Grants and Loans

In order to be considered for grants and loans, students should complete the Free Application for Federal Student Aid (FAFSA).

Undergraduate students who demonstrate financial need can be awarded state or federal grants. Grants do not have to be repaid. Grant eligibility is determined annually based on your Expected Family Contribution.

Undergraduate and graduate students may apply for loans.

 

Federal Pell Grant—Undergraduate

Federal Pell Grants are awarded to undergraduate students with financial need as demonstrated by the FAFSA. The amount of this award varies based on a student’s Expected Family Contribution (EFC). Since this award is a grant, it does not need to be repaid.

Eligibility

Students with a qualifying EFC can use the Federal Pell Grant each semester for six total years. For more information, please review the information available at studentaid.gov.

Disbursement Information

Federal grants will automatically disburse to your account on the first day of class.

Federal Supplemental Educational Opportunity Grant (SEOG)—Undergraduate

Illinois Tech awards a $2,000 federal Supplemental Education Opportunity Grant to students with exceptional financial need as determined by the FAFSA. Since this award is a grant, it does not need to be repaid.

Eligibility

This award is offered only to Federal Pell Grant recipients. Funds are limited and awarded on a first-come, first-served basis.

Disbursement Information

Federal grants will automatically disburse to your account on the first day of class.

State of Illinois MAP Grant—Undergraduate

The MAP Grant is awarded to Illinois residents with demonstrated financial need as determined by the FAFSA. The value of a student’s MAP Grant award is determined by a student’s enrollment. Students enrolled in 15-plus credit hours will be offered the full value of their MAP Grant. For every credit hour under 15, the State of Illinois will deduct $162.30 from a student’s award. The MAP Grant can be used to cover only tuition and mandatory fees.

Eligibility

The Illinois Student Assistance Commission (ISAC) is the state agency in charge of determining eligibility. ISAC establishes a MAP Grant FAFSA filing date on an annual basis. Students who file their FAFSA after this filing date will not be eligible for the MAP Grant. Illinois Tech encourages students to complete their FAFSA as soon as the application opens in order to maintain MAP Grant eligibility. Please review the ISAC website for detailed eligibility information. For deadline information visit the Important Dates section of the Office of Financial Aid website.

Disbursement Information

The MAP Grant is contingent on appropriation from Illinois lawmakers and will disburse to your account once the state has approved funding. For reference, the State of Illinois will pay the university on your behalf based on the number of undergraduate credit hours in which you are enrolled. Credit hours from graduate courses (all law classes and 500-plus-level courses) do not count toward the calculation of MAP eligibility. Disbursement of funds will occur following the semester add/drop date.

Undergraduate Loans

Loans are awarded to a student after they are packaged for grants, scholarships, and Federal Work-Study. A financial aid package may include loans that are need-based and/or are not need-based.

View applicable loan deadlines for the current semester.

Federal Direct Subsidized/Unsubsidized Loans

Direct Stafford Subsidized Loans are offered to undergraduate students with demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA). The federal government pays the interest on subsidized loans while the student is enrolled in at least six credit hours (i.e. “half-time”) in undergraduate coursework. Direct Stafford Unsubsidized Loans are offered to any student who has completed the FAFSA. Direct unsubsidized loans are not need-based. A student will qualify for a direct unsubsidized loan regardless of their Expected Family Contribution (EFC). Interest on a direct unsubsidized loan accumulates while a student is enrolled in undergraduate courses. Interest that is not paid while the borrower is enrolled will be capitalized and added to the principal at the time of repayment. All direct loans need to be repaid after a student has graduated or drops below half-time enrollment.

Eligibility

Annual and aggregate loan limits apply. For information on annual/aggregate Stafford Loan limits, please visit the United States Department of Education’s page on Direct Subsidized and Unsubsidized Loans and the Office of the Registrar's page on earned credit hours.

Disbursement Information

In order for federal loans to disburse to a student's account, the student must:

  • Accept their loan(s) on the myIIT portal
  • Complete the Entrance Counseling and sign a Master Promissory Note (MPN) with the Department of Education—if it hasn’t been done so in a prior year
  • The Department of Education will send the Office of Financial Aid a report with the completed requirements for the Stafford Loan. This information will also reflect as “Satisfied” on the student's myIIT portal
  • When these steps are finalized, the accepted loan(s) will memo or disburse to the student's account*

*The disbursement process can take up to one week to be finalized.

Federal Direct Parent PLUS Loan

The Federal Direct PLUS Loan is a loan offered to parents of dependent undergraduate children who are enrolled in at least six credit hours (i.e. “half-time”). The parent is responsible for the interest that accrues immediately upon the PLUS Loan disbursement. Interest may be paid quarterly while the dependent is enrolled at least half-time. The parent borrower may also elect to defer all interest payments until completion of the student's degree program. If this option is chosen, interest will be capitalized and added to the principal at the time of repayment.

