Facts and FAQ
- The Department of Education randomly selects students for verification. In some instances, the Office of Financial Aid will select a student for verification.
- Campus-based aid (SEOG, FWS, Perkins) is limited and therefore awarded on a first-come-first-served basis.
- If you are accepting the Stafford loans offered to you, you will need to select a lender and complete a Master Promissory Note and Entrance Counseling. These are one-time documents which will be used until you graduate.
How often do I need to need to submit the FAFSA?
Students must complete a new FAFSA every year. You may apply as early as January 1st for the next academic year.
I am a non-degree seeking student. Am I eligible for financial aid?
A student not enrolled in a degree or certificate program is eligible for Stafford and PLUS loans for up to one year provided he is taking the coursework necessary for enrollment in an eligible program. The coursework must be part of an eligible program otherwise offered by the school. If a student is enrolled at least half-time in these prerequisite courses, he is eligible for loans for one consecutive 12-month period beginning on the first day of the loan period.
Students seeking to enter an undergraduate degree or certificate program may borrow at the first year undergraduate level, and students trying to enroll in a graduate or professional program may borrow at the fifth-year undergraduate loan level. For undergraduate and graduate students, the loan limit is not prorated if the coursework is less than an academic year.
All students who are interested in receiving loans for preparatory coursework must complete the Non-Degree Certification along with either Educational Services or the Graduate College.
When should I start repaying my loans?
It is important to repay your loans after the grace period in order to avoid a default status. This can gravely affect your credit history and ability to borrow in the future.
Where do I get my refund check?
All refund checks are disbursed through the Bursar's Office for any credit balances.
Will financial aid cover the cost of housing?
In general, IIT scholarships and federal financial aid that exceed tuition can be used to help defray living expenses for IIT housing. Further information about student housing can be found on the Housing Services website.