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.


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.

Accepting Federal Direct Subsidized/Unsubsidized Loans

Please use the following guide if you would like to borrow this loan:

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.


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.

Accepting a Federal Direct Parent PLUS Loan

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 through studentaid.gov.

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

Students are encouraged to research the terms and conditions of private loan options before making borrowing decisions. 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 and assuming no additional information is required by the lender or the Office of Financial Aid.