Eligibility

Applicants must be a U.S. citizen or an eligible non-citizen who is not in default on a student loan. Applicants are subject to a credit check. Denied applicants may seek an endorser. Students whose parents are denied the PLUS Loan will be offered additional direct unsubsidized loan funding, presuming they have not met their annual/aggregate loan limit.

Disbursement Information

In order for a Parent PLUS Loan to disburse to a student's account, the student must accept the award on their myIIT portal. Once the loan is accepted, a parent must complete a Federal Direct PLUS Loan Application* and sign a Master Promissory Note (MPN) with the Department of Education. After the parent’s PLUS Loan Application and MPN are completed, the Department of Education will send the Office of Financial Aid a report indicating the completed requirements for the student's PLUS Loan. This information will also reflect as “Satisfied” on the myIIT portal.** When these steps are finalized, the Parent PLUS Loan will memo or disburse to the student's account.

*Not all parents are approved for the Parent PLUS Loan. If a parent is denied the loan, the Office of Financial Aid will reach out to the student with further options.

**The disbursement process can take up to one week to be finalized.

Private Loans

When selecting a private loan, consider using FASTChoice, a compilation of lenders who are selected by our staff because of their friendly lending practices. After a lender is selected, a student needs to apply for the loan itself. If the student is approved for a loan, the lender will contact Illinois Tech requesting that we certify the loan. After a private loan is certified, the student will receive an email within 24 hours. The loan will disburse to your account within three weeks of certification—presuming courses are in session—assuming no additional information is required by the lender or the Office of Financial Aid.

Graduate Loans

Loans are awarded after they have been packaged for Federal Work-Study and, if applicable, any departmental funds. Graduate students are only eligible for non-need-based federal loans.

View applicable loan deadlines for the current semester.

Federal Direct Unsubsidized Stafford Loan

Direct Stafford Unsubsidized Loans are offered to any student who has completed the Free Application for Federal Student Aid (FAFSA). A student will qualify for a direct unsubsidized loan regardless of their Expected Family Contribution (EFC). Interest on a direct unsubsidized loan accumulates while a student is enrolled in graduate courses. Interest that is not paid while the borrower is enrolled will be capitalized and added to the principal at the time of repayment. Direct unsubsidized loans need to be repaid after a student has graduated or drops below half-time enrollment (i.e. 4.5 credit hours).

Eligibility

Annual and aggregate loan limits apply. For information on annual/aggregate Stafford Loan limits, please visit the United States Department of Education’s page on direct subsidized and unsubsidized loans.

Disbursement Information

In order for federal loans to disburse to a student's account, the student must accept their loan(s) on the myIIT portal. Once the loans are accepted, the student must complete Entrance Counseling and sign a Master Promissory Note (MPN) with the Department of Education—if it hasn't been done so in a prior year as a graduate student. After Entrance Counseling and the MPN are completed, the Department of Education will send the Office of Financial Aid a report indicating the completed requirements for the Stafford Loan. This information will reflect as “Satisfied” on the myIIT portal.* When these steps are finalized, the accepted loans will memo or disburse to the student's account.

*The disbursement process can take up to one week to be finalized.

Federal Direct PLUS Loan

Federal Direct PLUS Loans are available to graduate students enrolled in at least 4.5 credit hours (i.e. “half-time”). The student is responsible for the interest that accrues immediately upon the PLUS Loan disbursement. Interest may be paid quarterly while the student is enrolled at least half-time, or the student may elect to defer all interest payments until the completion of their degree program. If this option is chosen, interest will be capitalized and added to the principal at the time of repayment. For more information, students should contact their loan servicer.

Eligibility

Applicants must be a U.S. citizen or an eligible non-citizen who is not in default on a student loan. Applicants are subject to a credit check. Denied applicants may seek an endorser. Students should note that their award package will not automatically include the Direct PLUS Loan.

Requests to have this award added to the student's account for the 2019–20 academic year should be submitted by completing a PLUS Loan Request form.

Disbursement Information

In order for the Graduate PLUS Loan to disburse to a student's account, the student must accept the award on the myIIT portal. Additionally, the student will need to complete the following steps in order for the loan to memo or disburse to their student account.

The Department of Education will send the Office of Financial Aid a report indicating the completed requirements for the Graduate PLUS Loan. This information will reflect as “Satisfied” on the myIIT portal.* When these steps are finalized, the accepted loans will memo or disburse to the student's account.

*Not all students are approved for a Graduate PLUS Loan. The PLUS Loan is a credit-based award.

**The disbursement process noted above takes up to one week for our office to process.

Private Loans

When selecting a private loan, consider using FASTChoice, a compilation of lenders who are selected by our staff because of their friendly lending practices. Once a student selects a lender, the student will need to apply for the loan itself. If the student is approved for a loan, the lender will contact Illinois Tech requesting that we certify the loan. Upon certification of the loan, the student will receive an email within 24 hours. The loan will disburse to your account within three weeks of certification—presuming courses are in session—assuming no additional information is required by the lender or the Office of Financial Aid.