. If Congress does not reauthorize the Higher Education Act, or chooses not to draft another Perkins Extension Act, Illinois Institute of Technology will not be able to offer Perkins Loans for the 2018-2019 school year. 

Federal Work Study

Federal Work Study (FWS) provides job funding for students with demonstrated financial need. Students awarded FWS can earn money to help pay educational expenses and are responsible for finding employment. Students can work either on or off campus. Off-campus jobs will be with private, non-profit organizations or public agencies that provide community service work. Students awarded FWS are paid at least the current federal minimum wage or higher, depending on the type of work performed. Students are paid by the hour and receive a biweekly paycheck. FWS students cannot work more than 20 hours per week during the academic year and may not work during their scheduled class times. FWS positions are advertised through the Office of Career Service's (OCS) Jobs4Hawks database (web.iit.edu/career-services).

Direct Loan Programs

Illinois Institute of Technology participates in the Direct Loan program with the Department of Education. Interest rates for the loans in this program are determined each year on July 1. Interest rates are fixed once a student receives the funds in a given academic year. Direct Loans must be repaid over a scheduled period of time after the student leaves school or drops below half-time. The funds for these loans come from the federal government. Below are the types of Direct Loan programs offered to undergraduate students at the university.

Federal Direct Stafford Loans (Subsidized and Unsubsidized)

The subsidized Stafford Loan is awarded based on demonstrated financial need. Interest does not accrue while the student is enrolled at least half-time. The unsubsidized Stafford Loan is a non-need based loan. Interest accrues from the time the student receives the loan funds. Students have the option of paying the interest while enrolled or having the interest added to the principal after graduation or after dropping to less than half-time enrollment. Both Stafford Loans are charged an origination fee (up to three percent) each year before the loan disburses to the student.

Federal Direct Parent Loans

PLUS Loans enable parents with good standing credit to borrow money to help pay educational expenses for their dependent undergraduate student. PLUS Loans cannot be taken in a student’s name. If a parent is denied for this loan, they may reapply with an endorser. If a parent is not approved for the loan, the Office of Financial Aid may offer additional unsubsidized Stafford Loan funds to a student.

State Financial Aid Programs

Monetary Award Program (MAP)

This program, which is awarded by the Illinois Student Assistance Commission (ISAC), is for undergraduate Illinois residents and provides grant assistance that does not have to be repaid. To receive a MAP Grant, a student must demonstrate financial need, be a resident of Illinois, and be enrolled at an Illinois institution. The MAP Grant can only be applied to mandatory tuition and fees and is awarded on a per-credit-hour basis. A student can receive the MAP Grant for up to a maximum of 135 credit hours. All students awarded the MAP Grant must provide proof of Illinois residency. MAP Grants are subject to state appropriations.

Institutional Financial Aid Programs

Most undergraduate students at the university receive some sort of institutional support, based on merit or need. The Office of Undergraduate Admission awards institutional funds up front to new admits and the Office of Financial Aid administers the renewal of scholarships each year. Generally, scholarships are awarded for up to four years of study. Students must be full-time (at least 12 credit hours each term) to receive institutional scholarship funds. Some university scholarships have additional requirements and will be specified to the student at the time of awarding.

Veterans’ Educational Benefits

The Illinois Institute of Technology proudly participates in Montgomery GI Bill and Yellow Ribbon Program. Veterans who wish to process VA benefits at the university can find all relevant information at web.iit.edu/onestop/veterans. Veterans enrolling for the first time should contact the veteran representative in the Office of the One Stop by emailing onestop@iit.edu or calling 312.567.3810. The veteran must also inform the university Veterans Affairs representative in the Office of Financial Aid of any change in credit hours within a term or of future enrollment plans. If a veteran drops a course or withdraws from school completely, his or her allotment may be reduced or withdrawn. The veteran must report immediately the exact termination date to the Veterans Affairs representative. Veterans must maintain reasonable academic progress according to university standards. Failure to meet minimum-progress criteria can result in a cessation of educational benefits.

Taxation of Scholarships, Fellowships, and Stipends

U.S. Citizen or Resident Alien

A scholarship/fellowship payment received by a candidate for degree is generally not taxable income to the student if it is used for qualified expenses. Qualified expenses are defined by the Internal Revenue Service (IRS) and include tuition and required fees, and/or books, supplies, and equipment required of all students in the course. These payments do not need to be reported to the IRS by the student or Illinois Institute of Technology.

