myIIT Portal

    Office of Financial Aid

    Perlstein Hall, 206
    10 W 33rd Street
    Chicago, IL 60616

    Phone: 312.567.7219
    Toll Free: 866.901.1866
    Fax: 312.567.3982
    Email: finaid@iit.edu

    Office Hours:
    M-F 8:30 AM - 5PM

    Counseling Hours:
    12 PM - 3PM daily

    Frequently Asked Questions

    General

    What is financial aid?
    Financial aid refers to any program which offers money to assist a student with costs associated to education. There are many types of financial aid including university scholarships, federal and state grants, federal work-study, and loans. Not all students are eligible for all forms of assistance.

    How do I apply for institutional scholarships at IIT?
    Institutional scholarships are granted upon admission to the university. The Office of Undergraduate Admission and the Office of Graduate Admission determine the institutional aid a student will receive. You can view a full list of scholarships offered to undergraduate students can be found here.

    Why do I need the school code?

    What is IIT's school code?
    The university code is used to identify Illinois Institute of Technology on the Free Application for Federal Student Aid (FAFSA). The university school code is 001691.

    What is the status of my financial aid?
    You can always check the status of your financial aid account on your myIIT portal, under the finance tab for the current academic year. If you are a recently admitted student and you are interested in viewing your financial aid package, you will be sent an award letter with your award details during March and April.

    Deposit and Enrollment steps

    Students can confirm IIT enrollment in 3 easy steps through the Office Undergraduate Admission. Use the steps below to enroll, deposit, and confirm your attendance to IIT today!

    Step 1: Complete the enrollment form.
    Complete the enrollment form available on the Office of Undergraduate Admission's website.  

    Step 2: Complete a room and board contract.
    Students living on campus need to sign a room and board contract with Residence and Greek Life.

    Step 3: Pay your enrollment deposit.
    Once you complete your enrollment form and room and board contract, the last step of the enrollment process is paying your deposit.

    FAFSA & Federal Aid

    How do I apply for financial aid at the Illinois Institute of Technology?
    Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA qualifies students for federal and state aid.

    How will I know what awards I am eligible for at IIT after I file the FAFSA?
    You will be are provided with a Financial Aid Award letter that outlines all financial aid awards and scholarships for which you are eligible as determined by your application for admission and your FAFSA.

    Can I meet with a counselor to assist me with filling out my FAFSA?
    The counselors in the Office of Financial Aid are prohibited from assisting students and families with filing the FAFSA due to the conflict of interest this situation presents.

    What are the deadlines for submitting the FAFSA for the next academic year?
    In order to be considered for campus-based aid programs, be sure to submit the FAFSA by March 1. If you do not meet the deadline, your eligibility for need-based assistance may be affected because of the limited amount of funds available.

    Does IIT require a College Scholarship Services (CSS) profile for institutional aid?
    IIT does not require students to complete the CSS profile for financial aid consideration at our university.

    What should I do if I forget to sign the form, or if I realize I made a mistake after I sent the FAFSA to be processed?
    After a FAFSA is processed, you will be emailed a Student Aid Report that summarizes all the information you completed on the FAFSA. If you need to make corrections, simply login to your FAFSA account and submit the necessary updates.

    What types of financial aid do I apply for when I complete the FAFSA?
    The FAFSA is the application for a number of federal and state financial aid programs. When you complete the FAFSA, you apply for all federal grants, state grants such as the state of Illinois' Monetary Award Program (MAP) Grant, federal loans, as well as need-based funding.

    My sister applied for financial aid last year but didn't receive any assistance. Is it worth it for me to apply for assistance this year?
    Absolutely. Your sister should reapply for aid, as well. With two family members in college, your family will incur greater educational costs, which will be considered when you apply for aid. Additionally, since your family situation could change from year to year, you should apply each year for need-based assistance.

    What if my parents' taxes are not completed by the March 1 filing date?
    You may use estimated figures to file the FAFSA. If requested, you will have to provide completed federal income tax information to IIT before actual awards will be made. When you complete the FAFSA with estimated information, take care to ensure that the estimated figures will closely match your actual data. If they aren't close, your financial aid package could dramatically change when the final information is updated.

    My parents are divorced. I live with my mother, but my father claims me on his tax return. How do I apply for aid?
    Complete the FAFSA with your and your mother's information. Only the custodial parent (parent with whom the child lives) is required to supply the necessary financial information.

    I don't live at home with my parents. Does this mean I am an independent student?
    Not necessarily. You will be considered a dependent student for the current academic year unless you are 24 years of age, are an orphan or ward of the court (or were a ward of the court until age 18), a veteran of the U.S. Armed Forces, a graduate or professional student, a married student, or a student who has legal dependents other than a spouse. If you feel you have a unique situation that does not meet the above criteria, you can contact a financial aid counselor.

