Office of Financial Aid

    3300 S. Federal St.
    Main Building, Rm 104
    Chicago, IL 60616

    Phone: 312.567.7219
    Fax: 312.567.3982
    eMail: finaid@iit.edu

    Important Terms

    Expected Family Contribution (EFC)


    The U.S. Department of Education has developed a federal methodology for calculating Expected Family Contribution (EFC) to determine a family's ability to pay for college expenses. Put simply, EFC = Student's Contribution + Parent's Contribution. Both the student's contribution and the parent's contribution are determined by income and assets as reported on the FAFSA as well as household size and number in college. Click here to estimate your EFC. All colleges and universities participating in the U.S. Department of Education Title IV aid programs are legally bound to use the federal methodology when awarding financial aid. It must be noted that a student's financial aid awards do not necessarily equal the difference between cost and Expected Family Contribution.

    Free Application for Federal Student Aid (FAFSA)


    All students applying for financial assistance must complete the Free Application for Federal Student Aid (FAFSA). Students should file the FAFSA as soon as possible after January 1 of the academic year in which they plan to attend college listing Illinois Institute of Technology (Title IV Code 001691) as a school choice. Students who applied for federal student aid in the current academic year can file a Renewal FAFSA in one of the following ways:

    Federal Student Aid FAFSA is a free website where students can obtain information on federal student aid and complete a FAFSA online. High schools and colleges also provide paper copies of the FAFSA. Additionally, students can request an application from the Federal Student Aid Information Center at P.O. Box 84, Washington, DC 20044 or by calling 800.433.3243.

    Family Education Rights and Privacy Act (FERPA)


    The Family Educational Rights and Privacy Act (FERPA) of 1974, also known as the Buckley Amendment, protects the privacy of student records. For more detailed information about FERPA, please see our privacy policy.

    Student Aid Report (SAR)


    One to six weeks after receiving a completed FAFSA, the U.S. Department of Education sends a Student Aid Report (SAR). The SAR summarizes reported data from the FAFSA; thus, a student should check the SAR carefully to verify its accuracy and should retain a copy of the report. This report includes the Expected Family Contribution (EFC), which is the amount the student and family are expected to contribute to educational expenses.

    Verification


    Each year, the U.S. Department of Education requests documents for verification of information submitted on the FAFSA. Each student should review his or her SAR. The SAR indicates whether the U.S. Department of Education has selected a student for verification of income, citizenship, registration for selective service, etc. Before any federal award money can be disbursed to the student account, students must submit all requested documents to IIT's Office of Financial Aid to clear any discrepancies.

    © Illinois Institute of Technology - Office of Financial Aid   312.567.7219   866.901.1866
    3300 South Federal Street, Room 104, Chicago, IL 60616   Emergency Information