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.

Although these payments are taxable income to the U.S. citizen or resident alien student, the IRS does not require the university to withhold tax on the payment. In addition, the university is not required to report these payments to the IRS. However, students are responsible for reporting these payments and remitting any tax due with their personal income tax returns.

Since the university cannot advise students regarding their personal tax matters, the student should consult with their personal tax adviser regarding the reporting of their scholarship/fellowship or stipend on their tax return.

International Student

The Internal Revenue Service (IRS) is the U.S. government agency that administers U.S. tax laws and collects taxes from individuals receiving payments in the United States. The U.S. tax system is based on a calendar year (January 1 through December 31).

The IRS requires that the university apply specific federal tax withholding and reporting rules to payments made to international students.

A scholarship/fellowship payment received by an international student who is a candidate for a degree is generally not taxable income to the student if it is used for qualified expenses. 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. These payments do not need to be reported to the IRS by the student or the university.

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. For these types of scholarships, international students with an F, J, M, or Q visa are subject to 14% federal tax withholding unless their country of residency has a tax treaty with the United States that excludes scholarships/fellowships from taxation. Payments made to international students in any other immigration status are subject to 30% withholding.

Since the university cannot advise students regarding their personal tax matters, the student should consult with their personal tax adviser regarding the reporting of their scholarship/fellowship on their tax return.

Student Accounting

Website: web.iit.edu/student-accounting

Financial Responsibility

Students take financial responsibility for the payment of all education-related charges and fees that become a part of their student account when those charges are due, regardless of their expected reliance on third-party resources such as financial aid, family gifts, employer reimbursement, private loans, outside scholarships, or sponsorships. 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 process becomes the student’s responsibility for payment. Students agree to supply the Office of Financial Aid with any reasonable information or documents that they may request to complete the verification process in a timely manner. 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. Failure to pay a past due debt may result in the debt being listed with the State Comptroller’s Offset Program, referred to a collection agency, and/or other authorized legal debt collection procedures. Under such circumstances, the student is responsible for all fees and costs incurred by the university in the collection of the past due debt, including collection fees and/or attorney’s fees.

Charges

All university mandatory and non-mandatory charges are published regularly. The official university publication of current tuition, fees, and other charges for all students can be found at web.iit.edu/student-accounting on the Tuition and Fees page. All other published tuition and fee information should be considered an estimate and not the official published rates. Continually rising costs do not permit the university to guarantee that published charges will not change. Students and parents should anticipate periodic increases in the future.

Enrollment Deposit

Each admitted student is required to make a non-refundable enrollment deposit, which is credited toward the student’s cost of attendance and holds a place for the initial semester of enrollment. This deposit will disburse on the first day of class and will appear on the billing statement for the semester. 

Tuition - Undergraduate

Undergraduates registered for 12-24 credit hours are considered full-time and will be charged full-time tuition and fees. Undergraduates registered for fewer than 12 credit hours are considered part-time and will be charged the per-credit-hour, part-time tuition and fee rate.

Other Fees and Charges

A student may incur other fees and charges that are both mandatory and non-mandatory. For a complete current listing of all charges and fees, go to web.iit.edu/student-accounting and select Tuition and Fees. Books and supplies are available at the university bookstores. Costs for books and supplies can differ significantly depending upon the field of study. Students in the College of Architecture, for example, may spend less on books but substantially more on supplies.

Parking Fee

All students parking in campus parking lots must register their cars with Access, Card, and Parking Services and pay a parking fee at the beginning of the semester. For current fees, students should contact Access, Card, and Parking Services at iit.edu/acaps or 312.567.8968. Students authorized to park in university lots will receive a parking permit.

Student Health Insurance

All students who are registered for one billable hour are required to purchase the student health insurance policy or submit proof of equivalent insurance before the end of the first week of classes. All students who are on an F-1 or J-1 visa and are registered for at least one class, participants in the co-op program, research or teaching assistants, or occupants of university residence halls are required to purchase the student health insurance. The premium for the insurance will be added to student tuition and fees as a charge. To avoid this charge, students should submit proof of comparable coverage online at iit.edu/shwc. F-1 and J-1 students may only waive the university's coverage with proof of U.S. employer provided insurance. Students must submit their waiver each fall. Other students, spouses, and dependents of students may participate in the student health program, if desired. Students should consult the Student Health and Wellness Center in IIT Tower, Suite 3D9-1, at 312.567.7550 for further details.