    Is there a salary or income amount that would preclude a family from receiving financial need-based assistance?
    Financial need isn't just figured on income, it is calculated using a federal methodology called the Expected Family Contribution (EFC), which measures the educational expenses a family can absorb over time. The EFC not only considers family income, but also the number of people in the family, the age of the older parent, the value of assets, the number of people in college, as well as other factors. The EFC is then subtracted from the Cost of Attendance to determine financial need.

    How will I know if I need to submit additional documents?
    Some students must send additional documentation for the federal government's verification process (a process which verifies the information reported on the FAFSA). Students selected for verification will receive notification on their myIIT portal, as well as in the mail. Our notification will explain which documents a student must submit in order to complete the verification process. Once the documents are received and reviewed, we will update financial aid awards (if needed) and send a notification to you via email indicated your account was updated. Your financial aid will not be disbursed until all requested information is provided and reviewed. The Office of Financial Aid should have all your documents reviewed for verification purposes within fifteen days of submission.

    If we are required to submit our taxes for verification at a later date, will the award change?
    If figures are reported inaccurately on your FAFSA, your financial aid package could change. Our verification process is intended to ensure that the correct information is used to determine an accurate award package for each student.

    Financial Aid Awards

    I have been awarded grants and loans. What is the difference between the two?
    Grants are need-based assistance which does not need to be repaid by the student. Federal loans, such as Federal Stafford Loans and Federal Perkins Loans are forms of financial assistance that need to be repaid.

    Will my financial aid stay the same from year to year?
    Each year's financial aid award is based on the FAFSA for that academic year. Changes in the family's financial situation, among other factors, may affect the award from year to year. The Illinois Institute of Technology attempts to keep awards consistent to the extent that academic level and program funding allow. Financial aid awards may also change based on program rule and funding changes beyond IIT's control.

    If I receive a scholarship from an outside donor or organization, will that affect the financial aid I receive from IIT?
    Students are encouraged to apply for scholarships from outside sources. If a student is awarded a private scholarship, the Office of Financial Aid will credit the student's account upon receipt of the funds to ensure this scholarship is included in your financial aid package for the academic year. Once the check is submitted to the Office of Financial Aid it is processed and submitted to the Student Accounting Office. Student Accounting will process the check and apply it toward your account.

    If my enrollment changes (i.e. drop below full-time), or I change my housing options, will this change affect my financial aid?
    Possibly. Since aid is partially based on enrollment and living arrangements (i.e., in an IIT residence hall, off-campus apartment or commuting from a parent's home), any changes could potentially change the amount of assistance you may be eligible to receive. Students considering such changes in plans should contact the Financial Aid Office. Remember: You must be enrolled at least half-time to receive federal financial assistance and full-time to receive IIT grant and scholarship monies. Please review our this policy for more information related to enrollment adjustments.

    My award notice lists Federal Work-Study. Is that a financial aid award?
    Federal Work-Study (FWS) is a program in which students work on- or off-campus to help pay for their education. FWS is available to undergraduate and graduate students who qualify for need-based assistance and are enrolled at least half-time. Although there is no difference between FWS and non-FWS job descriptions or pay scales, employing departments benefit from hiring FWS students because federal funds are used to pay for a portion of the students' wages.

    How will I receive my financial aid?
    All financial aid awards are applied to your account by the Student Accounting Office. The remaining balance after financial aid is credited may be paid in installments by signing up for a payment plan or by borrowing a private loan. FWS earnings are received via a bi-weekly paycheck or via direct deposit into a student's checking or savings account. FWS awards are not grants automatically applied towards a student's tuition bill, nor is the amount of the award guaranteed.

    Will my financial aid awards be the same every year?
    Each year's financial aid award package is based on the FAFSA for that academic year. Changes in your family's financial situation, among other factors, may affect your awards from year to year. The Illinois Institute of Technology attempts to keep awards consistent to the extent that academic level and program funding allow. Financial aid awards may also change based on program rule and funding changes beyond IIT's control (i.e., if the Illinois General Assembly changes funding for the State of Illinois MAP Grant, the grant amount may fluctuate).

    After reviewing my financial aid letter, I find that I cannot afford the out of pocket expenses. What can I do?
    The university believes the financing of an undergraduate education is the family's responsibility to the extent that they are able. If you find that your family can't afford the cost of attendance, you have the option of working over the summer to use the resources you make to help pay for your education. In addition, the Office of Financial Aid has an appeal process for special circumstances.

