Disbursements and Refunds
Institutional scholarships for undergraduate students are applied to student account the first day of classes each semester, providing full time (12 credit hour) enrollment. Graduate students scholarship, assistantship, or fellowship funds are applied when the academic department processes the funding through the graduate income tuition voucher system.
All federal financial aid awards are paid to students following the add/drop date, providing the following items are complete:
- Submitted all required documentation to the Office of Financial Aid and received confirmation from the Office of Financial Aid these documents were satisfied. For specific information, log into myIIT, select the Finances Tab, and select the link for financial aid requirements.
- Enrolled at least halftime (6 hours for undergraduates, 4.5 hours for graduates).
- Completed and signed all applicable promissory notes (Perkins, Stafford , PLUS, Private, Institutional loans). The Office of Financial Aid communicates with students via e-mail regarding all additional information needed. Students may apply online for Federal Stafford, PLUS, and Private loans while the Perkins loan has a paper promissory note for students to sign.
Regulations governing the administration of the Federal Perkins, Federal Stafford, and the Federal PLUS loan programs require institutions of higher learning to distribute funds in at least two equal installments — one in the fall semester and the second at the midpoint of the enrollment period (normally, the spring semester).
How You Will Receive Aid
- Directly to your student account. Grants, scholarships, and loans administered by the Office of Financial Aid are first applied directly to your student account to pay for tuition, fees, university-operated housing, and other university charges.
- Aid that exceeds your university account charges will be released to you. Students whose financial aid exceeds the charges on their student account will receive these funds (referred to as a "refund") to pay other educationally related expenses. Refunds of credit balances resulting from financial aid credits will be processed once the credit balance is reflected on the student account. Students receiving federal loans, state loans and/or grants should be aware that credit for such aid may not be available until some time after the add/drop deadline.
All refunds are processed via direct deposit through the TouchNet system. If you are anticipating receiving a Financial Aid refund, please enroll in direct deposit online through your myIIT portal. To easy step-by-step instructions for setting up direct deposit, you can use the Office of the Bursar guide here: How to Set Up Direct Deposit. If you do not have an active bank account on file, you will be issued a paper check mailed directly to the address on file with the Office of the Registrar. You will not be able to pick up a refund check on campus. If parents are borrowing through the PLUS Loan program, any excess PLUS Loan funds will be mailed to the parent directly.
Note: Graduate students often receive a tuition scholarship after they have received a refund check from the Bursar's Office. This situation often creates an over-award where the Office of Financial Aid must request that the student return a portion of their loan money that has been refunded to them by the Bursar. To avoid this situation, students should notify the Office of Financial Aid as soon as they are aware of a tuition scholarship.
- Student Employment. Work-Study awards are earned as wages in positions with eligible employers. This employment program allows students to earn money while working on campus. Students interested in participating in the program must seek employment by searching the Career Management Center website. This award will not be credited to your account, as you earn this money and are paid bi-weekly.
- Private Scholarship Checks. If a private scholarship check is sent to IIT, it will be directly applied to your student account, one-half in the Fall semester, one-half in the Spring semester, unless otherwise specified by the scholarship sponsor. Often, scholarship sponsors mail scholarship checks to IIT before the semester begins. If this occurs, the Office of Financial Aid submit the check to the Office of the Bursar to credit your account. If the payment creates a credit balance on your student account, the credit will be released to you, after the Office of the Bursar processes refund checks for the upcoming semester.
If your scholarship check is released directly to you, and it is made co-payable to you and IIT, you should endorse the check and submit it to the Office of Financial Aid for processing. Note that this additional aid may change your current award.
[Last revised and updated: March 2011; authorized by Gerald P. Doyle, Vice Provost — Undergraduate Enrollment and Financial Aid]