E-bills

Each semester, billing statements will be made available to students through the MyIIT portal (my.iit.edu) and such other responsible party or parties that a student designates as an authorized user(s) and for whom the student has provided the university with an e-mail address. This statement will detail the then-current charges, payments, and other credits to the student's account, including the amount the student must pay and the date such payment is due. Notifications of new billing statements will be sent via email to the student's university email address as well as the email for any other responsible party that the student had designated. Students agree to monitor their university email account regularly.

Payment of Tuition, Room and Board, and Other Fees and Charges

Tuition and fees, less any authorized financial aid awards, are considered a student’s out-of-pocket responsibility. The due date for all out-of-pocket payments will be posted each semester at web.iit.edu/student-accounting. All out-of-pocket payments must be paid by the due date. Payment plan information can be found at web.iit.edu/student-accounting. The deadline to enroll in a plan will be posted each semester at web.iit.edu/student-accounting.

Please see web.iit.edu/student-accounting/payments for options and instructions related to making payment.

Payment Policy

Illinois Institute of Technology establishes an account for each of its students for the purpose of charging tuition and fees, room and board, and other applicable university charges. Students can access their account information directly online by logging into the MyIIT portal (my.iit.edu) and looking under the Finances tab. Students can navigate to the "Manage My Student Account" channel and click on "Manage My Account." Students may view their charges, due dates for these charges, payments, and credits from financial aid at any time.

Payments of all charges for a term are due on the first day of the term to which the charges apply. If a student pays less than the total amount due by the respective due date, he/she will be assessed a monthly late payment fee of two percent on the remaining unpaid portion.

The Student Accounting Office will accept payment only up to the total amount of tuition and fees assessed to a student's account. Payments in excess of current charges will not be accepted.

The university does reserve the right to cancel registration depending on circumstances for non-payment. If a student has a past due balance remaining, in addition to the assessment of late payment fees, the student will have a hold placed on his or her records. 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. To be able to register for the next term, students should pay their accounts in full. For more information about registration holds and late payments, please visit: web.iit.edu/student-accounting/payments/payment-policy/past-due-accounts.

Rejected Payments

If the university receives notification that a payment has been rejected for any reason, the returned amount will be charged to the student account along with a $50.00 fee. Payments rejected due to insufficient funds must be replaced with a cashier’s check, money order, or credit card. Payments rejected due to invalid routing and/or account information or a closed account may be replaced with another electronic check from a different account. Following a second rejected payment, the university will no longer accept personal or electronic checks from the payee. All subsequent payments must be made by cashier’s check, money order, or credit card.

Outstanding Debts/Late Fees/Financial Holds

Any outstanding balance due on a student's account that is not timely 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. A restrictive hold is placed on a student’s record when that student is delinquent in fulfilling his or her financial obligation to the university. A student will be considered delinquent when his or her account is not paid in full according to established university policies and by posted payment due dates. Students with outstanding university debt may be suspended from current term classes. Students 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. Students also acknowledge that failure to pay any amount by the due date may result in an unfavorable report with credit bureaus and collection activities, including litigation.

Tuition Waiver Policy

Under exceptional circumstances such as withdrawal for involuntary military service, serious illness or injury, or action by the university, consideration may be given by the university for the issuing of a waiver for unused tuition upon written request to Student Accounting (sa@iit.edu). Payments for charges other than tuition will remain the responsibility of the student. Students should consult iit.edu/registrar for the last day to add or drop a class without a penalty.

University Refund Policy

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. 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.

Students must be enrolled in direct deposit to receive their student refund. Refunds from financial aid credits are processed throughout the semester. Student Accounting will send an email whenever the office processes a refund, provided the student is enrolled in direct deposit. There is no fee for receiving a refund via direct deposit. For a full explanation of the university’s policies and procedures related to refunding student account credit balances, refer to web.iit.edu/student-accounting/payments.

Title IV Federal Loan Authorizations

Health insurance fees, parking charges, and other items on a student bill cannot be automatically paid with Title IV Federal Loan funds. Students may authorize the university to pay these fees with Title IV Federal Loan funds by completing a Title IV Authorization form on the MyIIT portal and checking the “Pay Non-Institutional Charges” box. Students who do not complete this Title IV Authorization may receive a refund and still owe the university money.