    The Office of Financial Aid cannot increase the institutional scholarships that were initially awarded by the Office of Undergraduate Admission. However, if the Appeals Committee believes additional assistance is warranted due to financial circumstances, additional aid may be offered in the form of a loan, employment, or grant. This additional assistance will be reflected on a revised financial aid award. You should be aware that funding is limited and that the Office of Financial Aid will do everything possible to accommodate individual family needs.

    Since this award letter has estimated expenses, when can I expect to receive a bill from Student Accounting?
    You will receive an official bill from the Student Accounting Office in July. This bill will detail all charges on your account for the current term. Please note: if you do not register for on-campus housing early, you may not see these charges on your bill in July and charges may be added at a later date. To obtain a copy of the most recent bill login to your myIIT portal.

    What do I need to do to have all my federal aid disbursed to my account?
    Some students must send additional documentation for the verification of their FAFSA data. Selected students will receive a notification on their myIIT portal detailing the documentation our office needs to finish the verification process. Once the documents are received and reviewed your federal and state financial aid is ready for disbursement. Aid will not disburse until the first day of class with the exception of the MAP Grant, which will disburse after the add/drop date.

    What is the health fee? How can I have this waived?
    All full-time students and students living in residence halls have health insurance. If you have insurance of your own, you should complete our health insurance waiver. Failure to complete the waiver by the deadline will result in a health fee assessment, which the student is obligated to pay.

    What are my room and board options?
    The Office of Residence and Greek Life has a comprehensive list of housing choices available on their website.

    What are the tuition charges and will it remain the same every year?
    Historically, tuition rates have not remained constant. You should expect tuition to increase 3-7% each year.

    Graduate Students

    What office do I contact to process my financial aid?
    The Office of Financial Aid manages the financial aid process for all graduate students, excluding Chicago-Kent College of Law students. If you are a Chicago-Kent College of Law student, please contact the Downtown Campus Office of Financial Aid directly.

    How are my scholarship, fellowship, or assistantship funds applied to my account?
    A graduate student who receives funding in the form of a scholarship, fellowship, or assistantship obtains these funds directly from their academic unit. If you are aware you are receiving an Income Tuition Voucher (ITV) from your department, please notify the Office of Financial Aid of the amount you plan to receive so we can account for this in your budget for the academic year. You can easily submit this information on your myIIT portal on the Finances tab. Click Financial Aid Awards in the middle of the page, select the current aid year, and select the Resources/Additional Information tab. You can indicate the amount you expect to receive and the Office of Financial Aid will use this projection for your budget.

    The Office of Financial Aid will not post these funds to your account until an official notification is submitted from you academic department ITV coordinator.You can view the ITV procedure for more information on this process.

    How is my budget determined?
    Graduate students (excluding College of Architecture and the Institute of Design) who indicate full-time enrollment on their FAFSA are budgeted at 6 credit hours per semester. Graduate students enrolling above 6 credit hours per semester can complete a budget adjustment worksheet to increase their current budget. This worksheet can also be used to request an increase to your Graduate PLUS Loan.

    Will my financial aid be affected if my enrollment changes?
    Financial aid is partially based on enrollment level and living arrangements; changes to enrollment or housing could affect financial aid eligibility. Graduate students are eligible for federal aid and continued deferment of existing loans if they are registered at least half-time (4.5 credit hours). Co-op courses do not count towards enrollment for the purposes receiving of financial aid. Graduate students registered for less than half-time are only eligible for private loans up to the cost of tuition and fees. Students considering changes to enrollment status or housing are encouraged to contact the Financial Aid Office. For information on enrolling in less than 4.5 hours, please review the policy section of our website.

    What do I need to do to have all my federal aid disbursed to my account?
    Any outstanding requirements can be found through your myIIT portal. Requirements are specific to individuals and can range from completing a new Master Promissory Note to handing in proof of citizenship. Assuming eligibility requirements have been satisfied, aid will disburse on the first day of class.

    What is the health fee? How can I have this waived?
    It is mandatory for all full-time students and students living in residence halls to have health insurance. If you already have health insurance, you should complete the waiver form. If you have questions regarding the insurance coverage, please contact the Student Health & Wellness Center at 312.567.7550.

    What is the proof of citizenship requirement?
    If your Student Aid Report (SAR) received a citizenship flag from the Department of Homeland Security or the Social Security Administration when you applied for financial aid, the Office of Financial Aid will request proof of citizenship on behalf of the Department of Education. The Department of Homeland Security or the Social Security Administration selected your SAR for review because of one of the following:

    • You changed your response to citizenship (Item 14).
    • You changed the Alien Registration Number (Item 15) that was verified with the Immigration and Naturalization Services (INS).
    • Your citizenship status could not be confirmed.

    To resolve this conflict, you must submit proof of citizenship to our office.

    Loans

    How do I apply for the Federal Direct Parent PLUS Loan?
    Parents need to login to studentloans.gov and complete the Parent PLUS Loan application. If the loan is approved, then the parent must sign a Master Promissory Note. If the loan is denied, the Office of Financial Aid will work with the student to offer additional unsubsidized loan funds.

    I processed a Master Promissory Note (MPN) with the Department of Education, but the MPN requirement on the portal is still flagged as unsatisfied. Why is this unsatisfied? Was my MPN received?
    The Office of Financial Aid has several MPN files to load into our system. It typically takes 5 business days for our office to receive notification from that Department of Education that a student has completed his/her MPN. If your MPN tracking requirement is not satisfied after five business days, please contact our office directly.

    What is the difference between Subsidized and Unsubsidized Federal Stafford Loans?
    Subsidized Federal Stafford Loans are loans on which the government will pay the interest while you are enrolled at least half-time. Unsubsidized Federal Stafford Loans are loans for which you are responsible for the interest while you are enrolled in school.

    What is Entrance Counseling?
    Entrance counseling, or entrance interview, is an interactive counseling session completed online through the Department of Education. The federal government mandates that all students taking out federal student loans must complete their entrance counseling. Your federal loans will not disburse to your account if this requirement is not satisfied.

    If I still need to borrow money to pay my outstanding balance and I have exhausted my Stafford loans, what other options do I have?
    If you are a currently enrolled student, you may enroll in a payment plan online through your myIIT portal. Moreover, Student Accounting offers payment plan options. If you already graduated, you may contact the Student Accounting department directly to meet with a specialist to review your options.

    If you do not want to establish a payment plan, you may borrow a private loan as well from a lender of your choice.

    International Students

    Am I eligible for institutional aid?
    Yes. All students admitted to the university are eligible for institutional aid based on the application submitted to the university. When you receive your acceptance letter from the Office of Undergraduate Admission or the Office of Graduate Admission you will be notified of the institutional awards you were awarded.

    If I do not have any kind of U.S. Citizenship status, do I qualify for federal or state financial aid?
    Unfortunately, unless you meet the eligibility requirements established by the Department of Education, you are not eligible for federal or state financial aid. Graduate students may receive assistance from their Department through fellowships, scholarships, or teaching/research assistantships. Please contact your department directly for consideration for these awards.

    Veteran's Benefits

    Does your university have benefits available for Veterans?
    IIT participates in the Post-9/11 GI Bill as well as the Yellow Ribbon Program. You may be eligible to receive if you meet the Yellow Ribbon Eligibility requirements. The Department of Veterans Affairs has more information about this program.

    If my parent or legal guardian was a veteran, can I receive this benefits as a student?
    Yes! If you are a dependent eligible for Transfer of Entitlement under the Post-9/11 GI Bill based on a veteran's service, then you may receive these benefits.

    Is there an IIT veteran's website?
    Yes! You can find answers to majority of your questions by visiting the veteran's page.

    Appeal for Financial Aid

    After reviewing my financial aid letter, I find that I cannot afford the out of pocket expenses. What can I do?
    The university believes the financing of an undergraduate education is the family's responsibility to the extent that they are able. If you find that your family can't afford the cost of attendance, you have the option of working over the summer to use the resources you make to help pay for your education. In addition, the Office of Financial Aid has an appeal process for special circumstances. The Office of Financial Aid cannot increase the institutional scholarships that were initially awarded by the Office of Undergraduate Admission. However, if the Appeals Committee believes additional assistance is warranted due to financial circumstances, additional aid may be offered in the form of a loan, employment, or grant. This additional assistance will be reflected on a revised financial aid award. You should be aware that funding is limited and that the Office of Financial Aid will do everything possible to accommodate individual family needs.

    For more information related to the appeal process, please view our appeals section of our website.

     

    Image links user to Bursar's Office at http://www.iit.edu/bursar/ Image links user to Housing and Residential Services department at http://www.iit.edu/housing/.  image links user to Registar's Office at http://www.iit.edu/registrar/. Image links user to IIT Student Health Services Department at http://www.iit.edu/student_health/. Image links user to the Career Management Center at http://www.cmc.iit.edu/home.asp. Image links user to the Undergraduate Academic Affairs website at http://www.iit.edu/ugaa/.

    Last modified: 07/01/2014 17:04:11

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