Employer Tuition Deferment Plan

The Employer Tuition Deferment Plan allows students that are employed by a company that offers tuition reimbursement an opportunity to defer the reimbursable portion of their tuition until 45 days after grades are posted. By applying for the university’s Tuition Employer Tuition Deferment Plan, students recognize that their employer’s tuition reimbursement plan has qualifying conditions which they must meet in order to be reimbursed. Should a student's company refuse to pay this bill within the usual time frame for tuition deferment, the student will be personally responsible for this tuition and will be required to pay the bill in full. Students should also understand that a deferred payment fee of $55.00 will be due at the time of application, and it is non-refundable. If the tuition due under this agreement is not paid within three weeks following grades being posted, the student authorizes their employer to withhold the amount due from their pay and to pay that amount to Illinois Institute of Technology.

Students must understand that any amount not covered by the terms of their company’s tuition reimbursement policy is due in full by the end of the add/drop registration period and is subject to fees and a hold preventing registration for the next term. If a student fails to meet the requirements to be eligible for the university's Employer Tuition Deferment Plan by the deadline, their tuition will not be deferred and will be due immediately.

Sponsor Billing (Third Party Invoicing)

Sponsor billing is the generation of an Illinois Institute of Technology (IIT) invoice to request payment of tuition/fees/housing for a student billed by the university to an external party or for the recovery of expenses incurred by the university on behalf of a student. Sponsors include outside parties, such as embassies, companies, and community agencies, who pay Illinois Institute of Technology directly for a student’s educational expenses with funds that did not originate with the student.

Proof of Sponsorship Required

Students whose tuition and fees are paid by a sponsor need to submit proof of sponsorship from their sponsoring agency. Adequate documentation must:

  • Be written in English on the sponsor’s official stationery;
  • Request the university to bill the sponsor for the student’s charges;
  • Identify the student by full name (given name first followed by family name) and Campus-Wide ID if available;
  • Clearly state the type and percentage of charges the sponsor will pay;
  • Include a billing address;
  • Stipulate the exact begin and end dates of the period during which the sponsor will pay the student’s charges (if the sponsor wishes to continue payment after the end date it must submit a new authorized letter);
  • Contain no restrictions or contingencies (if, for  example, the sponsor requires grades or transcripts prior to payment, the student must pay the original bill then seek reimbursement from the sponsoring organization);
  • Be signed by an authorized official of the sponsoring organization.

Processing/Altering Sponsorship Agreement

Invoices will be processed after the add/drop registration date of each semester. Any changes in eligibility for a sponsored student should be communicated to the Student Accounting Office immediately.

Students who become ineligible or have a reduction in their sponsored amount will owe this amount immediately. A restrictive hold will be placed on the account to prevent registration for subsequent terms, as well as to prevent students from obtaining any official paperwork from the university.

Late Sponsorship Payment

In the event that a sponsor fails to remit payment for a student, the sponsorship coverage is removed. The student is responsible for all outstanding balances on the account after the sponsorship is removed. If the student believes payment was inadvertently delinquent, it is the responsibility of the student to communicate with the sponsor to rectify this situation.

Students who fail to submit required sponsorship documentation to the Student Accounting Office in a timely manner will be held responsible for any outstanding balance on the student account, as well penalty fees assessed to their accounts due to lack of payment.

Living Expenses

Unmarried Students

The university’s residence halls provide facilities for room and board for undergraduate and graduate men and women. First-year students not living with their parents or guardians within a 50 mile radius of campus must live in the residence halls. Students who complete their housing contracts by July 1 are likely to receive their preferred room type. Residence hall contracts are made for the full academic year, from the first week of classes in August until commencement in May. Room and board charges are available on the Residence and Greek Life (RGL) website for students interested in submitting a room and board contract. For more information, please contact Residence and Greek Life at housing@iit.edu or visit the website at iit.edu/housing.

Meals

Students living in the residence halls are eligible for a variety of meal plans. Required participation in a meal plan varies based on room assignment. All undergraduate students living on campus are required to have a meal plan. Meal plans are also available to non-residents. Learn more about dining options and available meal plans on the Dining website at web.iit.edu/housing/dining.

Married Students

Residence and Greek Life offers living accommodations for undergraduate and graduate students who are married, living with a domestic partner, or have a legal guardianship of a dependent. Married or family housing units are fully furnished with kitchens. All utilities as well as internet and cable are included in the price. Students applying for married or family housing must submit verification forms. For more information, please contact Residence and Greek Life at housing@iit.edu or visit the website at iit.edu/housing.